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Biography

Roman L. Weil is an emeritus faculty member, teaching in 2013-14 at Johns Hopkins University and the University of California, San Diego. Additionally, Weil studies financial literacy and corporate governance, an issue that arose in response to the many recent accounting scandals. His preliminary work suggested, correctly it turned out, that the financial literacy that corporate board audit committee members have is surprisingly weak and that the gains in shareholder wealth accompanying improvement in such financial literacy are both significant and large.

His approach to teaching emphasizes a fundamental understanding of the building blocks in accounting (asset, liability, revenue, and expense) that will enable students to keep learning and understanding as the world of business transactions changes over time. "In 20 years, they'll have to understand new transactions and the accounting for them, which haven't been conceived yet."

Weil is director of the Chicago/Stanford/Tuck Directors' Consortium, which he co-founded. Weil has also designed and implemented continuing education programs for partners at the accounting firms of Andersen and PricewaterhouseCoopers as well as for employees at Goldman Sachs, Montgomery Wards, Merck, and William Blair and for business executives in Great Britain, Singapore, and Hong Kong. He also has been a visiting professor at Harvard Law School, Princeton Economics Department, and NYU Stern School.

Weil is known for bringing his practical experience into the classroom. Weil explains that theory makes the correct predictions, but students like to hear the actual outcomes, anecdotally. Weil points out that, "The late, great Nobel laureate and Chicago Booth faculty member George Stigler taught us, 'The plural of anecdote is data.'"

Weil has been a CPA in Illinois since 1973 and a CMA from 1974 until his retirement from Chicago Booth in 2008. The co-author of more than 12 textbooks, Weil is the senior editor of and contributor to the Litigation Services Handbook, now in its fifth edition. He has published more than 100 articles in academic and professional journals and has served as the principal investigator on various research projects of the National Science Foundation. He has served as editor or associate editor of the Accounting Review, Communications of the Association for Computing Machinery, Management Science, the Journal of Accounting and Economics, and the Financial Analysts Journal.

He has consulted to governmental agencies, including the US Treasury Department and the Securities and Exchange Commission. At the Financial Accounting Standards Board, he has served on two task forces - one on consolidations and the other on interest methods - and on the Financial Accounting Standards Advisory Council. He currently serves on the Standing Advisory Group of the Public Company Accounting Oversight Board.

In private industry, Weil has served as a consultant to Bethlehem Steel, British Petroleum, Chevron, Cisco Systems, Ford Motor Company, Genentech, General Dynamics, General Foods, IBM, McDonnell Douglas, Pepsico, Pillsbury, Polaroid, PricewaterhouseCoopers, and Visa USA. In addition, he serves on several boards.

He received a bachelor's degree in economics and mathematics from Yale University in 1962, a master's degree in industrial administration in 1965, and a PhD in economics in 1966 from GSIA/Tepper of Carnegie Mellon University. He joined the Chicago Booth faculty in 1965.

Outside of academia, Weil is a grandfather whose interests include sabermetrics  (particularly as applied in the NFL), oenometrics, and oenonomy.

Accounting Lingo Involved in Current Events

Professor Weil is hosting six 90-minute sessions starting July 1 through August 5. These series of free classes will use the principles of accounting to explore current events—news and controversies. Learn more about this series and how to register by downloading the PDF below.
Download PDF

Books

Sidney Davidson, Leon J. Hanouille, Clyde P. Stickney, Co-authors. Intermediate Accounting: Concepts, Methods and Uses, Hinsdale, IL: The Dryden Press, 1980, 1981, 1982, 1985; Canadian edition (with C. L. Mitchell), 1982.

Sidney Davidson and Clyde P. Stickney, Co-Authors. Inflation Accounting: General Price Level Adjusted Accounting for the Accountant and the Financial Analyst, New York: McGraw-Hill Book Co., 1976; Spanish edition 1978; Japanese edition 1978.

Sidney Davidson and James S. Schindler, Co-authors. Fundamentals of Accounting, Hinsdale, IL: The Dryden Press, 5th ed., 1975; Spanish edition, 1977.

Selected Publications

Working Papers