Andrea Shepard

Senior Advisor


  • San Francisco


Andrea Shepard specializes in directing analyses for large, complex antitrust litigation and merger reviews. She is the former cohead of Cornerstone Research’s antitrust and competition practice, and is an emeritus professor at the Stanford Graduate School of Business. Dr. Shepard has worked on cases in the automobile, biotechnology, chemical, consumer products, financial services, information technology, payment systems, petroleum, pharmaceutical and telecommunications industries.

She has addressed allegations of price fixing, group boycott and other forms of horizontal conduct, as well as claims of monopolization and exclusionary conduct. Her experience includes: American Express v. VisaIn re Payment Card Interchange Fee and Merchant Discount Antitrust LitigationIn re International Air Transportation Surcharge Antitrust Litigation, and LIBOR, foreign exchange, credit default swaps, and U.S. treasuries matters.

In these and other matters, Dr. Shepard has been involved in preparing expert testimony for class certification, liability, damages, and settlement. She has experience in all phases of litigation and has assisted counsel at arbitration, mediation, and trial. Dr. Shepard has also worked for clients facing investigation by the U.S. Department of Justice.

She has consulted on merger cases for the merging parties or for regulatory agencies. Her merger work includes: Cigna/Express Scripts, Sysco/US Foods, CoStar/LoopNet, Google/AdMob, Thoratec/Heartware, and Intel/McAfee. She has represented parties and the reviewing agencies, and prepared white papers and expert testimony for hearings.

Dr. Shepard has directed economic analysis and prepared expert testimony for dozens of arbitrations involving the major tobacco firms and the attorneys general for 46 states related to the 1998 Master Settlement Agreement. She also has worked on matters in which plaintiffs alleged product misrepresentation, and violation of state competition laws or commercial regulations.

Who’s Who Legal (WWL) has recognized Dr. Shepard multiple times as a leading competition economist. Global Competition Review (GCR) selected her for its list of outstanding “Women in Antitrust.” Her research has been published in leading peer-reviewed academic journals. She has served on the editorial boards of the Journal of Industrial Organization and the Journal of Economics and Management Strategy, and has been a research fellow at the National Bureau of Economic Research.

Prior to joining Cornerstone Research, Dr. Shepard was on the faculties of the Stanford Graduate School of Business and the Massachusetts Institute of Technology, where she taught microeconomics, industrial organization, and strategic management courses. She was tenured at Stanford University in 1997.

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WWL: Competition Global Leaders and Consulting Experts 2023

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WWL Expert Witnesses: Commercial Litigation 2022

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2019 Who’s Who Legal: Consulting Experts


Cigna’s Acquisition of Express Scripts

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2019 Who’s Who Legal: Competition Economists

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2018 Who’s Who Legal: Competition Experts

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2017 Who’s Who Legal: Consulting Experts

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2017 Who’s Who Legal

  • “Why Are So Many Companies Rolling the Dice and Litigating against the Government?—Mergers and Acquisitions,” GCR Live: Second Annual Antitrust Litigation USA, 7 June 2016
  • Antitrust and Regulation in Financial Markets: Navigating New Challenges, Cornerstone Research and the NYU Pollack Center for Law & Business, 19 May 2016
  • “Financial Benchmarks, Competition, and Antitrust Injury: Untying the Knot,” New York State Bar Association, Antitrust Law Section Annual Meeting, 28 January 2016
  • “Competition and IP Policy in High-Technology Industries,” Cornerstone Research and the Stanford Institute for Economic Policy Research (SIEPR), 22 January 2014