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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Professor and Willis H. Booth Chair in Banking and Finance,
Haas School of Business,
University of California, Berkeley
Terrence “Terry” Hendershott is a recognized authority on market microstructure, market manipulation, and the structure of financial markets. Professor Hendershott’s academic research focuses on financial market design, structure, and competition; and how the activities of market participants affect price discovery and liquidity. He is an expert on a range of financial instruments, trading both on exchanges and over the counter. Professor Hendershott’s research has been published in leading academic journals and has received numerous awards.
Professor Hendershott has extensive testifying experience, including in depositions, arbitrations, and trials. He has provided testimony in cases involving a wide range of market microstructure issues. He has analyzed claims related to market manipulation and disruptive trading, high-frequency and algorithmic trading, trading execution, financial market design, as well as market efficiency and price discovery.
In the context of antitrust litigation, securities litigation, regulatory enforcement actions, and commercial disputes, Professor Hendershott has addressed class certification, loss causation, and damages issues. His consulting and testifying experience encompasses U.S. and international financial markets, including equities, exchange-traded funds, corporate and government debt, commodities, foreign exchanges, futures, and other products.
In his academic research, Professor Hendershott examines the design, regulation, and structure of stock exchanges, electronic communications networks, and over-the-counter markets. He has analyzed how different market participants, such as market makers, high-frequency traders, and institutional investors, affect price discovery and liquidity. In that context, he has also analyzed the interplay of and competition between electronic and traditional markets, as well as the role of information technology.
Professor Hendershott has received numerous honors for his research. These include the Michael J. Brennan Award for the best paper published in the Review of Financial Studies; the New York Stock Exchange best paper on equity trading, awarded by the Western Finance Association; the Outstanding Publication Award from the Financial Review; and the NASDAQ Award for the best paper on market microstructure, awarded by the Financial Management Association International. He has served as an associate editor for the Journal of Financial Economics, Management Science, the Journal of Financial Markets, and Information Systems Research.
Professor Hendershott chaired the NASDAQ Economic Advisory Board and served as a visiting economist at the NYSE.
Professor of Marketing,
London Business School
Anja Lambrecht is an authority on the digital economy, digital marketing, and algorithmic bias. Using econometric methods and field experiments, Professor Lambrecht researches issues related to online advertising, promotion, pricing, and consumer behavior on the internet.
In her recent work, Professor Lambrecht has investigated apparent algorithmic bias and discrimination on digital platforms. She has conducted award-winning research that evaluates the performance of dynamically targeted online advertising, as well as its impact on consumers’ decisions. Professor Lambrecht also addresses a range of topics related to digital pricing, notably freemium strategy in mobile app markets, and how nonlinear pricing affects consumers’ choice and usage behavior.
She has presented her research in a variety of settings, and has participated in panel discussions at the Federal Trade Commission on privacy regulations and their impact on competition and innovation. She has also presented at the European Commission on the economics of competition in data markets.
Professor Lambrecht’s articles have been published in the Journal of Marketing Research, Marketing Science, and Management Science. The Journal of Marketing Research honored her with both the William F. O’Dell and the Paul E. Green best paper awards for significant contributions to marketing research, methodology, and/or practice. She has served on several editorial boards, and is associate editor at Marketing Science and the Journal of Marketing. The Marketing Science Institute has recognized Professor Lambrecht as one of the most promising scholars in the field of marketing.
At London Business School, Professor Lambrecht teaches courses in marketing, online advertising, and price discrimination. Previously, she held visiting academic positions at the UCLA Anderson School of Management and Stanford Graduate School of Business. Earlier in her career, Professor Lambrecht worked at McKinsey & Company, where she focused on marketing and sales projects in the software, media, and telecommunications industries.
Senior Vice President
Liam Colley heads Cornerstone Research’s European competition practice. Mr. Colley is a testifying economics expert specializing in competition, antitrust damages, and economic regulation issues. He has more than twenty-five years of experience as a consultant and testifying expert. His experience includes multiple high-profile matters before U.K. and European Union courts and competition regulators. Citing the “unassailable quality of his work,” Who’s Who Legal has named Mr. Colley a leading competition economist, as well as a Thought Leader and Global Leader in the competition field.
Antitrust and competition
Mr. Colley has consulted on a range of competition matters before the European Commission, national competition authorities, regulators, and courts. His expertise includes matters arising in automotive; financial services; insurance; technology, media, and telecom (TMT); and transportation. He has supported clients on numerous antitrust investigations and market inquiries. In addition, Mr. Colley has worked on multiple mergers, particularly on matters involving efficiencies and failing firm defenses.
Mr. Colley has wide experience estimating damages that arise from breaches of competition rules. In cartel damages matters, he has prepared numerous expert reports in the context of high court litigation, arbitration, mediation, and settlement negotiations. He has addressed class action issues and worked on many stand-alone and follow-on actions in abuse of dominance cases.
Mr. Colley has served as a testifying expert before the U.K. High Court and the U.K. Competition Appeal Tribunal (CAT) on both antitrust damages matters and regulatory appeals.
Mr. Colley publishes and speaks widely on competition and damages issues. Before joining Cornerstone Research, for many years he led the global economics practice of a major professional consulting firm.
Professor of Economics,
Marc Rysman is an expert in industrial organization, antitrust and competition, and regulation. He is an authority on the economics of network effects, two-sided (or platform) markets, standardization, and compatibility. He has conducted empirical research on standard-setting organizations (SSOs), business data services, and payment instruments and systems such as credit cards.
As an expert witness, Professor Rysman has provided testimony in deposition, trial, and arbitration. He has submitted reports on royalty rates in the webcasting and recording industries to the U.S. Copyright Royalty Board.
Professor Rysman is president of the Industrial Organization Society, a professional economics organization that promotes research on competition and regulatory policy. He also serves as a visiting scholar at the Federal Reserve Bank of Boston. He has consulted to the Federal Communications Commission as well as to financial services and data publishing firms. In the United Kingdom, Professor Rysman serves as an academic panel member of the Competition & Markets Authority (CMA).
Professor Rysman publishes and speaks widely on topics such as digital industries, payment networks and instruments, and platform pricing. His articles have been published in the Journal of Economic Perspectives and the Journal of Political Economy, among others. He is an editor of the RAND Journal of Economics.
Professor Rysman has been honored several times for teaching excellence.
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