Carol Marquardt

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The Wharton Financial Institutions Center provides a multidisciplinary research approach to the problems and opportunities facing the financial services industry in its search for competitive excellence. The Center's research focuses on the issues related to managing risk at the firm level as well as ways to improve productivity and performance. The Center(More)
The Wharton Financial Institutions Center provides a multidisciplinary research approach to the problems and opportunities facing the financial services industry in its search for competitive excellence. The Center's research focuses on the issues related to managing risk at the firm level as well as ways to improve productivity and performance. The Center(More)
We examine whether short-term financial reporting objectives related to executive compensation and employment horizons affect managers' decisions to undertake accelerated share repurchases (ASRs) versus open market repurchases (OMRs). In an ASR, the firm repurchases borrowed shares and simultaneously enters into a forward contract with an investment bank.(More)
and the 2004 American Accounting Association. We gratefully acknowledge the contribution of I/B/E/S Inc. for providing earnings per share forecast data, available though the Institutional Brokers Estimate System. I/B/E/S provides these data as part of a broad academic program to encourage earnings expectation research. Abstract Does using earnings(More)
This paper empirically examines the determinants of firms' decisions to undertake accelerated share repurchases (ASRs). In an ASR, the firm repurchases its own shares of stock through an investment bank rather than on the open market, allowing the company to acquire a targeted number of shares and record its effects on earnings per share (EPS) immediately.(More)
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