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We examine every case to identify the most effective expert witnesses.

We examine every case to identify the most effective expert witnesses.

Todd Sinai

David B. Ford Professor of Real Estate and Business Economics and Public Policy,
The Wharton School,
University of Pennsylvania

Todd Sinai is an expert on real estate and public economics, specializing in housing markets and commercial real estate markets. Professor Sinai’s research has focused on investment risk and pricing in residential real estate markets, including taxation benefits and capital gains. In particular, he has analyzed the economic factors that drive housing bubbles, the growth of high-cost “superstar cities,” and the relationship between U.S. house price dynamics and behavioral finance. He also has extensive expertise in commercial real estate and real estate investment trusts.

Professor Sinai has served as a visiting scholar at the Federal Reserve Banks of Chicago and Philadelphia. He is a faculty research fellow at the National Bureau of Economic Research and a fellow at the Weimer School of Advanced Studies at the Homer Hoyt Institute, a research foundation.

Professor Sinai is the author or co-author of many book chapters, and co-editor of the book Housing and the Financial Crisis (University of Chicago Press). He has published numerous articles in leading journals, and serves on the editorial boards of the Journal of Housing Economics, the Journal of Urban Economics, and Real Estate Economics. He received the Highly Cited Author Award from the Journal of Urban Economics for his article on geography, urban development, and the internet. Professor Sinai’s research has also been cited in the popular media, including the Wall Street Journal, the New York TimesBusinessweek, Bloomberg TV, and CNBC.

For more than two decades at the Wharton School, Professor Sinai has taught courses on real estate investments and real estate economics. An award-winning educator, he also teaches executive education courses on risk and return in real estate investments, mortgage securitization, and real estate investment trusts.

Professor Sinai has been a visiting scholar at the Haas School of Business, University of California, Berkeley.

We examine every case to identify the most effective expert witnesses.

Mark J. Garmaise

Professor of Finance,
UCLA Anderson School of Management,
University of California, Los Angeles

Mark Garmaise is a corporate finance expert who specializes in topics related to banking, entrepreneurship, financial contracting, real estate, and securities. Professor Garmaise has testified in high-profile cases involving breach of contract, valuation, and damages. In securities class action and opt-out matters, he has provided expert testimony on class certification and merits issues.

His industry experience includes FinTech, cryptocurrency, entertainment, financial services, investment banking, automotive, and microfinance. Professor Garmaise has also consulted with a U.S. bank on refining its residential mortgage delinquency model.

Professor Garmaise analyzes a range of complex issues affecting real estate markets, entrepreneurial firms, venture capital, and private equity. He has published papers on mortgage terms, the performance of small business lenders, and the effects of financial constraints on entrepreneurs. His research has appeared in peer-reviewed publications such as the Review of Financial Studies, the Journal of Finance, and the Quarterly Journal of Economics.

An award-winning instructor with more than two decades of experience, Professor Garmaise teaches MBA and executive courses on corporate finance, venture capital, and private equity (including investment strategies such as the use of special purpose acquisition companies, or SPACs). He is a former senior associate dean of the MBA program at the UCLA Anderson School of Management. Previously, Professor Garmaise served on the faculty of the University of Chicago Booth School of Business.

We examine every case to identify the most effective expert witnesses.

Steven R. Grenadier

William F. Sharpe Professor of Financial Economics,
Stanford Graduate School of Business;
Senior Advisor, Cornerstone Research

Steven Grenadier has testified as an expert in investments and derivatives cases in which he has addressed disclosure, suitability, and valuation issues. He has also testified in numerous ERISA matters involving allegations of breach of fiduciary duty, excessive fees, and inappropriate investments.

Professor Grenadier specializes in complex financial asset analysis, and teaches courses on investments, portfolio management, and finance theory. His research focuses on applying option pricing theory to real investment analysis. Topics have included industry boom and bust cycles, real option signaling games, continuous-time stochastic games, valuing complex lease contracts, and commercial real estate equilibrium models.

He is also a senior financial economist with Financial Engines, and a former director of Nicholas-Applegate Institutional Funds, AQR Funds, and E*Trade.

Professor Grenadier is an editor of the Journal of Real Estate Finance and Economics, and a former associate editor of the Journal of Economic Dynamics and Control. He has also published articles in the Journal of Finance, the Journal of Empirical Finance, the Journal of Financial Economics, and the Review of Financial Studies.

We examine every case to identify the most effective expert witnesses.

Andrea L. Eisfeldt

Laurence D. and Lori W. Fink Endowed Chair in Finance,
Professor of Finance,
UCLA Anderson School of Management,
University of California, Los Angeles

Andrea Eisfeldt is an expert on financial markets. Professor Eisfeldt conducts research on capital markets, as well as corporate finance and banking. She has been retained as an expert witness in multiple finance matters, addressing a range of issues that include portfolio analysis, valuation, economic damages, and LIBOR.

Professor Eisfeldt consulted for several years on fixed income strategies and hedging for AQR Capital Management, a global investment management firm. Previously, during a planned leave from UCLA Anderson from 2013 to 2015, she served as chief economist at Structured Portfolio Management, a fixed income and mortgage-backed securities hedge fund. In this role, she conducted research on securitized products, interest rates, real estate markets, and volatility strategies.

In her recent academic work, Professor Eisfeldt has addressed topics related to the return on complex trading strategies, over-the-counter derivatives prices and trading, bank valuation, and credit risk. She has published articles in the Journal of Finance, the Journal of Monetary Economics, Econometrica, and the Review of Financial Studies. Her research has twice been awarded the Amundi Smith Breeden Prize by the Journal of Finance. Professor Eisfeldt was a finalist for the Jensen Prize in the Journal of Financial Economics.

Professor Eisfeldt holds editorial roles at leading academic journals. She serves on the board of the American Finance Association, where she is a member of the investments, ethics, and strategic planning committees. At the National Bureau of Economic Research (NBER), she is a research associate in the programs for asset pricing, corporate finance, and economic fluctuations and growth.

Professor Eisfeldt teaches courses on derivatives, international finance, corporate finance, FinTech, and macro finance. Previously, she served for a decade as a tenured professor at the Kellogg School of Management at Northwestern University.

Real Estate Capabilities

Cornerstone Research works with industry experts who have practical experience in all aspects of commercial and residential real estate development, including land acquisition, financing, entitlements, zoning issues, marketing, and working with architects and other professionals. These matters often involve assessing the typicality or reasonableness of development related activities. In addition, we have worked on many cases involving sales of land and properties, leases, and more complex transactions.

Cornerstone Research provides consulting services and economic analysis for complex litigation matters related to commercial real estate. We leverage our deep experience of commercial real estate markets, structured finance, and valuation to support clients and testifying experts in commercial real estate matters. We work on matters spanning the spectrum of commercial real estate contract disputes, analyses of lending markets, commercial real estate valuation, and commercial mortgage-backed securities matters.

Cornerstone Research works on cases related to a wide range of internet-enabled real estate companies and services, such as listings, market information, rentals, and other areas.

Experts who can opine on appraisals or provide well-supported asset valuations are critical—especially in cases where property values must be calculated at a specific point in time. We have worked with clients and appraisal and AVM experts to prepare for deposition and trial in cases arising out of the credit crisis, as well as many other contexts.

We address issues related to disclosure; equity and debt financing; and investment decisions. For example, in credit-crisis litigation, we have assessed the valuation and performance of mortgage-backed securities (MBS), collateralized debt obligations (CDO), and other securitized instruments.

We have consulted on numerous cases involving real estate investment trusts (REITs), including putative class actions and merger-related matters. In these cases, we have supported experts who analyze valuations, REIT financial statements and performance, and industry trends. We have also analyzed corporate governance issues specific to REITs.

We perform a wide range of complex economic damages analyses in real estate litigation. For example, we provide rent and asset valuations using discounted cash flow (DCF) analysis and option theory. In cases alleging construction defects, we build economic models of but-for scenarios in which the alleged breach did not take place. We also have significant experience analyzing the impact of macroeconomic and other factors on hotel occupancy rates, expenses, and profitability.

Real estate transactions frequently involve multiple entities that may or may not be related. In these instances, it can be necessary to analyze corporate structures and the movements of funds between these entities. Our expertise allows us to sift through large amounts of financial data and corporate communications to identify trends, anomalies, and fraudulent transactions.

Featured Cases

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