The Brattle Exchange

Pallavi Seth, Principal at the Brattle Group and Co-Chair of its Intellectual Property practice, sits down with Dr. Brent Lutz, 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 exam...

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...

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...

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 ad...

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 a...

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 pa...

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 we...

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.

Lear...

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 origin...

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 chal...

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 Stanfo...

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 Ya...

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...

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 c...

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...

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 st...

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 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...

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.

The opinions expressed are those of the speakers...

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.

The opinions expressed are those of the s...

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...

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 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...

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 opinions expressed are those of...

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.

The opinions expressed are those of the speakers and do not necessarily reflect the views of...

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.

The opinions expressed...

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...

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.