Financial Advisory and Valuation – Quantum of Damages

Principal Richard Caldwell has experience valuing businesses and financial instruments across a range of industries, from electricity to banking to telecoms, and in a range of settings. He routinely provides economic and financial advice concerning corporate finance and valuation, the pricing of securities and derivatives, and assessments of regulatory issues.

Principal Darrell Chodorow specializes in analyzing complex business and financial issues in the context of damages quantification, asset valuation, and evaluating the substance of transactions. His work has covered a wide variety of industries, and he has specialized expertise in the energy and natural resources sectors.

Principal Dr. José Antonio García is an expert in economic and financial analysis and regularly provides advice on litigation matters as an expert witness. He offers particular experience in the estimation of damages in a variety of industries, including the energy, bank-assurance, and telecommunications industries.

Principal Andy Harington has over 25 years of diverse experience in business consulting, M&A transaction advisory, and general finance consulting for companies in a variety of industries and ranging in size from large, multi-national public companies to local, privately owned companies.

Principal Dan Harris has been retained by major law firms and their clients to testify on damages and quantum in international arbitration proceedings in a variety of forums, including the International Centre for Settlement of Investment Disputes, the International Chamber of Commerce, and the Permanent Court of Arbitration.

Principal Carlos Lapuerta is an expert in economic analysis and financial valuation, which he frequently applies to estimate damages in international arbitration proceedings. He has served as an expert witness in international arbitration proceedings, including many disputes between investors and sovereign states over the alleged breach of bilateral investment treaties.

Principal M. Alexis Maniatis has more than 30 years of experience as a consultant, providing advice and expert testimony on the application of economics, accounting, and corporate finance in estimating commercial damages, project valuation, and regulation.

Principal Emeritus Stewart Myers is one of the world’s leading authorities on the theory and practice of finance. He is a Professor of Financial Economics at the MIT Sloan School of Management, past President of the American Finance Association, and a Research Associate of the National Bureau of Economic Research.

Principal Benjamin Sacks has over 20 years of experience assisting corporations, investors, US government agencies, and foreign governments to develop and present economic and financial testimony in complex litigations and arbitrations.

Financial Advisory and Valuation – Quantum of Damages – Future Leaders

Principal Dr. Florin Dorobantu specializes in valuation and structured finance issues with a focus on international arbitration. He has experience conducting complex discounted cash flow analyses, including building cash flow forecasts, estimating the impact of business and financial risks on cash flows and discount rates, and incorporating the value of real options in the valuation of long-lived assets.

Economics – Competition Economists

Principal Dr. Pinar Bagci is a co-leader of Brattle’s Europe Antitrust & Competition practice and has 25 years of experience advising on the economics of competition, regulation, and damages assessment. She has provided economic analysis and expert witness testimony in commercial litigation and international arbitration, as well as throughout competition and regulatory investigations in Europe, Australasia, and the United States.

Principal Dr. Peter Davis is a co-leader of Brattle’s Europe Antitrust & Competition practice and is an expert on competition damages actions, mergers and acquisitions, cartels, and market investigations. He is a former Deputy Chairman of the UK Competition Commission (CC), now a part of the UK Competition and Markets Authority (CMA).

Principal Dr. Renée Duplantis is the leader of Brattle’s Canadian Antitrust & Competition practice. She has nearly 20 years of experience involving complex competition matters in Canada, the US, and Europe. She specializes in the empirical analysis of competition issues, with a primary focus on quantifying the competitive effects of mergers.

Principal Dr. José Antonio García is an expert in economic and financial analysis and regularly provides advice on litigation matters as an expert witness.

Principal Daniel McFadden is the Presidential Professor of Health Economics at the University of Southern California, where he has joint appointments at the USC Sol Price School of Public Policy and the Department of Economics at USC Dornsife College. Professor McFadden was awarded the 2000 Nobel Prize in Economics for his work developing methods and theory used in analyzing how consumers and households make choices from sets of discrete alternatives.

Principal Emeritus Dr. Robert Wilson has extensive experience conducting analyses for antitrust, regulatory, and other competition-related matters, including economic damages and issues involving intellectual property. He has served as an expert witness in antitrust cases in federal court, including in US v. AT&T, and in telecommunications regulatory proceedings before state commissions.

Economics – Competition Economists – Future Leaders

Senior Associate Ian Cass has a decade of experience involving complex competition matters, with a particular focus on merger analysis of competitive effects and efficiencies. His expertise includes supporting clients and experts in matters in front of the Canadian Competition Bureau and the Competition Tribunal, as well as in high-profile antitrust litigation in the US.

Senior Consultant Dr. Dimitri Dimitropoulos conducts research and analysis in the economics of mergers, anticompetitive conduct, intellectual property, and monetary damages. His expertise includes applying economic theory and econometric methods to examine complex issues relating to competition and innovation.

Click here to see the full list of Brattle experts recognized by Who’s Who Legal.

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“As we continue to expand the firm’s bankruptcy and restructuring capabilities, David will be a tremendous asset to our clients, enhancing both our testimonial and advisory capabilities,” said Brattle President & Principal Dr. Torben Voetmann. “With his breadth of experience working on contentious, high-profile disputes, David is a wonderful addition to the Brattle Bankruptcy and Restructuring team and our firm more broadly.”

Mr. Prager specializes in bankruptcy and restructuring matters and corporate value and solvency disputes. He has consulted on or testified in a number of high-profile bankruptcies and restructurings, including those of Enron, Lehman Brothers, Archegos, Adelphia, Energy Future Holdings, Puerto Rico, Detroit, Syncora, and Tribune. Topics of his services have included formulations of reorganization plans, evaluations of value allocations and reasonableness of projections, and the resolution of complex capital structures.

As a financial advisor, Mr. Prager has supported both creditors and debtors in major corporate and municipal restructurings, and served in interim C-suite roles, including at The PMI Group and Syncora Guarantee. He also has expertise in fraudulent conveyance actions and forensic and trading investigations.

“Brattle’s proven commitment to quality, incisiveness, and collaboration is a perfect match for the restructuring and testimonial services I provide in matters featuring a high degree of complexity,” said Mr. Prager. “I look forward to working with my new colleagues to solve complex financial restructurings, corporate valuation disputes, and related financial matters.”

Prior to joining Brattle, Mr. Prager was a Managing Director at a global financial and risk advisory firm. He previously focused on restructuring and complex financial litigations at a financial advisory firm.

To learn more about Mr. Prager, see his full bio.

The post The Brattle Group Welcomes David W. Prager as Principal and Co-Leader of its Bankruptcy & Restructuring Practice appeared first on Brattle.

In a new article for Law360, Brattle Principal Ioannis Gkatzimas, Senior Associate Ryan Leary, and Research Analyst Musa Isani discuss how these outstanding contracts could be the subject of potential legal disputes, including in circumstances where contracting parties have differing preferences for which reference rate should replace USD LIBOR. The authors explore the challenges associated with contracts lacking clear transition paths and the different types of disputes that could arise, and detail how expert economic analysis will be invaluable in helping litigators and their clients navigate such conflicts. The article is related to a Brattle white paper published by the authors, “From USD to LIBOR: A Look at LIBOR’s Exit, SOFR’s Ascendance, Emerging Alternatives, and Economic Considerations for Litigation.”

The article, “Economic Considerations for Potential Litigation in the USD LIBOR Transition,” is available below.

View Article

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“Alison is a wonderful addition to Brattle’s Accounting practice and growing Chicago office,” said Brattle Interim President & Principal David J. Hutchings. “She will greatly expand our capabilities in advising clients on financial accounting and reporting disputes.”

Ms. Forman has over two decades of consulting experience spanning numerous industries, including financial institutions, healthcare, real estate, oil and gas, high-tech, and retail. She has worked with testifying experts and attorneys at all phases of litigation, providing complex analyses, financial modeling, and expert reports, and worked on enforcement matters brought by the US Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), and state boards of accountancy.

Her expertise includes applying and evaluating compliance with Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), and American Institute of Certified Public Accountants (AICPA) and PCAOB auditing standards. Ms. Forman has experience evaluating alleged financial reporting fraud, the effectiveness of internal control over financial reporting (ICFR) materiality and assessment of errors, financial restatements, auditor independence, and alleged auditor misconduct.

“I am thrilled to be joining Brattle’s robust team of Securities experts,” said Ms. Forman. “I look forward to helping the firm’s Accounting practice grow while helping clients navigate complex litigations and investigations.”

Prior to joining Brattle, Ms. Forman was a Principal at an international economics consultancy. She is a certified public accountant (CPA) and certified in financial forensics (CFF) by the AICPA.

To learn more about Ms. Forman, see her full bio.

The post The Brattle Group Welcomes Accounting Expert Alison Forman as Principal appeared first on Brattle.

In a new white paper, Brattle Principal Ioannis Gkatzimas, Senior Associate Ryan Leary, and Research Analyst Musa Isani examine the transition away from USD LIBOR in the US market, detailing USD LIBOR’s downfall and the emergence of its recommended replacement, the Secured Overnight Financing Rate (SOFR). They also discuss a few market-based alternatives to SOFR, the initiatives and legislation designed to address challenges associated with the USD LIBOR transition, and the economic considerations for potential litigation that could arise related to the transition.

The full white paper, “From USD LIBOR to SOFR: A Look at LIBOR’s Exit, SOFR’s Ascendance, Emerging Alternatives, and Economic Considerations for Litigation,” is available below.

View White Paper 

The post Brattle Consultants Examine LIBOR Transition in US Markets and Economic Considerations for Potential Litigation in White Paper appeared first on Brattle.

Using loan level data for France, the authors find that banks most reliant on deposits react to negative monetary policy rates by increasing lending volumes, taking on additional risk, and increasing fee income relative to other banks. Negative rates can encourage the banks that are most reliant on deposits to engage in riskier activities in order to shield profitability. The compositions of banks’ deposits also plays a key role in the transmission of monetary policy rates below zero.

The full article, “Banks, Deposit Rigidity and Negative Rates,” is available below (behind a paywall after May 18, 2023).

The post Dr. Pietro Grandi Coauthors Article on How Banks Reacted to the Introduction of Negative Interest Rates appeared first on Brattle.

“With his extensive expertise in securities trading, valuation, and causation, Drew is a robust addition to our firm’s Securities team,” said Brattle Interim President & Principal David J. Hutchings. “His testifying experience and ability to help parties understand risk in complex portfolios involving options will be a major asset to Brattle’s clients.”

With more than 15 years of litigation consulting experience at top consultancies, Dr. Roper has served as a testifying expert in several high-profile commercial litigation matters, including as a class action certification expert. He has consulted on matters involving options trading, claims relating to risk management, fixed and variable rate annuities, and more.

Dr. Roper’s consulting experience is supported by a strong background in academia. He has held research and teaching positions focused on corporate finance at the Stanford Law School, the University of Wisconsin-Madison, and Duke University’s Sanford School of Public Policy. His work has been published in several leading economic and financial journals.

“I look forward to continuing to build the Brattle brand in securities litigation,” said Dr. Roper. “With the deep bench of expertise already in place and opportunities to invest going forward, Brattle should be on the top of the short list for clients looking for experienced securities experts that use innovative approaches.”

Before joining Brattle, Dr. Roper founded his own litigation consulting firm Catalyst Economic Consulting, and gained prior experience as an Executive Vice President and a Vice President, respectively, at two global economics consultancies.

To learn more about Dr. Roper, please see his full bio.

The post Financial Economist Andrew Roper Joins The Brattle Group as Principal appeared first on Brattle.

The winners of the 2022 Brattle Group Prize in Corporate Finance are:

First Prize, $25,000: Andreas Fuster, Paul Goldsmith-Pinkham, Tarun Ramadorai, and Ansgar Walther
Predictably Unequal? The Effects of Machine Learning on Credit Markets
The Journal of Finance, February 2022

Distinguished Paper, $10,000: Asaf Bernstein
Negative Home Equity and Household Labor Supply
The Journal of Finance, December 2021

Distinguished Paper, $10,000: Isaac Hacamo and Kristoph Kleiner
Forced Entrepreneurs
The Journal of Finance, February 2022

The Brattle Group has funded this annual award for more than 20 years. These prizes are presented at the AFA’s annual meeting, and this year’s awards were announced at the AFA’s Annual Meeting 2023, which took place January 6–8 in New Orleans, LA. All papers published in issues of The Journal of Finance from the first five issues of the given year, and December of the previous year, are eligible. We congratulate the winners on their achievements!

View a complete list of past winners

More about the AFA

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“These talented individuals provide in-depth expertise to a vast array of clients on matters related to financial services, energy, tax, and more,” shared Brattle President & Principal David Sunding. “In addition, they have made exemplary contributions to mentoring and developing their colleagues, and truly demonstrate the exceptional leadership pipeline we are fortunate to have at the firm.”

Our new Principals:

• Hollie Mason | Practice Leader: Broker-Dealers & Financial Services | Chicago
  An attorney with more than 15 years of experience in the financial industry, Ms. Mason provides expert testimony and consulting services concerning securities litigation and enforcement matters. She has deep knowledge of Financial Industry Regulatory Authority (FINRA) and Securities & Exchange Commission (SEC) rules.
• David McKnight | New York
  Mr. McKnight has over 20 years of experience providing expert testimony and consulting services in matters pertaining to mass torts, securities, finance, valuation, and bankruptcy. In mass tort matters, he has worked with liability forecasts, insurance coverage, and discounted cash flows.
• Albert Metz | New York
  Dr. Metz is a securities and finance expert with deep experience in credit analysis, financial modeling, asset pricing, market efficiency, and event studies. He has consulted on asset pricing, antitrust, mergers and acquisitions, market manipulation, collusion, fixed income securities, and various debt derivatives.
• Christine Polek | Boston
  Ms. Polek serves as a consulting and testifying expert in complex litigation requiring the application of economic, financial, and statistical analysis to legal and regulatory issues – with a focus on valuation, tax controversy, and labor and employment.
• Akarsh Sheilendranath | Boston
  Mr. Sheilendranath is an energy economist with a unique blend of expertise in wholesale electricity markets, electric transmission, and regulatory corporate finance. He specializes in transmission policy, utility investment strategy and planning, large-scale renewable integration, and cost-benefit assessments.
• Anul Thapa | Boston
  Mr. Thapa has over 12 years of experience applying economic and finance principles in complex oil and gas-related litigation, arbitration, and regulatory proceedings. His experience in commercial disputes includes damages estimation, valuation, and pricing related to energy assets and contracts.
• Mike Tolleth | New York
  Mr. Tolleth specializes in the economic analysis of energy markets, with expertise in financial modeling and valuation of energy assets, contracts, and businesses. He supports clients in litigation and arbitration matters and provides expert testimony related to cost of service, rate design, cost of capital, regulatory policy, long-run marginal cost pricing, and market power.

The post Seven Experts Promoted to Principal at The Brattle Group appeared first on Brattle.

First Prize, $25,000: Peter M. DeMarzo and Zhiguo He
Leverage Dynamics without Commitment
The Journal of Finance, December 2020

Distinguished Paper, $10,000: Itamar Drechsler, Alexi Savov, and Philipp Schnabl
Banking on Deposits: Maturity Transformation without Interest Rate Risk
The Journal of Finance, February 2021

Distinguished Paper, $10,000: Pat Akey and Ian Appel
The Limits of Limited Liability: Evidence from Industrial Pollution
The Journal of Finance, February 2021

The Brattle Group has funded this yearly award for more than 20 years. These prizes are presented at the AFA’s annual meeting, and this year’s awards were announced at the virtual 2022 ASSA/American Finance Association’s (AFA) Annual Meeting on January 7–9. All papers published in the prior year’s issues of The Journal of Finance are eligible. We congratulate the winners on their achievement!

View a Complete List of Past Winners

More about the AFA

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