Stern School of Business Apartment 23-B

CAROL A. MARQUARDT

10-88 KMEC 100 Bleecker Street Stern School of Business Apartment 23-B New York University New York, NY 10012 44 W. 4th Street (212) 260-3765 New York, NY 10012 E-mail: [email protected] Phone: (212) 998-0017 Fax: (212) 995-4004

EDUCATION Cornell University, Ithaca, NY Doctor of Philosophy in Accounting, August 1997 Minors: Finance, Statistics

Cornell University, Ithaca, NY Master of Science in Management, August 1995

University of Arizona, Tucson, AZ Master of Accounting, May 1990

University of Wisconsin-Madison, Madison, WI Bachelor of Arts, August 1988 Major: English Literature

ACADEMIC EXPERIENCE New York University, Stern School of Business, New York, NY Assistant Professor of Accounting, 1998 - present Visiting Assistant Professor of Accounting, 1997 - 1998

Washington University, Olin School of Business, St. Louis, MO Assistant Professor of Accounting, 1996 - 1997

Cornell University, Johnson Graduate School of Management, Ithaca, NY Lecturer, Spring 1993 and Fall 1995

RESEARCH INTERESTS Determinants and implications of corporate financial reporting strategy Earnings management and stock market efficiency Economic consequences of regulation in financial reporting

TEACHING INTERESTS Introductory Financial Accounting Intermediate Financial Accounting Advanced Financial Accounting Financial Statement Analysis DISSERTATION The Reliability of Employee Stock Option Fair Value Disclosures Under SFAS 123. Committee Chairman: Thomas Dyckman

PUBLICATIONS “Fundamentals of Accounting Losses.” The Accounting Review, January 2006 (forthcoming) Co-authored with April Klein

“ Earnings Management and Transaction Structuring: Contingent Convertible Debt and Diluted EPS.” Journal of Accounting Research, May 2005, pp. 205-243. Co-authored with Christine Wiedman

“Earnings Informativeness and Strategic Disclosure: An Empirical Examination of ‘Pro Forma’ Earnings.” The Accounting Review, July 2004, pp. 769-795. Co-authored with Barbara Lougee

“How are Earnings Managed? An Examination of Specific Accruals.” Contemporary Accounting Research, Summer 2004, pp. 461-491. Co-authored with Christine Wiedman

“The Effect of Earnings Management on the Value Relevance of Accounting Information.” Journal of Business Finance and Accounting, April/May 2004, pp. 297-332. Co-authored with Christine Wiedman

“The Cost of Employee Stock Option Grants: An Empirical Analysis.” Journal of Accounting Research, September 2002, pp. 1191-1217.

“Accrual Management, Investor Sophistication, and Equity Valuation: Evidence from 10-Q Filings.” Journal of Accounting Research, September 2002, pp. 987-1012. Co-authored with Steve Balsam and Eli Bartov

“Voluntary Disclosure, Information Asymmetry, and Insider Selling through Secondary Equity Offerings.” Contemporary Accounting Research, Winter 1998, pp. 505-537. Co-authored with Christine Wiedman

WORKING PAPERS “Earnings Surprises and Uncertainty: Theory and Evidence from Option Implied Volatility” with K.R. Subramanyam and Y. Zhang. Status: In preparation for second round review at The Accounting Review WORKING PAPERS (continued) “Economic Consequences of Regulation in Financial Reporting: The Case of Contingent Convertible Securities” with C. Wiedman. Status: Under first round review at The Accounting Review

“On the Need for a Conceptual Framework for Disclosure: Evidence from Contingent Convertible Issuers ” with C. Wiedman. Status: Under first round review at Accounting Horizons

“The Market Effects of Disclosure Versus Recognition” with C. Botosan, N. Bhattacharya, and T. Christensen. Status: Data analysis completed

“Do Accounting Rules Affect Corporate Financing Decisions?” with C. Wiedman. Status: In data collection phase.

CONFERENCE ACCEPTANCES American Accounting Association 2005 Annual Meeting -- Economic Consequences of Regulation in Financial Reporting: The Case of Contingent Convertible Securities (presenter) Canadian Academic Accounting Association 2005 Annual Meeting -- Economic Consequences of Regulation in Financial Reporting: The Case of Contingent Convertible Securities (presented by Christine Wiedman) American Accounting Association 2004 Annual Meeting -- Earnings Management and Transaction Structuring: Contingent Convertible Debt and Diluted EPS (presenter) Journal of Accounting Research Conference, May 2004 -- Earnings Management and Transaction Structuring: Contingent Convertible Debt and Diluted EPS (presenter) 4th Annual University of Utah Winter Accounting Conference, Feb. 2004 -- Earnings Management and Transaction Structuring: Contingent Convertible Debt and Diluted EPS (presenter) 13th Annual Conference on Financial Economics and Accounting, Nov. 2002 -- Earnings Quality and Strategic Disclosure: An Empirical Examination of ‘Pro Forma’ Earnings (presenter) American Accounting Association 2002 Annual Meeting -- Earnings Quality and Strategic Disclosure: An Empirical Examination of ‘Pro Forma’ Earnings (presenter) American Accounting Association 2001 Annual Meeting -- Can Economic Factors Explain the Rise in Accounting Losses Over Time? (presented by April Klein) -- How are Earnings Managed? An Examination of Specific Accruals (presented by Christine Wiedman) American Accounting Association 2000 Annual Meeting -- Accrual Management, Investor Sophistication, and Equity Valuation: Evidence from 10-Q Filings (presenter) CONFERENCE ACCEPTANCES (continued) 11th Annual Conference on Financial Economics and Accounting, Oct. 2000 -- Accrual Management, Investor Sophistication, and Equity Valuation: Evidence from 10-Q Filings (presented by Steve Balsam) Contemporary Accounting Research Conference, Oct. 1998 -- Voluntary Disclosure, Information Asymmetry, and Insider Selling through Secondary Equity Offerings (presented by Christine Wiedman) American Accounting Association 1997 Annual Meeting -- The Reliability of Employee Stock Option Fair Value Disclosures Under SFAS 123 (presenter) American Accounting Association 1994 Annual Meeting -- Voluntary Disclosure, Information Asymmetry, and Insider Selling through Secondary Equity Offerings (presenter)

ACADEMIC PRESENTATIONS University of Arizona (1996 and 2005) Baruch College (1999 and 2005) University of California – Irvine University of California – Los Angeles University of Chicago Columbia/NYU Joint Workshop University of Connecticut Cornell University (1995 and 2003) Duke University Harvard University University of Illinois University of Iowa Laval University London Business School University of Minnesota Massachusetts Institute of Technology New York University (1997, 1999, 2000, and 2001) Northwestern University University of Pennsylvania Pennsylvania State University (1996 and 2005) University of Rochester Rutgers University University of Southern California Stanford University Stanford Summer Camp Temple University University of Texas – Austin University of Washington University of Wisconsin – Madison Washington University at St. Louis Yale University TEACHING EXPERIENCE New York University Spring 2005– Principles of Financial Accounting (mean overall rating 6.1/7.0) Spring 2004 – Principles of Financial Accounting (mean overall rating 6.1/7.0) Fall 2003 – Principles of Financial Accounting (mean overall rating 5.7/7.0) Spring 2003 – Principles of Financial Accounting (mean overall rating 6.3/7.0) Fall 2002 – Financial Accounting and Reporting (mean overall rating 5.0/7.0) Fall 2002 – Principles of Financial Accounting (mean overall rating 5.6/7.0) Spring 2002 – Principles of Financial Accounting (mean overall rating 6.5/7.0) Spring 2002 – Financial Accounting and Reporting (mean overall rating 5.1/7.0) Spring 2001 – Principles of Financial Accounting (mean overall rating 6.6/7.0) Fall 2000 – Financial Accounting and Reporting (mean overall rating 6.1/7.0) Spring 2000 – Principles of Financial Accounting (mean overall rating 6.4/7.0) Fall 1999 – Financial Accounting (mean overall rating 6.0/7.0) Fall 1998 – Financial Statement Analysis (mean overall rating 4.6/7.0) Spring 1998 – Financial Statement Analysis (mean overall rating 4.8/7.0) Fall 1997 – Financial Statement Analysis (mean overall rating 5.0/7.0)

Washington University Fall 1996 – Intermediate Financial Accounting (mean overall rating 4.0/5.0)

Cornell University Fall 1995 – Introductory Financial Accounting (mean overall rating 4.3/5.0) Spring 1993 – Introductory Financial Accounting (mean overall rating 3.9/5.0)

SERVICE New York University: Undergraduate Financial Core Committee 1999-2000 Departmental Review Committee, 2000 Dean Candidate Evaluation Committee (Junior Faculty), 2002 Workshop Series Coordinator, 2002-03 and 2004-05 Dissertation Committee -- Rose Marie Clarke (degree conferred 2000) Dissertation Committee – Theresa Henry (degree conferred 2002) Dissertation Committee – Yonca Ertimur (degree conferred 2003) Dissertation Committee – Jenny Tucker (degree conferred 2004)

Service to the Academic Community: Editorial Advisory and Review Board, The Accounting Review (June 2005 - ) Ad hoc reviewer for Accounting Horizons Ad hoc reviewer for Contemporary Accounting Research Ad hoc reviewer for Econometrica Ad hoc reviewer for Journal of Accounting, Auditing and Finance Ad hoc reviewer for Journal of Accounting and Economics Ad hoc reviewer for Journal of Accounting and Public Policy Ad hoc reviewer for Review of Accounting Studies Ad hoc reviewer for The Accounting Review Service to the Academic Community (continued): AAA Best Paper Committee, Financial Accounting and Reporting Section: 2004-05 and 2005-06 AAA Notable Contributions to Accounting Literature Award Screening Committee: 2003-04 and 2004-05 AAA SEC Liaison Committee: 2005-06 Ad hoc reviewer for AAA Annual Meeting, Financial Accounting and Reporting Section: 1999, 2000, 2001, 2002, 2003, 2004, and 2005 Ad hoc reviewer for FARS Mid-Year Conference: 2003, 2004, and 2005 Session Chair, FARS Mid-Year Conference, 2006 Session Chair, 16th Annual FEA Conference, UNC, Nov. 2005 Discussant, 15th Annual FEA Conference, USC, 2004 Discussant, Baruch-Columbia-NYU-Rutgers Accounting Mini-Conference, 2004 Discussant, 14th Annual FEA Conference, Indiana University, 2003 Moderator, AAA 2002 Annual Meeting

HONORS Invited Participant, AAA/FASB Financial Reporting Issues Conference, 2005 Invited Participant, Journal of Accounting and Economics Conference, 2004 and 2005 Invited Participant, Review of Accounting Studies Conference, 2005 Invited Participant and Presenter, Journal of Accounting Research Conference, 2004 Invited Participant, Journal of Accounting Auditing and Finance Conference, 1997-2005 Invited Participant, Contemporary Accounting Research Conference, 1997 and 1998 Arthur Andersen Dissertation Fellowship, 1995 American Accounting Association Doctoral Consortium Fellow, 1994 Cornell University Tuition Scholarship, 1990-94 American Accounting Association Doctoral Fellowship, 1990 Beta Alpha Psi, 1989 - 90 Society of Women Accountants Scholarship, 1989