Brattle | Insights & Events | Regulatory Investigations & Enforcement https://www.brattle.com/ Mon, 17 Apr 2023 18:35:30 +0000 en-US hourly 1 https://wordpress.org/?v=6.1.1 https://www.brattle.com/wp-content/uploads/2021/05/favicon.png Brattle https://www.brattle.com/ 32 32 Brattle Consultants Examine LIBOR Transition in US Markets and Economic Considerations for Potential Litigation in White Paper https://www.brattle.com/insights-events/publications/brattle-consultants-examine-libor-transition-in-us-markets-and-economic-considerations-for-potential-litigation-in-white-paper/ Mon, 17 Apr 2023 18:35:30 +0000 https://www.brattle.com/?p=50040 For decades, the London Interbank Offered Rate (LIBOR) was the ubiquitous benchmark rate used by lenders across financial markets to set rates on everything from derivatives to mortgages and business loans. However, LIBOR’s reputation came under fire during the financial crisis of 2008, and led to a search for alternatives. Publication of many LIBOR rates […]

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For decades, the London Interbank Offered Rate (LIBOR) was the ubiquitous benchmark rate used by lenders across financial markets to set rates on everything from derivatives to mortgages and business loans. However, LIBOR’s reputation came under fire during the financial crisis of 2008, and led to a search for alternatives. Publication of many LIBOR rates has already ended, and publication of the remaining five USD LIBOR tenors is scheduled to cease on June 30, 2023.

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 

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Brattle Consultants Discuss AI’s Potential to Cause Disparate Impact in Housing, Employment, Credit and Lending Decisions in Recent Law360 Article https://www.brattle.com/insights-events/publications/brattle-consultants-discuss-ais-potential-to-cause-disparate-impact-in-housing-employment-credit-and-lending-decisions-in-recent-law360-article/ Fri, 03 Mar 2023 14:51:54 +0000 https://www.brattle.com/?p=49466 With the popularity of artificial intelligence-powered tools like ChatGPT on the rise, organizations are increasingly using AI models to help make complex decisions. Doing so introduces the risk of unintended discriminatory practices – known as disparate impact ­– towards protected classes of individuals. In a recent article for Law360, Brattle Principal Dr. Christine Polek and […]

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With the popularity of artificial intelligence-powered tools like ChatGPT on the rise, organizations are increasingly using AI models to help make complex decisions. Doing so introduces the risk of unintended discriminatory practices – known as disparate impact ­– towards protected classes of individuals.

In a recent article for Law360, Brattle Principal Dr. Christine Polek and Senior Associate Dr. Shastri Sandy explore how the use of AI decision models can cause disparate impact in areas such as housing, employment, credit, and healthcare – and, in turn, violate relevant laws and protections. They discuss some of the red flags regulators and consumer advocacy groups have raised about algorithms’ potential to produce discriminatory results, and provide an overview of statistical, economic, and qualitative tools that can be used to evaluate and address AI-induced disparate impact.

The full article, “Don’t Assume AI is Smart Enough to Avoid Unintended Bias,” is available below.

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American Finance Association Announces 2022 Recipients of The Brattle Group Prizes in Corporate Finance https://www.brattle.com/insights-events/news/american-finance-association-announces-2022-recipients-of-the-brattle-group-prizes-in-corporate-finance/ Tue, 17 Jan 2023 21:07:55 +0000 https://www.brattle.com/?p=48670 Each year, the Associate Editors of The Journal of Finance – published by the American Finance Association (AFA) – select three winners to receive The Brattle Group Prizes for outstanding papers in corporate finance. The Brattle Group supports this annual award to recognize the importance of excellence in providing groundbreaking analysis and debate on compelling issues facing the […]

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Each year, the Associate Editors of The Journal of Finance – published by the American Finance Association (AFA) – select three winners to receive The Brattle Group Prizes for outstanding papers in corporate finance. The Brattle Group supports this annual award to recognize the importance of excellence in providing groundbreaking analysis and debate on compelling issues facing the corporate finance community.

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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Dr. Branko Jovanovic to Discuss Protecting Direct Selling Company Business Models at DSA Legal & Regulatory Seminar https://www.brattle.com/insights-events/events/dr-branko-jovanovic-to-discuss-protecting-direct-selling-company-business-models-at-dsa-legal-regulatory-seminar/ Mon, 19 Sep 2022 16:10:08 +0000 https://www.brattle.com/?p=46880 Event: Legal & Regulatory Seminar Host: Direct Selling Association (DSA) Date: Thursday, September 22 Time: 3:15–4:15 p.m. (ET)           Location: Washington, DC Principal Dr. Branko Jovanovic will join the “Protecting Your Company’s Business Model” panel for a discussion of available law impacting direct selling companies, how forensic economic analysis of a company’s data can educate, and a practical view […]

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Event: Legal & Regulatory Seminar
Host:
Direct Selling Association (DSA)
Date: 
Thursday, September 22
Time: 
3:15–4:15 p.m. (ET)          
Location: 
Washington, DC

Principal Dr. Branko Jovanovic will join the “Protecting Your Company’s Business Model” panel for a discussion of available law impacting direct selling companies, how forensic economic analysis of a company’s data can educate, and a practical view of how incentives built into a business can help minimize vulnerability to an FTC enforcement action.

Register or learn more

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Informed Trading in Dark Venues: Dr. Nguyet Nguyen Discusses in a Recent Article in The Quarterly Journal of Finance https://www.brattle.com/insights-events/publications/informed-trading-in-dark-venues-dr-nguyet-nguyen-discusses-in-a-recent-article-in-the-quarterly-journal-of-finance/ Thu, 30 Jun 2022 15:09:57 +0000 https://www.brattle.com/?p=46289 Dark pools are trading venues that offer limited pre-trade transparency and can be an ideal environment for traders hoping to conceal their private information. The once-rapid growth of dark venues has attracted attention from academics seeking to understand the impact of dark trading on order-execution quality and price discovery on public exchanges. Prior empirical studies […]

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Dark pools are trading venues that offer limited pre-trade transparency and can be an ideal environment for traders hoping to conceal their private information. The once-rapid growth of dark venues has attracted attention from academics seeking to understand the impact of dark trading on order-execution quality and price discovery on public exchanges. Prior empirical studies have found that dark venues are, on average, associated with uniformed order flow.

Senior Associate Dr. Nguyet Nguyen compares informed trading in a fair-access dark venue with  restricted-access dark venues in a recent article published in The Quarterly Journal of Finance. Dr. Nguyen found robust evidence of informed trading taking place in the fair-access dark venue, but not in other dark venues.

The full article, “Informed Trading in Dark Pools: Fair-Access Dark Venue vs. Restricted-Access Dark Venues,” is available for download below.

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Brattle Congratulates Academic Advisor Dr. Michael Goldstein on Appointment as Secretary/Treasurer of the Financial Management Association https://www.brattle.com/insights-events/news/brattle-congratulates-academic-advisor-dr-michael-goldstein-on-appointment-as-secretary-treasurer-of-the-financial-management-association/ Fri, 15 Apr 2022 15:10:15 +0000 https://www.brattle.com/?p=45696 We congratulate Brattle Academic Advisor Dr. Michael Goldstein on his appointment to Secretary/Treasurer at the Financial Management Association (FMA). He will start his new position on Saturday, April 16. Dr. Goldstein will also continue in his capacity as Professor of Finance at Babson College, where he holds the Donald P. Babson Chair in Applied Investments. […]

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We congratulate Brattle Academic Advisor Dr. Michael Goldstein on his appointment to Secretary/Treasurer at the Financial Management Association (FMA). He will start his new position on Saturday, April 16.

Dr. Goldstein will also continue in his capacity as Professor of Finance at Babson College, where he holds the Donald P. Babson Chair in Applied Investments. He specializes in examining the structure of equity and bond markets and does work in climate change, dividend policy, asset pricing, real estate, and privatization.

We wish Dr. Goldstein all the best in this new role.

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Securities and Finance Expert Dr. Branko Jovanovic Rejoins The Brattle Group as a Principal https://www.brattle.com/insights-events/news/securities-and-finance-expert-dr-branko-jovanovic-rejoins-the-brattle-group-as-a-principal/ Thu, 07 Apr 2022 15:03:41 +0000 https://www.brattle.com/?p=45636 The Brattle Group has welcomed Branko Jovanovic to its Washington, DC office as a Principal in the firm’s White Collar, Regulatory Investigations & Enforcement, and Securities Class Actions practices. With over two decades of experience as a consulting and testifying expert, Dr. Jovanovic brings strong expertise in securities, finance, regulatory matters, and consumer protection. “Branko […]

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The Brattle Group has welcomed Branko Jovanovic to its Washington, DC office as a Principal in the firm’s White Collar, Regulatory Investigations & Enforcement, and Securities Class Actions practices. With over two decades of experience as a consulting and testifying expert, Dr. Jovanovic brings strong expertise in securities, finance, regulatory matters, and consumer protection.

“Branko is an asset to our firm’s securities and finance team,” said Brattle President & Principal David L. Sunding. “His deep expertise in issues related to multi-level marketing compensation models, securities fraud investigations, and regulatory actions, will further enhance our ability to provide the clear, independent insights needed to support clients in the ever-changing marketplace.”

Dr. Jovanovic applies his sophisticated econometric expertise to address liability and damages issues in securities class actions and market manipulation matters. He has helped clients respond to formal investigations and requests from regulatory entities like the US Federal Trade Commission, the Securities and Exchange Commission, and the Financial Industry Regulatory Authority, as well as testified on a broad range of matters before federal and state courts, regulators, and arbitral tribunals. In his MLM experience, Dr. Jovanovic has provided analyses on matters related to regulatory investigations, consumer class actions, internal investigations, and compensation model restructuring.

“I’m thrilled to be back at Brattle, where I can continue to provide top-notch consulting and testifying services for my clients,” Dr. Jovanovic said. “I look forward to collaborating with my colleagues, mentoring junior team members, and promoting our firm’s diversity, equity & inclusion efforts.”

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

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Toby Bishop, Expert on Regulatory Economics and Litigation Matters in the Energy Industry, Joins The Brattle Group as Principal https://www.brattle.com/insights-events/news/toby-bishop-expert-on-regulatory-economics-and-litigation-matters-in-the-energy-industry-joins-the-brattle-group-as-principal/ Thu, 03 Mar 2022 17:39:09 +0000 https://www.brattle.com/?p=45323 The Brattle Group has welcomed Toby Bishop to its Boston office as a Principal with the firm’s Regulatory Economics, Finance & Rates practice. Mr. Bishop brings over 25 years of consulting experience working with the electric and natural gas industries, specializing in regulatory and civil litigation matters. “Toby is a welcome addition to Brattle’s Electricity […]

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The Brattle Group has welcomed Toby Bishop to its Boston office as a Principal with the firm’s Regulatory Economics, Finance & Rates practice. Mr. Bishop brings over 25 years of consulting experience working with the electric and natural gas industries, specializing in regulatory and civil litigation matters.

“Toby is a welcome addition to Brattle’s Electricity group and our firm more broadly,” said Brattle President & Principal David L. Sunding. “With his regulatory expertise and breadth of experience working with electric and natural gas utilities, he will add depth to our firm and be a vital asset to clients.”

Mr. Bishop’s expertise extends to strategic, regulatory, financial, and transactional matters for electric and natural gas utilities, natural gas pipelines and storage developers, and independent energy project developers. He has worked on federal and state rate case proceedings, valuations for ad valorem tax disputes, utility municipalization efforts, contractual disputes, purchase and sales transactions, regulatory strategy and policy matters, and competitive and market power concerns.

He has provided expert testimony and other filings in over 50 administrative and civil proceedings in the US and Canada, including before the Federal Energy Regulatory Commission (FERC), the Canada Energy Regulator (CER), and state and provincial regulatory agencies.

“I am thrilled to join the respected team of economists at The Brattle Group, especially during this pivotal time for the energy industry,” Mr. Bishop said. “I look forward to helping the firm continue its success and collaborating on regulatory economics and finance matters.”

Previously, Mr. Bishop was a Senior Vice President at an economic consultancy, and he also held positions at two management consultancies.

To learn more about Mr. Bishop, please see his full bio.

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Seven Experts Promoted to Principal at The Brattle Group https://www.brattle.com/insights-events/news/seven-experts-promoted-to-principal-at-the-brattle-group/ Thu, 10 Feb 2022 14:17:28 +0000 https://www.brattle.com/?p=45173 The Brattle Group is pleased to announce that seven experts were recently promoted to Principal: Hollie Mason, David McKnight, Albert Metz, Christine Polek, Akarsh Sheilendranath, Anul Thapa, and Mike Tolleth. “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 […]

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The Brattle Group is pleased to announce that seven experts were recently promoted to Principal: Hollie Mason, David McKnight, Albert Metz, Christine Polek, Akarsh Sheilendranath, Anul Thapa, and Mike Tolleth.

“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.

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American Finance Association Announces 2021 Recipients of The Brattle Group Prize https://www.brattle.com/insights-events/news/american-finance-association-announces-2021-recipients-of-the-brattle-group-prize/ Tue, 18 Jan 2022 14:17:17 +0000 https://www.brattle.com/?p=45017 Each year, the associate editors of The Journal of Finance select three winners to receive the Brattle Group Prize for outstanding papers in corporate finance. The Brattle Group supports this yearly award in an effort to recognize the importance of excellence in providing groundbreaking analysis and debate on compelling issues facing the corporate finance community. First Prize, $25,000: Peter […]

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Each year, the associate editors of The Journal of Finance select three winners to receive the Brattle Group Prize for outstanding papers in corporate finance. The Brattle Group supports this yearly award in an effort to recognize the importance of excellence in providing groundbreaking analysis and debate on compelling issues facing the corporate finance community.

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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