We work with clients in all phases of litigation, regulatory inquiries and arbitrations. Our European team, together with our global firm resources, are committed to providing consistently high-quality analyses and expert testimony.
We are privileged to work on a wide range of our clients’ most high-profile matters. Our approach uses the experience of our staff to support world-class academic, industry and in-house experts.
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Margaret K. Kyle
Chair in Intellectual Property and Markets for Technology,
Margaret Kyle is a noted authority on competition, intellectual property (IP), and innovation, with extensive multinational experience with life sciences and healthcare topics.
Professor Kyle has been retained as an expert witness in multiple matters and has significant testifying experience, including at trial. She has provided testimony on a range of issues, including damages related to alleged product misrepresentation, pricing of pharmaceutical products, and nascent competition. The global Women@Competition platform named Professor Kyle among forty notable women competition professionals in their forties.
In her academic work, Professor Kyle has examined the impact of antitrust, trade, and IP policies on R&D investment, innovation, and competition. In particular, Professor Kyle has substantive experience with issues related to pricing of pharmaceutical products, R&D productivity, new product distribution, and competition between branded and generic pharmaceutical products. In addition, she has written about antitrust merger enforcement issues in pharmaceutical markets, with applications to other dynamic markets characterized by innovation. In the context of COVID-19, she has analyzed how incentives can promote the development of new medical technologies and advance the rapid manufacture of tests and treatments.
Professor Kyle’s previous positions include visiting professor of strategy at Northwestern University’s Kellogg School of Management; visiting scholar at the Center for the Study of Income and Productivity at the U.S. Federal Reserve Bank of San Francisco; professor at the Toulouse School of Economics; assistant professor at the London Business School, Duke University, and Carnegie Mellon University; and visiting professor at the University of Hong Kong.
Professor Kyle consults to policy entities in the United States, Europe, and the UK on competition, economics, and innovation topics. She is a member of DG Competition’s Economic Advisory Group on Competition Policy. At France’s Conseil National de Productivité, which advises the French Prime Minister and the Minister of Economic Affairs, she is one of eleven independent academic economists analyzing the country’s productivity and competitiveness, particularly issues linked to the Euro Zone. She coauthored a note on policies to encourage pharmaceutical innovation for France’s Conseil d’Analyse Économique. In the UK, Professor Kyle serves on the Research Committee for the Oﬃce of Health Economics.
Professor Kyle has coauthored chapters in the Handbook of Health Economics, the Oxford Handbook of the Economics of the Biopharmaceutical Industry, and Elsevier’s Encyclopedia of Health Economics. Her academic papers have been published in leading economics, strategy, and health policy journals. She is associate editor of the International Journal of Industrial Organization. Professor Kyle has been invited to speak at numerous conferences on issues such as nascent competition, reverse payment patent settlements, and excessive pricing.
Christine A. Parlour
Sylvan C. Coleman Chair in Finance and Accounting,
Haas School of Business,
University of California, Berkeley
Christine A. Parlour is a finance expert who focuses on market microstructure, limit order markets, cryptocurrencies, FinTech, and payment systems. Professor Parlour provides expert testimony on a range of institutionally complex topics involving financial markets, institutions, cryptocurrency, and regulation. A former member of the Nasdaq Economic Advisory Board, she also previously served as visiting economist at the U.S. Securities and Exchange Commission.
For more than twenty years, Professor Parlour has researched issues related to the economics of financial exchanges. She specializes in financial markets, including equity markets, debt markets, and cryptocurrencies. In equity markets, she has examined price dynamics, competition for order flow, payment for order flow, and informed trading. Her research on cryptocurrencies addresses the effect of Central Bank Digital Currency on banking system stability, the costs of settlement on the Bitcoin Ledger, and how initial coin offerings (ICOs) differ from traditional funding.
Widely published, Professor Parlour’s award-winning research has appeared in leading finance and economics journals, including the American Economic Review, the Review of Financial Studies, the Journal of Finance, and the Journal of Financial Economics. She is an editor at the Review of Finance; associate editor of the Journal of Financial Markets, the Journal of Financial Intermediation, and the Journal of Financial Services Research; and a former associate editor of Management Science and the Journal of Finance.
Professor Parlour has taught courses in investment analysis, FinTech, auctions and microstructure, and capital markets. She is a winner of the Haas School’s Earl F. Cheit Award for Excellence in Teaching.
She has held visiting academic appointments at INSEAD, the London School of Economics and Politics, and Paris Dauphine University. Professor Parlour is a past president of the Finance Theory Group.
Lorin M. Hitt
Zhang Jindong Professor of Operations, Information, and Decisions,
The Wharton School, University of Pennsylvania;
Senior Advisor, Cornerstone Research
Professor Lorin Hitt is an expert in applied econometrics and the economics of information and information technology. He focuses on the role of information in consumer behavior, firm organization, and market structure.
Professor Hitt researches how information and technology create economic value, how goods and services are priced, how competition works in information intensive industries, and how consumers search and use information in their decision-making, among other topics. His academic research and teaching cover a variety of empirical methods used in economic research, including models for estimating demand and supply, pricing products, measuring the effect of external events on market prices, and valuing individual product features in differentiated products.
Professor Hitt’s research has been published in leading economics and management journals, including the Quarterly Journal of Economics, the Review of Economics and Statistics, the Journal of Economic Perspectives, Brookings Papers on Economic Activity, Management Science, and Information Systems Research.
At the Wharton School and the Massachusetts Institute of Technology, Professor Hitt has taught courses on competition and customer pricing, information systems management, the economics of technology, and data analysis. He has won the annual Wharton Undergraduate Teaching Award more than ten times, and has also been honored with the Wharton-wide Hauck Award and the University of Pennsylvania-wide Lindback Award for distinguished teaching.
Professor Hitt has been retained in numerous product liability, intellectual property, antitrust, and breach of contract cases. He has testified in several high-profile matters, including the Volkswagen “Clean Diesel” Litigation (Nemet et al. v. Volkswagen); Johannessohn et al. v. Polaris Industries Inc.; Buckeye Tree Lodge and Sequoia Village Inn LLC v. Expedia Inc. et al.; In Re TFT-LCD (Flat Panel) Antitrust Litigation; and Stragent LLC et al. v. Intel Corp. In Nemet et al., the judge dismissed the case, finding the plaintiffs’ analyses to be unreliable and inadmissible due to critical flaws that Professor Hitt identified.
In multiple product liability matters, Professor Hitt has analyzed the value of a product or product features. He has substantial experience addressing class certification and damages issues, including analyzing market price data and evaluating proposed damages methods such as hedonic price analyses, difference-in-differences regression analyses, and conjoint analyses.
Professor Hitt has also served as an expert witness in antitrust matters involving allegations of price fixing and collusion. In intellectual property matters, he has opined on patent damages and on methods to assess the value of alleged infringed product features.
Ronnie Barnes coheads Cornerstone Research’s international arbitration and litigation practice. Dr. Barnes is an expert in accounting, damages, and valuation. He specializes in cases that raise complex valuation issues, including the estimation of the cost of capital, the determination of country risk premia, and the valuation of complex financial instruments such as derivatives and structured finance products.
Dr. Barnes has provided written and oral testimony in a number of litigation and arbitration matters in the United Kingdom, United States, Canada, South Africa, and internationally. He has addressed such topics as the tax treatment of hire purchase contracts; the quantum of damages in commercial disputes; the economic equivalence of different financial derivatives; the cost of capital in the contexts of a competition enquiry and valuation disputes; the use of derivatives in alleged share price manipulation; and stock market efficiency in shareholder actions.
In addition to serving as a testifying expert, Dr. Barnes leads teams that support academic and practitioner experts. In this capacity, he has worked on numerous matters related to financial institutions and financial products. He has addressed issues related to the analysis of damages stemming from alleged misrepresentations and omissions in corporate disclosures, as well as other matters requiring sophisticated accounting, financial, and/or economic analysis.
Dr. Barnes has published research on a range of topics, notably cross-border valuation, valuation methodologies, damages, and the role of economic and econometric analyses in shareholder actions. He has authored or coauthored multiple articles, as well as chapters in leading reference books on international arbitration.
A UK-qualified chartered accountant, Dr. Barnes previously held positions in accounting and investment banking firms, as well as a consulting firm and academia. He has more than a decade of experience teaching courses in corporate finance, accounting, and valuation, among other topics.
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