Laarni T. Bulan



  • Boston


Laarni Bulan has over a decade of experience providing litigation consulting and expert support involving economic and financial issues.  She is an expert in corporate finance and specializes in securities and other complex litigation addressing mergers & acquisitions (M&A) and other corporate transactions, firm valuation, risk management, executive compensation, and corporate governance issues.  She also serves as cohead of Cornerstone Research’s corporate governance practice.

Dr. Bulan has led large case teams and worked closely with experts and attorneys at all stages of litigation, including at multiple trials.

Her case experience includes:

  • Analysis of class certification, damages, and loss causation issues on securities cases
  • Examination of M&A and other corporate transactions disputes
  • Company/business enterprise valuations
  • Analysis of value of complex derivatives securities and hedging instruments
  • Analysis of incentive structure of executive and director compensation
  • Analysis of the materiality of non-public information and alleged insider trading violations of corporate executive defendants
  • Evaluation of the activities of company directors and officers in relation to custom and practice on matters alleging breach of fiduciary duties
  • Analysis of alter ego/piercing the corporate veil and disclosure/underwriter due diligence issues
  • Analysis of the liquidity and capital position and risk management practices of large financial institutions during the credit crisis
  • Evaluation of the reasonableness of a settlement

She has also consulted on cases, including government investigations and regulatory matters, related to market manipulation and trading behavior, financial institutions and the credit crisis, foreign exchange, securities clearing and settlement, and real estate.


Dr. Bulan has published numerous articles in peer-reviewed journals. Her research covers dividend policy, capital structure, executive compensation, corporate governance, and real options. Her authored or coauthored articles include:

  • “The Impact of Technical Defaults on Dividend Policy” in the Journal of Banking and Finance
  • “On the Timing of Dividend Initiations” in Financial Management
  • “A Few Bad Apples: An Analysis of CEO Performance Pay and Firm Productivity” in the Journal of Economics and Business
  • “Incentivizing Managers to Build Innovative Firms” in the Annals of Finance
  • “Irreversible Investment, Real Options and Competition: Evidence from Real Estate Development” in the Journal of Urban Economics
  • “Regulatory Risk, Market Uncertainties, and Firm Financing Choices: Evidence from U.S. Electricity Market Restructuring” in the Quarterly Review of Economics and Finance

Prior to joining Cornerstone Research, Dr. Bulan had a joint appointment at Brandeis University as an assistant professor of finance in their International Business School and in the economics department.

Press Release

Number of Securities Class Action Settlements Falls as Median Settlement Amount Reaches Highest Level Since 2010


Securities Class Action Settlements–2023 Review and Analysis


Securities Class Action Settlements


Parallel Derivative Action Settlements Update


The Hertz Corporation et al. v. Frissora et al.


International Women’s Day 2023: Embrace Equity

Press Release

Number of Securities Class Action Settlements Reaches Highest Level in 15 Years


Securities Class Action Settlements–2022 Review and Analysis

  • Careful with Caremark: Recent Shifts in Longstanding Compliance Principles,” Dechert Corporate Governance Symposium, 27 February 2024
  • “Pursuing a Career in Consulting,” Intercollegiate Business Convention 2018, 28 October 2018