Digital Commons Network^™

Brokerage Relationships And Analyst Forecasts: Evidence From The Protocol For Broker Recruiting, Braiden Coleman, Michael S. Drake, Joseph Pacelli, Brady Twedt

Faculty Publications

We offer novel evidence on how the nature of brokerage-client relationships can influence the quality of equity research. We exploit a unique setting provided by the Protocol for Broker Recruiting to examine whether relaxed broker noncompete agreement enforcement generates spillover effects on sell-side analysts. Entry into this agreement reassigns ownership of the client relationship from the brokerage to individual brokers, potentially generating a greater standard of care. Using a generalized difference-in-differences research design, we provide evidence consistent with brokers reducing pressure on analysts to produce optimistic research following protocol entry. This effect is concentrated among less experienced and non-All Star …

A Tale Of Two Index Funds: Full Replication Vs. Representative Sampling*, Travis Dyer, Nicholas Guest

Faculty Publications

We examine the two approaches used by equity index funds to track their benchmark index. The first, full replication, mimics the index with exactness. The second, representative sampling, holds a subset of the index. We find that samplers trade 3-4 times more, have 30-50% higher expenses and fees, and earn 50-70 basis points lower annual returns, which is substantial given index funds’ mandate to limit tracking error to a few basis points. Besides higher expenses and transaction costs, poor stock picking also seems to contribute to samplers’ return underperformance. Overall, our analyses suggest representative sampling is associated with underperformance.

A Simple Approach To Better Distinguish Real Earnings Manipulation From Strategy Changes, Theodore E. Christensen, Adrienna Huffman, Melissa F. Lewis-Western, Kristen Valentine

Faculty Publications

Researchers typically infer real earnings management when a firm’s operating and investing activities differ from industry norms. A significant problem with classifying deviations from industry averages as myopic earnings management is that companies can change their operating and investing decisions for strategic business reasons rather than to mislead stakeholders. Using principal components analysis, we systematically evaluate existing measures and develop a comprehensive real activities measure to better capture earnings manipulation. Our measure reflects (i) deviations from industry averages across multiple activities and (ii) other signals of manipulation. This approach is promising because, although there are many sources of abnormal activities, …

Fool Me Once, Shame On You; Fool Me Twice, Shame On Me: The Long-Term Impact Of Arthur Andersen’S Demise On Partners’ Audit Quality*, Feng Guo, Ling Lei Lisic, Jeffrey Pittman, Timothy Seidel, Mi Zhou, Ying Zhou

Faculty Publications

Although recent evidence suggests that individual audit partners explain a substantial portion of the variation in audit quality proxies, much less is known about what determines an audit partner’s quality. Psychology and behavioral economics theories hold that an individual’s experiences can have enduring impacts on subsequent behavior. We examine whether auditors’ direct exposure to Arthur Andersen’s collapse has a long-term impact on the quality of their audits. Our evidence implies that audit partners who directly experienced Andersen’s demise impose stricter monitoring evident in their clients exhibiting a lower propensity for misstatements and small profits, and paying higher audit fees. Importantly, …

The Impact Of Managerial Discretion In Revenue Recognition: A Reexamination*, Linda A. Myers, Roy Schmardebeck, Timothy Seidel, Michael D. Stuart

Faculty Publications

Although the FASB and IASB conceptual frameworks identify relevance and faithful representation as the fundamental qualitative characteristics of useful information, prior research suggests that revenue recognition accounting standards that restrict managerial discretion resulted in improved faithful representation but reduced relevance. We use the adoption of Accounting Standards Update (ASU) 2009-13 and ASU 2009-14 to examine the effects of increased managerial discretion to accelerate revenue recognition in multiple-deliverable arrangements; that is, transactions where vendors sell multiple products or services that are delivered at different points in time. We find that increased discretion results in an increase in the relevance of reported …

Optimal Illiquidity, John Beshears, James J. Choi, Christopher Clayton, Christopher Harris, David Laibson, Brigitte C. Madrian

Faculty Publications

We calculate the socially optimal level of illiquidity in an economy populated by households with taste shocks and present bias (Amador, Werning, and Angeletos 2006). The government chooses mandatory contributions to respective spending/ savings accounts, each with a different pre-retirement withdrawal penalty. Penalties collected by the government are redistributed through the tax system. When naive households have heterogeneous present bias, the social optimum is well approximated by a three-account system: (i) a completely liquid account, (ii) a completely illiquid account, and (iii) an account with an ≃ 10% early withdrawal penalty. In some ways this resembles the U.S. system, which …

Final Thoughts And Observations, James R. Allison, Heidi Roberts, Jerry D. Spangler

Faculty Publications

This chapter addresses three topics inspired by the discoveries made during Jackson Flat’s archaeological investigations. The first topic examines the implications of the discovery of early maize agriculture in the Far Western region. Our data suggest that the Far Western Basketmaker tradition developed on a trajectory separate from the Western Basketmaker groups associated with the White Dog Phase in the Four Corners region.

Fremont Smoke Mixtures: Botanical Analyses Of Pipes From Wolf Village, Goshen, Utah, Michael T. Searcy, Hannah Stefffensen, Scott Ure

Faculty Publications

Over several field seasons, ceramic and stone pipes were recovered from the Fremont site of Wolf Village (AD 1000-1100). Nine of the more complete pipes included residue and burned dottle that were analyzed for macrobotanical and microbotanical remains. Three were subjected to FTIR. These analyses represent the first Fremont pipes ever analyzed for botanical remains, and the results reported in this paper provide conclusions regarding possible smoke mixtures used by the Fremont. Contents of the pipes included remains of tobacco, plants from the Amaranthaceae family, maize fragments, grasses, and various fuel woods.

The Sticks Of Judah And Joseph: Reflections On Defending The Kingdom, Joseph M. Spencer

Faculty Publications

I wish to pursue two tasks simultaneously in this essay. First, in line with its title, I will address a very old matter of interpretation. I aim to explain as definitively as possible how to make sense of the relationship between Ezekiel 37:15–19, with its talk of the sticks of Judah and Joseph, and the claims of the Restoration, which include somehow connecting the stick of Joseph to the Book of Mormon. Second, in line with the subtitle of this essay, I wish to draw a crucial lesson from the history of how Latter-day Saints have dealt with this issue …

Megaliths And Monumental Architecture At Coal Bed Village, An Ancestral Pueblo Site In Southeastern Utah, James R. Allison, Fumi Arakawa, Marion Forest, Katie K. Richards, David T. Yoder

Faculty Publications

Worldwide, megaliths are a common form of monumental architecture in Neolithic and later societies. Archaeologists in western Europe, and other parts of the world where megalithic monuments occur, have often discussed the meanings of megalithic features as well as their associations with ritual, territoriality, and social organization. In the Pueblo Southwest, most monumental architecture takes the form of large, unusually tall buildings (“great houses”), oversized ritual architecture (“great kivas”), or landscape features (roads and berms), all of which are most commonly associated with the Chaco system. Ancestral Pueblo people also occasionally built with ostentatiously large rocks, but megalithic features and …

An Inquiry Into Gradable Zero-Waste Apparel Design, Melanie Carrico, Sheri L. Dragoo, Ellen Mckinney, Casey Stannard, Colleen Moretz, Ashley Rougeaux-Burnes

Faculty Publications

The implementation of standardized grading production practices within the mass market has been challenging for scholars experimenting with zero-waste apparel design. The purpose of this research was to test the efficacy of the Carrico Zero-waste Banded Grading (CZWBG) technique, which utilizes bands inserted in strategic locations as a method of grading zero-waste patterns across various consumer categories. An additional purpose was to evaluate the ways in which this grading approach affected the aesthetic outcomes of garments across a size run, and to determine whether this method affected the overall design process of the designers involved. Through experimental research design, six …

Disparities In Demand For Covid-19 Hospital Care In The United States: Insights From A Longitudinal Hierarchical Study, Wolfgang Messner

Faculty Publications

Background and aims

This study examined disparities in hospitalization for COVID-19 within the U.S. by racial and ethnic groups, health insurance status, and social support structure.

Methods

Using publicly available ecological case and contextual data from July 2020 to April 2021, a longitudinal hierarchical model for the 51 U.S. states was constructed.

Results

Racial/ethnic disparities were observed, such as that hospitalization rates were higher in states with a higher percentage of Black (β = .002, P = .009) and American Indian or Alaska Native persons (β = .003, P = .03). Conversely, lack of health insurance was related …

Developing Police, Madalyn K. Wasilczuk

Faculty Publications

No abstract provided.

Disaggregating Legislative Intent, Jesse M. Cross

Faculty Publications

In statutory interpretation, theorists have long argued that the U.S. Congress is a “they,” not an “it.” Under this view, Congress is plural and nonhierarchical, and so it is incapable of forming a single, institutional intent. Textualists contend that this vision of Congress means interpreters must move away from concerns about intent altogether, and that they instead should speak in the register of textualism and its associated constitutional values, such as notice and congressional incentivization.

However, even if legislators’ intentions never coalesce into an institutional intent, a disaggregated-intent theory of legislation remains possible. Under this theory, statutes are understood as …

Unequal Investment: A Regulatory Case Study, Emily R. Winston

Faculty Publications

Growing economic inequality in the United States has reduced social mobility, placing financial security farther out of reach for a growing number of Americans. During the COVID-19 pandemic, U.S. stock prices have grown simultaneously with unemployment and food insecurity, highlighting the fact that prosperity is unequally distributed in the U.S. economy.

Many Americans do not benefit when the stock market soars because they do not have the means to invest. However, even ordinary American families who do have wealth to invest in the capital markets will face enormous obstacles in narrowing the wealth divide through investment. This is because ordinary …

Rural Estrangement And The Regulatory State, Ann M. Eisenberg

Faculty Publications

In today’s polarized social and political climate, rural alienation from government is often dismissed as “just more politics” or a symptom of problematic cultural norms. This Article takes rural disaffection from government seriously, with a focus on rural relationships with the federal regulatory state. The Article argues that rural disaffection from the regulatory state is not solely a cultural or political phenomenon among white conservatives. Rural disaffection is also a broader structural issue that stems in part from the regulatory state’s crisis of legitimacy.

Two factors show that rural disaffection from the regulatory state is more diffuse and profound than …

Freedom, Democracy, And The Right To Education, Derek W. Black

Faculty Publications

While litigation continues in an effort to establish a fundamental right to education under the U.S. Constitution, the full historical justification for this right remains missing—a fatal flaw for many jurists. This Article fills that gap, demonstrating that the central, yet entirely overlooked, justification for a federal right to education resides in America’s education story during the era of slavery and Reconstruction.

At that time, education was first and foremost about freedom. The South had criminalized education to maintain a racialized hierarchy that preserved slavery. Many African Americans, seeing education as the means to both mental and physical freedom, made …

Adjudicating Identity, Laura Lane-Steele

Faculty Publications

No abstract provided.

How To Map Soil Sealing, Land Take And Impervious Surfaces? A Systematic Review, Francesca Peroni, Salvatore Eugenio Pappalardo, Francesco Facchinelli, Edoardo Crescini, Michele Munafò, Michael E. Hodgson, Massimo De Marchi

Faculty Publications

Soil degradation is one of the main environmental issues within the international agendas on sustainability and climate adaptation. Among degradation processes, soil sealing represents the major threat, as ecosystem services dramatically decrease or are even nullified. The increasing use of big open data from satellites combined with AI algorithms are making geodata mining and mapping techniques essential to quantify soil sealing. Different keywords are adopted to define the phenomenon. However, at present, review articles presenting the state-of-the-art on mapping soil sealing by including the most common definitions are currently not available. Hence, we analyzed: (a) impervious surface, (b) soil sealing, …

Early And Middle Miocene Ice Sheet Dynamics In The Ross Sea: Results From Integrated Core-Log-Seismic Interpretation, Lara F. Pérez, Laura De Santis, Robert M. Mckay, Robert D. Larter, Jeanine Ash, Phil J. Bart, Gualtiero Böhm, Giuseppe Brancatelli, Imogen Browne, Florence Colleoni, Justin P. Dodd, Riccardo Geletti, David M. Harwood, Gerhard Kuhn, Jan Sverre Laberg, R. Mark Leckie, Richard H. Levy, James Marschalek, Zenon Mateo, Timothy R. Naish, Francesca Sangiorgi, Amelia E. Shevenell, Christopher C. Sorlien, Tina Van De Flierdt

Faculty Publications

Oscillations in ice sheet extent during early and middle Miocene are intermittently preserved in the sedimentary record from the Antarctic continental shelf, with widespread erosion occurring during major ice sheet advances, and open marine deposition during times of ice sheet retreat. Data from seismic reflection surveys and drill sites from Deep Sea Drilling Project Leg 28 and International Ocean Discovery Program Expedition 374, located across the present-day middle continental shelf of the central Ross Sea (Antarctica), indicate the presence of expanded early to middle Miocene sedimentary sections. These include the Miocene climate optimum (MCO ca. 17-14.6 Ma) and the middle …

Calcium-Rich Dravite From The Arignac Gypsum Mine, France: Implications For Tourmaline Development In A Sulfate-Rich, Highly Magnesian Meta-Evaporite, Barbara Dutrow, Darrell Henry

Faculty Publications

Tourmaline occurs in a wide range of compositional environments, but its occurrence in meta-evaporites is less commonly investigated. Highly magnesian (XMg = 0.90–0.98), poikiloblastic tourmaline occurs in a sulfate-rich, anhydrite– gypsum-bearing meta-evaporite in the Arignac Gypsum Mine, France and preserves a petrologic record of this unusual geochemical environment. Originally a Triassic evaporite deposit, the sample is interpreted to have undergone high-tem-perature–low-pressure (HT–LP) metamorphism and subsequently experienced low-grade, highly deformed overprints. Poikiloblastic tourmaline preserves relicts of the HT–LP mineral assemblage, as inclusions of anhydrite, phlogopite, dolomite, tremolite, Cl-rich scapolite (71–85 % marialite component), rutile, zircon, and fluor-apatite. The low-grade deformational overprints …

Synthesis Of The Distribution Of Subsidence Of The Lower Ganges-Brahmaputra Delta, Bangladesh, Michael S. Steckler, Bar Oryan, Carol A. Wilson, Céline Grall, Scott L. Nooner, Dhiman R. Mondal, S. Humayun Akhter, Scott Dewolf, Steve L. Goodbred

Faculty Publications

Deltas, the low-lying land at river mouths, are sensitive to the delicate balance between sea level rise, land subsidence and sedimentation. Bangladesh and the Ganges-Brahmaputra Delta (GBD) have been highlighted as a region at risk from sea-level rise, but reliable estimates of land subsidence have been limited. While early studies suggested high rates of relative sea-level rise, recent papers estimate more modest rates. Our objective is to better quantify the magnitude, spatial variability, and depth variation of sediment compaction and land subsidence in the lower GBD to better evaluate the processes controlling them and the pattern of relative sea level …

Waldenström Macroglobulinemia: Mechanisms Of Disease Progression And Current Therapies, Ava J. Boutilier, Lina Huang, Sherine F. Elsawa

Faculty Publications

Waldenström macroglobulinemia is an indolent, B-cell lymphoma without a known cure. The bone marrow microenvironment and cytokines both play key roles in Waldenström macroglobulinemia (WM) tumor progression. Only one FDA-approved drug exists for the treatment of WM, Ibrutinib, but treatment plans involve a variety of drugs and inhibitors. This review explores avenues of tumor progression and targeted drug therapy that have been investigated in WM and related B-cell lymphomas.

Application Of Soil Moisture Active Passive (Smap) Satellite Data In Seismic Response Assessment, Ali Farahani, Mahsa Moradikhaneghahi, Majid Ghayoomi, Jennifer M. Jacobs

Faculty Publications

The proven relationship between soil moisture and seismic ground response highlights the need for a tool to track the Earth’s surface soil moisture before and after seismic events. This paper introduces the application of Soil Moisture Active Passive (SMAP) satellite data for global soil moisture measurement during earthquakes and consequent events. An approach is presented to study areas that experienced high level of increase in soil moisture during eleven earthquakes. Two ancillary datasets, Global Precipitation Measurement (GPM) and Global Land Data Assimilation (GLDAS), were used to isolate areas that had an earthquake-induced increase in soil moisture from those that were …

Teaching Secondary Market Research Through Active Learning Workshops, Wendy G. Pothier

Faculty Publications

No abstract provided.

Pieces Of The Whole: Using The Research Process To Integrate Data Management And Information Literacy Skills, Patricia Condon, Megan Bresnahan, Eugenia Opuda

Faculty Publications

The research process is naturally embraced as part of the academic curriculum in higher education. Graduate students write theses and dissertations based on their original scholarships, undergraduate stu­dents produce papers for courses and work in labs or in the field, and both participate in faculty-led research projects. The research process is tack­led holistically through coursework, yet when library instructors are invited to teach students about information literacy and research data management topics, these may be presented as tangential to or mistimed with other course content and learning activities. In this chapter, the authors present a com­prehensive, student-centered model for teaching …

Data Visualization Using External Data, Sarah H. Theimer

Faculty Publications

This presentation describes how OpenRefine properties (native language, country of citizenship, sex/gender and religion/worldview can be used to enhance MARC data and provide more information about a library collection. The most authors did match to a Wikidata record. Of the records that matched sex/gender was the most frequently populated property. Using Alma’s Data Visualization feature we linked Wikidata properties with alma information to get a clearer understanding of the authors in the philosophy collection.

Bottom‐Up Versus Top‐Down Strategies For Morphology Control In Polymer‐Based Biomedical Materials, Alexander B. Cook, Tristan D. Clemons

Faculty Publications

The size and shape of polymer materials is becoming an increasingly important property in accessing new functions and applications of nano-/microparticles in many scientific fields. New synthetic methods have allowed unprecedented capability for the facile fabrication of anisotropic and shape-defined nanomaterials. Bottom-up approaches including: emulsion polymerization techniques, amphiphile self-assembly, and polymerization-induced self-assembly, can lead to polymer particles with precise dimensions in the nanoscale. Top-down methods such as lithographic templating, and 3D printing, have increased the access to unique particle shapes. In this review, these recent developments are appraised and contrasted, with future research directions providing that focus on biomedical applications. …

Reddit As A Source Of Covid-19 Information: A Content Analysis Of R/Coronavirus During The Early Pandemic, Brent Hale, Mark Alberta, Seung Woo Chae

Faculty Publications

Emerging research has begun examining the utility of social media platforms for information dissemination during the COVID-19 pandemic. Following this developing thread, this work examines discourse within r/coronavirus, a Reddit forum (i.e., subreddit) developed to curate COVID-19 information that burgeoned during the early months of the pandemic. Through a content analysis of 226 posts and 2260 corresponding comments generated between February and May, 2020, this study investigated early-pandemic communication patterns in this platform, including what information was deemed important and how users framed causes and solutions. Overall, findings indicate that users of r/coronavirus prioritized information about COVID-19 spread, public health …

Mid-Breton Sediment Diversion (Mbrsd) Assessment – Final Report, Jerry D. Wiggert, Brandy N. Armstrong, M. Kemal Cambazoglu, Sandeep Kalathupurath Kuttan

Faculty Publications

The purpose of this project is to provide managers at the Mississippi Department of Marine Resources (MDMR) with the scientific information needed to accurately address public concerns regarding the potential effects of the Louisiana Coastal Master Plan / Coastal Protection and Restoration Authority (CPRA) Mid-Breton Sediment Diversion (MBrSD) on the jurisdictional waters and resources of Mississippi. The stated design purpose of the MBrSD is to reconnect and re-establish the deltaic sediment deposition process between the Mississippi River and the Breton Sound Basin through a diversion that will deliver up to 75,000 cfs of sediment-laden freshwater. The report presented herein provides …