The Brattle Exchange

How Antitrust Enforcement Drives Economic Growth

The Brattle Group — Tue, 10 Feb 2026 06:00:00 -0500

Philip Drummond, an Associate at The Brattle Group specializing in securities litigation and capital markets, welcomes Kate Volkova, an Associate Professor of Finance at the University of Melbourne, to discuss her award-winning research on antitrust enforcement. Kate’s expertise spans corporate governance and regulatory oversight, with a particular focus on the impacts of regulator actions on corporate policies and dynamics.

In this episode, Philip and Kate delve into “Antitrust Enforcement Increases Economic Activity,” a paper examining the economic effects of US Department of Justice antitrust suits from the 1970s onward. Kate and her coauthors won the 2024 Brattle Group FIRN Best Paper Award at the Australian Financial Research Network’s Annual Conference for their work. Kate details how the team compiled a comprehensive dataset of DOJ lawsuits and uncovered evidence that robust antitrust action fosters new business entry, employment, and rising wages.

The conversation also highlights methodological challenges and the wider economic policy implications of enforcing competition.

The opinions expressed are those of the speakers and do not necessarily reflect the views of their employer or its clients. This podcast is for general information purposes and is not intended to be and should not be taken as legal advice.

The paper discussed in this episode can be found here:
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4539741

Timestamped Overview

00:00 Intro

01:36 Kate & Phillip Introduce the paper on Antitrust Enforcement and Market Power

05:13 Local Enforcement Boosts Competition

08:55 Incomplete DOJ Lawsuit Records

12:42 DOJ Enforcement Impact on Industries

16:19 Revising Paper: Economic Impact Analysis

17:14 Future Research Insights

The Evolving Landscape of Corporate Governance: Collective Action, Proxy Advisors, and Shareholder Democracy

The Brattle Group — Tue, 13 Jan 2026 06:00:00 -0500

Dr. Yingzhen Li, a Principal at The Brattle Group who specializes in economic consulting for complex financial instruments and corporate governance, is joined by Professor Nadya Malenko of Boston College, a leading finance scholar and two-time winner of The Brattle Group Prize in Corporate Finance. Together, they explore theoretical corporate governance, with a focus on collective action problems among shareholders.

Nadya shares insights from her Brattle Prize-winning papers, delving into how trading and shareholder diversity influence corporate decision-making, and why prices and shareholder welfare can sometimes move in opposite directions. The discussion also addresses the role of event studies in assessing governance, the sometimes-counterintuitive impacts of reducing trading frictions, and the growing influence of index funds.

Yingzhen and Nadya further examine the economics of proxy advisory firms, discussing the balance between informed voting and potential overreliance on common signals. Nadya concludes by highlighting the trend toward decentralization in large asset managers and raises emerging questions about the future of corporate governance.

The two Brattle Prize-winning articles – both published in The Journal of Finance – referenced in the episode can be found here (“Trading and Shareholder Democracy”) and here (“Proxy Advisory Firms: The Economics of Selling Information to Voters.”)

Timestamped Overview
00:00 Intro & Nadya’s background
03:22 Shareholder collective action problems
08:54 Index Funds Rising Influence
09:39 Breaking the self-reinforcing loop
12:51 Proxy advisors improve decision-making

Unpacking Private Debt Funds: Risks, Returns, and Growth

The Brattle Group — Tue, 16 Dec 2025 06:00:00 -0500

Brattle Principal Dr. Jan Jindra and Associate Dr. Ariel Lanza are joined by Dr. Isil Erel, the David A. Rismiller Chair in Finance at The Ohio State University’s Fisher College of Business and the Executive Editor of The Review of Corporate Finance Studies. Together, they explore the evolving landscape of private debt funds – the fastest-growing segment in the private capital market.

Jan, Ariel, and Isil examine what private debt funds are and how they expanded rapidly, stepping in to fill the gap left by commercial banks post-financial crisis. Isil discusses her research about the performance and risk profile of these funds, including their equity-like characteristics. Their conversation also explores the challenges facing retail investors, the effects of competition among non-bank lenders, the risks associated with limited transparency, and the increasing interconnectedness between banks, private debt funds, and institutional investors.

The papers discussed in the episode can be found here and here.

Timestamped Overview

00:00 Private Debt's Rapid Growth

05:22 Private Debt's Post-Crisis Surge

07:27 Non-Banks Transforming SME Lending

10:41 Private Debt Fund Performance Analysis

13:15 Caution Urged for Retail Investors

19:13 Non-Bank Lending: Risks & Impacts

20:22 Private Debt Risks to Investors

Navigating Intellectual Property Challenges in the Space Industry

The Brattle Group — Tue, 18 Nov 2025 06:00:00 -0500

Pallavi Seth, Principal at The Brattle Group and Co-Leader of Brattle's Intellectual Property practice, is joined by Rachel Lovejoy, former Chief IP Counsel at SpaceX and President of T Minus Zero LLC, to discuss the evolving landscape of intellectual property (IP) strategy in the rapidly growing space industry.

Drawing on Rachel’s nearly 30 years advising leading technology companies, Pallavi and Rachel explore a variety of timely topics related to space IP. They discuss the unique considerations for protecting innovation in the space sector, including balancing patent rights versus trade secret strategies, the impact of national security concerns, and the global expansion of commercial space opportunities. Rachel also shares insights on navigating increased competition, the rise of international “coopetition,” the emerging role of AI, and advice for women seeking careers in space IP.

Timestamped Overview
00:00 Intro & Rachel’s Background
03:08 Space Industry Intellectual Property Strategy
09:19 Space Collaboration and IP Management
11:19 Space Chips: Tech and Radiation
14:24 Breaking Stereotypes in Space Industry

Domestic Industry at the ITC and the Impact of Recent Federal Circuit Decisions

The Brattle Group — Tue, 22 Jul 2025 06:00:00 -0400

Dr. Pallavi Seth, Principal at The Brattle Group and Co-Leader of the firm’s Intellectual Property practice, welcomes Beau Jackson, Partner at Husch Blackwell and leader of its Section 337 practice, to discuss the evolving landscape of intellectual property enforcement at the US International Trade Commission (ITC).

Pallavi and Beau review the legal and economic nuances of Section 337, focusing on the domestic industry requirement – what it means, why it matters, and how it has shifted through landmark Federal Circuit decisions. The conversation highlights recent guidance on what constitutes a significant domestic industry, including the pivotal Lashify case and Beau’s success in the Ventria Bioscience matter.

The episode also explores the implications of sales, marketing, and distribution activities, changing thresholds for economic significance, and the broader policy environment influencing the ITC today. Beau and Pallavi provide insights for practitioners and experts navigating complex intellectual property (IP) and trade landscapes.

Timestamped Overview
00:00 Federal Circuit Affirms No Threshold
03:57 Understanding Section 337 Litigation
07:06 Domestic Industry Requirement Explained
12:48 ITC Case Success Factors
16:20 Lashify ITC Case Summary
19:47 ITC Challenges Federal Circuit Ruling
22:35 ITC Domestic Industry Rule Shift
26:37 No Minimum Threshold for Patent Protection
27:55 Patent Practice Dispute Reduces Allocation
31:19 Has There Been An Uptick in Section 337 Filings?

The Economics of AI and Copyright Policy: Key Themes and Emerging Questions

The Brattle Group — Mon, 30 Jun 2025 15:38:51 -0400

Pallavi Seth, Principal at the Brattle Group and Co-Chair of its Intellectual Property practice, sits down with Dr. Brent Lutes, Chief Economist at the US Copyright Office and former Brattle colleague, to explore the economic complexities at the intersection of artificial intelligence (AI) and copyright policy.

Pallavi and Brent discuss Brent’s recent collaborative publication, “Identifying the Economic Implications of Artificial Intelligence for Copyright Policy,” which provides an economic research framework for evaluating AI’s impact on copyright. They clarify the definitions and distinctions between generative AI outputs and the use of copyrighted materials as AI inputs, and examine the challenges in defining optimal copyright policies in this rapidly evolving space.

Throughout the conversation, Pallavi and Brent explore core economic principles underlying copyright, the social welfare considerations of policy choices, the difficulties of creating collective licensing schemes, and the pragmatic challenges facing creators and AI developers alike.

The report referenced in this episode can be found here: https://copyright.gov/economic-research/economic-implications-of-ai/

Timestamped Overview
00:00 Introduction
04:38 AI Definition and Copyright Challenges
07:41 AI Copyright: Social Benefits Debate
11:24 "Balancing Economics of AI Policy"
13:50 "Copyright and Market Power Dynamics"
19:49 AI Policy's Social Impact & Market Power
21:24 AI Creativity and Resource Constraints
27:34 Complex Value Assessment in AI Training
28:37 Licensing Challenges for Training Materials

Real Option Approaches for Oil and Gas Company Valuation

The Brattle Group — Tue, 10 Jun 2025 06:00:00 -0400

Brattle Principals Jake Zahniser-Word and Anul Thapa draw on their extensive expertise in oil, gas, and energy sector finance to discuss the critical role of real options in valuing exploration and production (E&P) companies. With backgrounds in corporate finance, valuation, and commercial and regulatory disputes, Jake and Anul discuss how real-option valuation incorporates forecast uncertainty and recognizes the additional value of flexibility to capitalize on new information and market conditions over time.

Specifically, the episode explores the importance of real options in scenarios where E&P firms face market uncertainty, especially during bankruptcies and restructuring. Jake and Anul explain the limitations of traditional valuation methods, define real options, and detail how incorporating flexibility – such as the ability to defer or expand projects – can significantly impact valuation outcomes. The discussion also features a case study of Chesapeake Energy’s bankruptcy, illustrating the real-world consequences of properly accounting for (or neglecting) real options in asset valuation.

The article referenced in this episode can be found here.

Behind the Bids: Understanding Spectrum Auctions

The Brattle Group — Tue, 13 May 2025 10:25:23 -0400

Brattle Principals Dr. Coleman Bazelon and Dr. Paroma Sanyal dive into the world of spectrum auctions in this episode, offering a comprehensive look at the intricacies of the auction process.

Spectrum, the medium for wireless communications, is accessed by companies through licenses issued by the Federal Communications Commission (FCC). Drawing on her experience at the FCC, Paroma leads an in-depth discussion on how these auctions work and what they mean for the industry. Coleman then details the auction process and the shift from earlier methods, such as political favors and lotteries, that has led to a more efficient and transparent process.

The conversation also covers the FCC’s role in auctions, auction strategies, how clients prepare for bidding, insights into auction dynamics, including strategies like “parking,” and the importance of Congressional Budget Office (CBO) scoring.

Coleman and Paroma also reflect on future bands for auction, the legislative landscape impacting the FCC’s authority, and the novel idea of establishing a “spectrum court” to streamline spectrum management.

Generative Artificial Intelligence and Bankruptcy

The Brattle Group — Tue, 22 Apr 2025 06:00:00 -0400

Brattle Principal Shastri Sandy hosts a conversation with Senior Litigation Specialist Ethan Moore and Principal Rafael Klotz to explore the intersection of generative artificial intelligence (GenAI) and bankruptcy.

The conversation begins with an overview of GenAI – what it is, how it works, and how it powers technologies like ChatGPT and DALL-E. Ethan provides insight into how GenAI contrasts with traditional AI and details its exciting potential as well as concerns over accuracy, ethics, and legality. Rafael, meanwhile, highlights generative AI’s transformative role across industries – from tech and marketing to manufacturing and healthcare – and notes the particularly rapid adoption compared to previous technologies.

The group then delves into risks associated with GenAI, including copyright lawsuits, ethical issues, and financial challenges. The episode wraps up with a consideration of regulatory landscapes and the potential for AI-specific copyright laws, emphasizing the need for firms to navigate these emerging economic challenges.

Timestamped Overview
04:27 Introduction
08:26 AI Transforming Multiple Industries
11:16 Generative AI's Rapid Adoption
14:16 Generative AI's Legal Risks
17:02 Monetization Challenges in AI Tools
22:14 Legal Challenges of AI Content Ownership

Antitrust in the Age of Artificial Intelligence

The Brattle Group — Tue, 01 Apr 2025 06:00:00 -0400

Ryan Chapman, Brattle Senior Research Analyst, and Sean Flaim, Senior Attorney at the US Department of Health and Human Services, delve into the intersection of antitrust and artificial intelligence (AI) in this episode.

The pair discuss topics from Ryan’s recent article “Antitrust in the Age of AI,” which – published by the American Bar Association’s Amplify – explores if the consumer welfare standard can address the rise of generative AI. Sean, with his extensive background in litigation and antitrust policy, poses pressing questions on the implications of AI on competition. The episode touches on the distinctions between generative and predictive AI, the impacts of AI-driven personalization and pricing strategies, and the potential for market power to impact innovation.

They also discuss AI’s structural effects on the economy, including acquisition strategies and labor markets, while highlighting the pro-competitive benefits AI might bring by lowering technical barriers and aiding regulatory efforts.

The link to the article mentioned in the podcast can be found here.

Real Estate Economics and Climate Risk with Johannes Stroebel

The Brattle Group — Tue, 17 Dec 2024 07:24:27 -0500

In this episode of The Brattle Exchange, Johannes Stroebel, the David S. Loeb Professor of Finance at NYU Stern School of Business and Director of the Climate Finance Initiative, joins Brattle Senior Associate Bennet Berger to delve into the intersections of real estate economics, discount rates, and climate risk.

Bennet and Johannes cover several topics within Johannes’ extensive and innovative research background, from analyzing asymmetric information in the housing market – which he discussed in a 2016 Brattle Prize-winning paper – to his work on long-term discount rates and how they impact cost-benefit analyses involving investments in climate risk adaptation. The pair also discuss some of Johannes’ recent work on the extent to which house prices are affected by climate risk. Johannes shares his findings that the price discount for housing that is exposed to climate risk may be larger during periods when there is increased attention on climate risk.

Learn more about The Brattle Group Prize in Corporate Finance and the prize-winning papers here.

White Collar Crime and Corporate Governance with Luigi Zingales

The Brattle Group — Tue, 03 Dec 2024 06:00:00 -0500

In this episode of The Brattle Exchange, Principal Dr. Shastri Sandy welcomes Dr. Luigi Zingales, an expert in corporate governance, white-collar fraud, and financial economics. Luigi is a Professor of Entrepreneurship and Economics at the University of Chicago’s Booth School of Business; he was Shastri’s dissertation chair while Shastri was completing his PhD and MBA at Booth. Their conversation spans diverse topics, including Luigi’s groundbreaking research in corporate governance and fraud, the complexities of capital allocation, and the alignment of corporate social responsibility and economic activities.

Luigi explores the tension between shareholder value maximization and welfare maximization – challenging conventional norms in corporate governance – and discusses his role hosting the University of Chicago podcast Capitalisn’t, where he seeks to simplify complex economic topics to educate a broader audience. Luigi also discusses his current research interest in improving corporate governance, and reducing company overreach through representative shareholder assemblies making informed stock voting decisions.

Learn more about The Brattle Group Prize in Corporate Finance and the prize-winning papers here.

Corporate Governance and Large-Block Shareholders with Clifford Holderness

The Brattle Group — Tue, 12 Nov 2024 06:00:00 -0500

Dr. Bin Zhou, Brattle Principal, and Clifford Holderness, Professor Emeritus at Boston College Carroll School of Management, engage in a dynamic discussion on corporate governance and ownership concentration in publicly traded companies.

Drawing upon Cliff's extensive background in corporate finance, the episode delves into his innovative research – which has often challenged conventional thinking – including on the dynamics of large-block ownership and large-block trading in publicly traded companies. Bin and Cliff also discuss private benefits of control, potential conflicts between large and minority shareholders, and Cliff’s recent research on shareholder voting on potentially controversial company issues.

Learn more about The Brattle Group Prize in Corporate Finance and the prize-winning papers here.

Taxes, Capital Structure, and Corporate Decisions with John Graham

The Brattle Group — Tue, 22 Oct 2024 06:00:00 -0400

John Graham, Professor of Finance at Duke University’s Fuqua School of Business, joins Margaret McKeehan, Brattle Senior Associate, to delve into the intersection of academic theory and real-world practice in corporate finance.

John and Margaret explore some key findings from John’s research over the years, including his novel calculation of firm-specific tax rates that has enabled more precise research across corporate finance topics. They also discuss some of the results of John’s research on the impact of tax policies on corporate finance decisions made by firms.

Also covered in the episode: the origins and evolution of the Duke/Federal Reserve CFO Survey, which John has directed for nearly 30 years, to bridge the gap between academia and the business world; recent survey insights on AI and automation in corporate planning; and the need to increase the alignment of academic research with practical finance.

Learn more about The Brattle Group Prize in Corporate Finance and the prize-winning papers here.

Financial Regulation with Randy Kroszner

The Brattle Group — Tue, 08 Oct 2024 06:00:00 -0400

Dr. Randall Kroszner, Professor of Economics at the University of Chicago's Booth School of Business, joins Brattle Principal Jamie Read to discuss the past, present, and future of financial regulation and innovation.

Randy details his extensive experience, including serving as a member of the Federal Reserve Board of Governors during the 2007–2008 global financial crisis, his time as a member of the President’s Council of Economic Advisers, and his current role with the Bank of England's Financial Policy Committee. Jamie and Randy cover key topics in regulation, including the increase in non-bank financial institutions and the potential challenges stemming from the rise of crypto assets.

Learn more about The Brattle Group Prize in Corporate Finance and the prize-winning papers here.

Venture Capital and Private Equity with Ilya Strebulaev

The Brattle Group — Tue, 24 Sep 2024 06:00:00 -0400

Dr. Ilya Strebulaev, the David S. Lobel Professor of Private Equity and a Professor of Finance at Stanford University’s Graduate School of Business, joins Brattle Principal Sujay Dave to discuss his research and extensive experience in corporate finance, private equity, and venture capital.

In this episode, Ilya discusses how he developed a framework for capital structure decisions that incorporates dynamic decision-making and thus more accurately reflects real-world results. He explains how his early corporate finance work – together with his position at Stanford GSB, located at the heart of Silicon Valley – led to his founding of the Stanford GSB Venture Capital Initiative. At the Initiative, Ilya and his team have compiled and analyzed a one-of-a-kind database with information from hundreds of venture capital firms, providing key information and insights on an industry that is typically very private. In the episode, Ilya highlights the accomplishments of the Initiative under his leadership over the past decade.

Ilya also previews his recently released book, “The Venture Mindset,” which summarizes decision-making principles derived from his and coauthor Alex Dang’s experience with the venture capital space. The book also includes practical applications, making it widely applicable in settings beyond venture capital.

Learn more about The Brattle Group Prize in Corporate Finance and the prize-winning papers here.

Nobel Laureate Douglas Diamond on Banking & Financial Crises

The Brattle Group — Tue, 10 Sep 2024 06:00:00 -0400

In this episode, Dr. Shastri Sandy, Brattle Principal, interviews his former professor, Douglas Diamond, Professor of Finance at The University of Chicago Booth School of Business and one of the world’s leading experts on banking and financial crises. Doug was awarded the 2022 Nobel Memorial Prize in Economic Sciences, along with Ben Bernanke and Philip Dybvig, for his work in the field that laid the foundations of modern bank regulation. Doug and Shastri discuss how academic theory connects with real-world implications in the world of banking regulation.

Doug shares his early influences while at Brown University and Yale University, including Jerome Stein, Milton Friedman, Anna Schwartz, and Steve Ross. He discusses his pioneering work with Raghu Rajan in developing a trade-off theory of bank capital and examining the role of bank capital requirements. He highlights his theories and dynamic models developed with Zhiguo He on how debt maturity impacts investment decisions.

He provides insights into the evolving landscape of bank regulation and supervision, including in the context of the recent U.S. banking failures that included Silicon Valley Bank. Additionally, Doug shares about his current research interest in examining the impact of financial development in developing economies and how it contrasts with the impact in developed economies.

Learn more about The Brattle Group Prize in Corporate Finance and the prize-winning papers here.

The Future Risk and Profitability of Concentrated Loan Syndicates

The Brattle Group — Thu, 08 Aug 2024 06:00:00 -0400

Dr. Philip Drummond, Brattle Associate, and hosts Dr. Mingze (Adrian) Gao, Dr. Buhui Qiu, and Dr. Eliza Wu, delve into the intricate world of syndicated loans, with a spotlight on the research encapsulated in their FIRN award-winning paper.

Syndicated loans involve a team of banks pooling resources to finance a single borrower, managing risk and providing substantial capital. Mingze (Adrian), a lecturer at Macquarie University, teaches banking and financial intermediation, while Buhui, a professor at The University of Sydney Business School, specializes in corporate policies and capital markets. Eliza, also from The University of Sydney Business School, focuses on bank lending and regulatory reforms.

The hosts discuss the mechanics of loan syndication, the risks associated with concentrated loan syndicates, and their empirical findings. Their research reveals that banks involved in concentrated syndicates face higher future risks, litigation, and lower profitability. The episode also explores regulatory implications and the essential balance between risk and diversified lending practices.

PCAOB and SEC Enforcement Activity Involving Auditors

The Brattle Group — Thu, 13 Jun 2024 06:00:00 -0400

In this podcast episode, Alison Forman, Principal and Certified Public Accountant from The Brattle Group, and Adam Karageorge, Brattle Associate, delve into recent SEC and PCAOB enforcement actions against auditors. Adam and Alison bring their extensive experience in handling matters involving auditor liability to provide a nuanced analysis of the evolving enforcement landscape.

The episode covers the significant uptick in PCAOB enforcement actions, especially against non-U.S. auditing firms, the impact of recent leadership changes at the SEC and PCAOB, and the implications of high-profile legal decisions for future regulatory actions. The discussion provides listeners with a comprehensive look at the strategies employed by the regulators, exploring first of its kind enforcement, the shift towards more rigorous penalties, and an increased focus on accounting firms’ “tone at the top.”

Drawing from their recent research, Alison and Adam also compare enforcement activity in the first four months of 2024 to five predictions outlined in their report, 2023 Enforcement Activity Involving Auditors.

The link to the report referenced in this episode can be found here.

Note: This podcast reflects enforcement activity through April 30, 2024. Keep an eye out for The Brattle Group’s upcoming mid-year update report which will discuss the SEC’s May 3, 2024 settlement with BF Borgers and its owner Benjamin F. Borger. Sanctions included permanent suspensions and combined penalties of $14 million for “deliberate and systemic failures” to comply with PCAOB standards in audits and reviews included in more than 1,500 SEC filings.

Valuing Russian Assets Part 2

The Brattle Group — Wed, 22 May 2024 06:00:00 -0400

In this episode, Dan Harris, Brattle Principal, and Tania Tholot, Brattle Senior Associate, continue their in-depth conversation on the valuation of Russian assets amid economic sanctions.

Building upon their initial discussion, Dan and Tania dive into the complexities of exchange rate risks. They tackle the intricacies of revenue forecasting within the volatile Russian market, spotlighting how currency fluctuations, inflationary pressures, and international economic sanctions interplay to affect asset values.

Throughout the episode, Dan brings his arbitration acumen to the fore, examining the nuanced dynamics of holding structures and the tracing of third-party debts. Tania contributes with her firsthand experience in the valuation of foreign investments in Russia, thoroughly explaining the real-world implications on asset value from an investor’s perspective.

Listeners will gain a deeper understanding of the financial modeling challenges that arise under politically strained conditions, with particular emphasis on commodities and their role in valuation considerations. Join Dan and Tania as they synthesize complex economic theories with real-world examples to illuminate the valuation landscape shaped by geopolitical tensions.

Valuing Russian Assets Part 1

The Brattle Group — Thu, 09 May 2024 03:00:00 -0400

In this episode, Dan Harris, Brattle Principal, and Tania Tholot, Brattle Senior Associate, delve into the complex theme of valuing Russian assets in light of recent geopolitical tumult.

This thought-provoking episode of The Brattle Exchange centers on the economic repercussions resulting from Russia’s invasion of Ukraine and the subsequent sanctions that have fueled disputes and arbitrations involving European investors in Russia. Dan and Tania dissect the nuanced valuation challenges presented by sanctions, counter-sanctions, and the legal barriers in repatriating profits from Russian subsidiaries.

In part one of this analysis, Dan brings to light the staggering $18 billion of profits trapped in Russia in 2022 alone and addresses the implications for investors compelled to sell assets below market value. Tania discusses how the political context incentivized Russian joint-venture partners to not respect minority shareholder rights, imposing additional risk on foreign investors, and the heightened operating risks for foreign investors. Further, they both tackle the thorny issue of country risk and its effect on asset valuation, suggesting alternative methodologies that go beyond conventional sovereign spread approaches.

Stay tuned for part two, where they will explore exchange rate risks and commodity prices in the valuation landscape.

Tracing Crypto and Fiat Funds in the Bankman-Fried (FTX) Criminal Fraud Trial Part 2

The Brattle Group — Thu, 18 Apr 2024 06:00:00 -0400

In this episode of The Brattle Exchange, Brattle Principals Dr. Mark Sarro and Dr. Shastri Sandy and Senior Associate Dr. Adrienna Huffman continue their conversation tracing crypto and fiat funds in the Bankman-Fried (FTX) criminal fraud trial.

They explore the significance of tracing in providing evidence for financial investigations and fraud cases, identifying patterns of illegal activity, and establishing intent in white-collar crimes. They discuss the types of cases that commonly require asset tracing, including Ponzi schemes, embezzlement, money laundering, corporate fraud, tax evasion, and bribery and corruption.

They provide insights into the complexities involved in fiat tracing, including the challenges of extracting and standardizing financial data and the different methods used in tracing exercises. Additionally, they shed light on the methods and information required for tracing crypto funds, illuminating the permanent record of crypto transactions maintained by the blockchain ledger.

Tracing Crypto and Fiat Funds in the Bankman-Fried (FTX) Criminal Fraud Trial

The Brattle Group — Thu, 04 Apr 2024 06:00:00 -0400

In this episode, we dive into the complex world of financial fraud cases and the role of experts in tracing misappropriated assets. Principal and Practice Co-Leader: White Collar Investigations & Litigation at The Brattle Group, Dr. Mark Sarro is joined by Brattle Senior Associate, Dr. Adrienna Huffman, and Principal, Dr. Shastri Sandy, to discuss their first-hand experience on the expert team in the Samuel Bankman Fried (SBF) case, a high-profile cryptocurrency exchange case.

The team discusses their extensive experience in financial accounting and forensic investigations to analyze fraudulent activities. They explore common characteristics of white collar fraud cases, different sources and uses of misappropriated funds, the challenges of forensic analysis in criminal cases, and the importance of effectively communicating complex analyses to a jury.

Tune in for an in-depth exploration of tracing methods used in white collar and crypto cases, offering valuable insights into the intricate world of analyzing financial fraud and the vital role of experts in unraveling complex financial transactions.

The Impact of EU State Aid Decisions on Investment Treaty Awards, Part 2

The Brattle Group — Wed, 03 Jan 2024 06:00:00 -0500

In the second part of our deep dive into international arbitration and EU state aid law, Brattle Principals José García and Richard Caldwell, continue their conversation on the international arbitration outcomes following Spain’s changes to renewable energy incentives. They also underscore the European Commission’s influential role in deeming compensation as state aid and explores the principal conditions that must be fulfilled for such compensation to qualify as state aid within the EU’s legal boundaries.

The content referenced in this episode can be found here.

Follow José: https://www.linkedin.com/in/jose-antonio-garcia-59b780/

Follow Richard: https://www.linkedin.com/in/richard-caldwell-b0156173/

The Impact of EU State Aid Decisions on Investment Treaty Awards, Part 1

The Brattle Group — Wed, 20 Dec 2023 06:00:00 -0500

In this episode, Brattle Principals José García and Richard Caldwell analyze the intricate overlay of international arbitration and EU state aid law. The spotlight is on infrastructure investments in renewable energy within Spain. They discuss the impact of EU state aid decisions on investment treaty awards as they navigate through the multifaceted issues at stake for investors and state authorities. José and Richard discuss the slew of international arbitration outcomes following Spain’s changes to renewable energy incentives.

The content referenced in this episode can be found here.

Follow José: https://www.linkedin.com/in/jose-antonio-garcia-59b780/

Follow Richard: https://www.linkedin.com/in/richard-caldwell-b0156173/

Appraisal Rights with George Hickey and Tim McAnally

The Brattle Group — Wed, 06 Dec 2023 06:00:00 -0500

George Hickey and Tim McAnally, Principals and M&A Litigation Practice Co-Leaders, discuss appraisal rights, with a particular focus on their application in the Cayman Islands.

Appraisal rights allow shareholders to dissent from a merger and seek a court's determination of the value of their shares. George and Tim focus on two jurisdictions, Delaware and the Cayman Islands, as well as how the courts determine the fair value of dissenter shares.

As George and Tim dive deeper into the topic, they shed light on the definition of fair value, the growth of appraisal litigation in the Cayman Islands, and the reasons why shareholders choose to dissent.

Follow The Money: Exploring Funds Tracing

The Brattle Group — Wed, 22 Nov 2023 06:00:00 -0500

In this episode, Brattle Principals Alberto Vargas and Paul Hinton explore funds tracing, shedding light on the tools used to identify the movement of specific funds. From cases of employee misappropriation to complex bankruptcy proceedings, Alberto and Paul discuss the challenges and uncertainties faced in tracing the flow of funds. They also touch upon the multiple purposes of tracing, from filling in the factual record to fashioning equitable remedies.

The Disparate Impact of Artificial Intelligence (AI) and Machine Learning

The Brattle Group — Wed, 08 Nov 2023 06:00:00 -0500

In this episode, Brattle Senior Associate Shastri Sandy discusses a recent article about how AI might lead to unintentional discrimination with his co-author, Christine Polek. They review the evolving landscape of AI regulations and the uncertainties surrounding them, both in the United States and globally. Using real-world examples, their research highlights instances where AI models lead to outcomes of unintentional discrimination against certain groups or protected classes in business decisions in markets such as credit, employment, healthcare, and housing.

The article referenced in this episode can be found here.

The Impact of Event Studies in Assessing Damages in Securities Litigation

The Brattle Group — Wed, 25 Oct 2023 06:00:00 -0400

In this episode, Brattle Principal David McKnight and Senior Associate Ryan Leary discuss event studies and their relevance in the context of securities litigation.

Event studies provide a formal approach to assess how a stock reacts to disclosures such as earnings releases, allowing experts to assess damages in securities class action lawsuits. However, these models can lead to incorrect conclusions in periods of changing market volatility.

The article referenced in this episode can be found here.

Halliburton II: Then and Now, Part 2

The Brattle Group — Wed, 11 Oct 2023 06:00:00 -0400

In the second part of our deep dive into securities fraud class actions, Dr. Torben Voetmann, President & Principal of The Brattle Group, and Dr. Drew Roper, Principal and Co-Leader of the Securities Class Actions Practice, pivot their focus to the intricacies of price impact following the Halliburton II decision. They examine the role investor sentiment plays in influencing stock values, and how third-party disclosures sway these perceptions.

For more on this topic, the research referenced in this episode is available here. Another article referenced is forthcoming.

Halliburton II: Then and Now, Part 1

The Brattle Group — Wed, 27 Sep 2023 06:00:00 -0400

In this episode, Dr. Torben Voetmann, President & Principal of The Brattle Group, and Dr. Drew Roper, Principal and Co-Leader of the Securities Class Actions Practice, roll back the clock to the pivotal years of 2014-15, exploring the Halliburton II decision and shedding light on its foundational role in reshaping class certification protocols in securities fraud class actions. Further, they elaborate on the real-world legal outcomes and reactions from the courts, and offer a straightforward look at how courts today are viewing price impact after the decision.

For more on this topic, the research referenced in this episode is available here and here.

Welcome to The Brattle Exchange

The Brattle Group — Wed, 26 Jul 2023 20:46:24 -0400

Tune in as Brattle experts explore pressing economic, financial, and accounting matters, alongside thought leaders from industry and academia. The Brattle Exchange is brought to you by The Brattle Group, an internationally renowned consulting firm known for addressing intricate economic, financial, and regulatory challenges for global corporations, law firms, and governmental entities. Be sure to subscribe to listen to the latest episodes as they release every Tuesday.