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"WEBER, DAVID P."
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First impressions : a reader's journey to iconic places of the American Southwest
This unique guide for literate travelers in the American Southwest tells the story of fifteen iconic sites across Arizona, New Mexico, southern Utah, and southern Colorado through the eyes of the explorers, missionaries, and travelers who were the first non-natives to describe them. Noted borderlands historians David J. Weber and William deBuys lead readers through centuries of political, cultural, and ecological change. The sites visited in this volume range from popular destinations within the National Park System--including Carlsbad Caverns, the Grand Canyon, and Mesa Verde--to the Spanish colonial towns of Santa Fe and Taos and the living Indian communities of Acoma, Zuni, and Taos. Lovers of the Southwest, residents and visitors alike, will delight in the authors' skillful evocation of the region's sweeping landscapes, its rich Hispanic and Indian heritage, and the sense of discovery that so enchanted its early explorers. Publisher description
Book
How Effective Is Internal Control Reporting under SOX 404? Determinants of the (Non-)Disclosure of Existing Material Weaknesses
We study determinants of internal control reporting decisions under Section 404 of the Sarbanes-Oxley Act (SOX 404) using a sample of restating firms whose original misstatements are linked to underlying control weaknesses. We find that only a minority of these firms acknowledge their existing control weaknesses during their misstatement periods, and that this proportion has declined over time. Further, the probability of reporting existing weaknesses is negatively associated with external capital needs, firm size, non-audit fees, and the presence of a large audit firm; it is positively associated with financial distress, auditor effort, previously reported control weaknesses and restatements, and recent auditor and management changes. These results provide evidence that detection and disclosure incentives play a role in whether existing material weaknesses are reported, which has implications for the effectiveness of SOX 404 in providing investors with advance warning of potential accounting problems.
Journal Article
Selection bias in audit firm tenure research
Whether audit firm tenure affects audit quality is a question of longstanding regulatory and scholarly interest. While this question centers on how audit quality changes over time within client-audit firm relationships (longitudinal variation), prior studies tend to instead compare audit quality across relationships of different lengths (cross-sectional variation). We show that conventional pooled cross-sectional tests are subject to selection bias: client-auditor pairs that select into longer versus shorter relationships differ systematically in a variety of ways that also relate to measures of audit quality. These differences exist at the outset of relationships and thus are not attributable to tenure but rather predict the ultimate length of relationships. We then re-examine models of audit quality and tenure after including client-audit firm relationship fixed effects, moving the level of analysis from between clients (cross-sectional) to within client-auditor pairs (longitudinal). We find no evidence that audit quality changes with tenure over time within client-audit firm relationships. The combined evidence suggests that the previously documented association between audit firm tenure and audit quality is likely attributable to selection bias and cannot be taken as evidence of a causal link. More broadly, our results highlight the importance of a design perspective that isolates variation tightly linked to the research question being examined.
Journal Article
Does SOX 404 Have Teeth? Consequences of the Failure to Report Existing Internal Control Weaknesses
We examine various penalties that could serve as enforcement mechanisms for Sarbanes-Oxley (SOX) Section 404. We focus on firms with restatements, some of which had previously reported their control weaknesses as required and some of which acknowledged them only after announcing their restatement. We find no evidence that penalties are more likely for firms, managers, or auditors that fail to report existing control weaknesses. Instead, class action lawsuits, management turnover, and auditor turnover are all more likely in the wake of a restatement when control weaknesses had previously been reported. We find similar, although weaker, evidence for Securities and Exchange Commission (SEC) sanctions. These results are consistent with disclosure of control weaknesses making it difficult for management to plausibly claim later that they were unaware of the underlying conditions that led to restatements. The results also suggest that the public and private enforcement mechanisms surrounding SOX 404 are unlikely to provide strong incentives for compliance and offer a potential explanation for why most restatements are issued by firms that previously claimed to have effective internal controls.
Journal Article
COVID-19 and a novel initiative to improve safety by 3D printing personal protective equipment parts from computed tomography
Background
Powered air-purifying respirators are in short supply and can break down with extended use. Replacement parts can become hard to acquire. The aim of this study was to create an innovative quality improvement proof of concept using rapid prototyping.
Methods
Here we report three cases of 3D printed powered air-purifying respirator parts. 3D printing was performed on all parts using fused deposition modeling with standard polylactic acid, in the same way that presurgical models would be created. Measurements using an electronic caliper as well as CT scans were used to compare an original part to its corresponding 3D printed parts for accuracy.
Results
Electronic caliper and computed tomography measurements both showed accuracy consistant with current published norms.
Conclusions
Ultimately, there will be questions surrounding intellectual property, effectiveness and potential long-term safety for these types of 3D printed parts. Future research should look into the addition of specific nanoparticles from the position of cost, efficacy, safety and improved accuracy.
Journal Article
Costs and benefits of internal control audits: evidence from M&A transactions
To inform the debate on the merits of internal control audits, we examine managers’ decisions to temporarily exempt newly acquired businesses from Section 404 of the Sarbanes-Oxley Act. We document that managers are more likely to elect the exemption when expected compliance costs are higher, such as when acquisitions are larger and occur later in the year. We find only modest evidence that managers use the exemption to avoid scrutiny of value-destroying deals. Exemption use, however, is associated with negative post-acquisition outcomes, including lower return-on-assets and higher likelihoods of goodwill impairments and financial statement restatements. These results comport with compliance providing benefits by facilitating timely identification and correction of control problems in the newly acquired business. Finally, we document negative abnormal stock returns at the time exemption use is announced and over the subsequent 3 years, suggesting that investors view exemption use negatively and that their initial price reactions are incomplete.
Journal Article
The Magic of the Mortgage Electronic Registration System: It Is and It Isn't
The Mortgage Electronic Registration System, Inc. (MERS) is the brainchild of some of the most powerful constituents in the U.S. mortgage investment industry. The concept behind MERS was to create an electronic, efficient, investor-friendly informal recording system. The theory was that lenders and investors could save hundreds of millions of dollars annually in assignment and recordation fees by naming a proxy mortgagee or beneficiary (MERS) on the recorded mortgage or deed of trust and allowing informal transfers of the underlying debt thereafter ad infinitum among MERS's members with essentially no additional per-transaction cost. While at first lauded by some, it quickly became apparent that the MERS model contains a surfeit of problems. Among the many problems are the lack of transparency in a historically transparent legal regime, the inability of mortgagors or trustors to ascertain the identity of anyone other than a loan servicer in order to engage in settlement discussions or loan workouts, the loss of millions of dollars in revenue to the counties from recording, and the insulation from damages of originators who may have engaged in predatory lending practices. These problems have resulted in mass confusion in the legal arena regarding the proper treatment of MERS. This essay argues that real property rights and the mechanisms for payment and satisfaction developed over centuries should not be modified lightly, even given a tremendous shift in the business model. If they are to be modified, the modification should provide a clear mandate for transparency, oversight and compliance with some traditional elements of agency law.
Journal Article
Taxes and Ex-Dividend Day Returns: Evidence From REITs
The distributions of Real Estate Investment Trusts (REITs) are comprised of components that differ in how they are taxed to the recipient shareholders. This variation in tax characteristics enables us to study the effect of shareholder taxes on stock prices around ex-dividend days, while avoiding the problems associated with non-tax confounding factors and intertemporal tests that have hampered the interpretation of previous studies. Using a dataset that includes the component makeup of individual REIT distributions, we provide evidence that abnormal returns and trading volume around ex-dividend days are driven by the component of the distributions that is most tax-penalized. Our results support a tax-based explanation for ex-dividend day pricing and investor trading behavior.
Journal Article
WILL THE PROFESSIONALIZATION OF STUDENTATHLETES KILL THE NCAA?
National Collegiate Athletics Association (\"NCAA\") sports stand on the precipice of professionalization. Following the monumental shift of allowing name, image, and likeness (\"NIL \")-related compensation for student-athletes in 2021, the NCAA finds itself fending off multiple student-athlete attacks founded on antitrust, labor, and minimum wage laws that could apply if student-athletes are deemed employees of their universities. Commentators that once glorified the concept of the amateur athlete now openly predict the end of amateur sports as we have known them. This Article addresses the Sherman Act and the possibility of an antitrust exemption that could allow the NCAA to implement many of the cost controls it would prefer to maintain as a semblance of amateurism, and it also looks at many of the other legal consequences likely to flow from the potential professionalization of college sports. This Article covers the latest effort by student-athletes to unionize, and the National Labor Relations Board's (\"NLRB's\") apparent receptiveness on that point. This Article also addresses the effect of Title IX on college athletics if student-athletes are considered employees; the pivotal case currently before the Third Circuit regarding employee classification and minimum wage laws; workers ' compensation issues for universities; and tax-related concerns for the studentathletes themselves. The Article is also the first to address immigration-related consequences for international student-athletes if they are considered employees, and the impact on both the international athlete and host university. The college sports landscape has undergone radical change in the past decade, and even greater change is likely on the horizon, especially without congressional intervention.
Journal Article
