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News Article | November 2, 2016
Site: www.prweb.com

Cornerstone Research, a leading provider of economic and financial consulting and expert testimony, announced today that Terrence Hendershott of the University of California, Berkeley, has affiliated with the firm. He is the Cheryl and Christian Valentine Chair and Professor in Finance & Operations and Information Technology Management at the Haas School of Business. “Terry is a leading scholar analyzing the way financial markets are structured and how participants trade, particularly in the current technological climate of electronic and algorithmic trading,” said Cornerstone Research President and CEO Michael E. Burton. “He brings expertise in cases related to financial institutions, market microstructure, and market manipulation.” Hendershott chaired the NASDAQ Economic Advisory Board and served as a visiting economist at the New York Stock Exchange. His work spans a range of financial instruments trading on exchanges and over the counter in the United States and internationally. He is an expert on the structure, design, and regulation of financial markets and how market participants such as market makers, high-frequency traders and institutional investors affect price discovery and liquidity. His research also focuses on the competition between electronic and traditional markets, as well as the role of information technology in those markets. Hendershott's numerous honors include best paper awards from the Review of Financial Studies and the Financial Review; and NYSE and NASDAQ best paper awards on equity trading and market microstructure, respectively. He has served as an associate editor for Management Science, the Journal of Financial Markets, and Information Systems Research. Cornerstone Research Cornerstone Research provides economic and financial consulting and expert testimony in all phases of complex litigation and regulatory proceedings. The firm works with an extensive network of prominent faculty and industry practitioners to identify the best-qualified expert for each assignment. Cornerstone Research has earned a reputation for consistent high quality and effectiveness by delivering rigorous, state-of-the-art analysis for over 25 years. The firm has 600 staff and offices in Boston, Chicago, London, Los Angeles, New York, San Francisco, Silicon Valley, and Washington.


CENTER VALLEY, PA--(Marketwired - November 03, 2016) - Prior to the 31st Annual North American Spine Society (NASS) meeting in Boston, MA last week, a group of leading spine surgeons came together at the inaugural Lumbar Total Disc Replacement Summit. The goal of the Summit was to drive consensus on Lumbar Total Disc Replacement (TDR) as a standard of care for lumbar DDD in the active patient subpopulation and to ultimately influence payers to expand coverage of the procedure. The surgeons recognized motion-preserving TDR as a well-studied surgical treatment alternative to spinal fusion and collaborated on a review of the long-term evidence in support of lumbar TDR. The 19-surgeon panel developed a general consensus on the patient groups who, based on the published long-term evidence, should have access to this procedure through their insurance companies. The panel cited lumbar TDR as the most studied spinal procedure with outcomes exceeding those of fusion, which is currently treated as the standard of care for this patient population. Despite significant evidence available on the procedure, many insurance carriers have shown reluctance to adding lumbar TDR to their covered benefits. "There is a general lack of understanding by the payers of how well lumbar TDR has been studied and how positive the outcomes have been," said Lynn Miller, MD, a neurosurgeon whose practice is focused on motion preservation in the Twin Cities. "Our panel group agreed that lumbar TDR does not add cost to the payer. We don't understand why they are so reluctant to cover something where the patient benefit has been thoroughly demonstrated." The surgeon panel plans to publish the outcome of their discussion and share with payers in their regions to demonstrate how surgeons would responsibly utilize TDR as a treatment alternative to fusion. Plans for the second Lumbar TDR Summit are underway for Spring 2017. The panel is looking for additional surgeons to join the movement and increase momentum of this procedure aimed at improving quality of life for chronic low back pain patients. The inaugural Lumbar TDR Summit was funded in part by Aesculap Implant Systems, LLC. The company is currently closing out a seven-year IDE study on its lumbar TDR device, activL® Artificial Disc. Cornerstone Research Group was commissioned to employ a modified-Delphi process to reach consensus on the responsible use of TDR. The firm is currently pooling the existing five-year evidence on lumbar TDR from six randomized controlled trials into a meta-analysis. Patients suffering from debilitating low back pain who have exhausted their non-surgical treatment options without finding relief for their pain often seek surgical procedures to stabilize their low back, thereby reducing pain and getting them back to a favorable quality of life. While the vast majority of spine surgeons first offer a spinal fusion to address this problem, long-term evidence demonstrates that for some patients, TDR is a better option because it comes closer to maintaining the natural physiologic movement of the healthy human back. In five-year studies, total disc replacement has demonstrated a threefold reduction from fusion in the rate of further degenerative disease at other motion segments in the spine. Aesculap Implant Systems, LLC, part of the B. Braun group of companies, is part of a 175-year-old global organization focused on meeting the needs of the changing healthcare environment. Through close collaboration with its customers, Aesculap Implant Systems develops advanced spine and orthopaedic implant technologies to treat complex disorders of the spine, hip and knee. Aesculap Implant Systems strives to deliver products and services that improve the quality of patients' lives. For more information, call 800-234-9179 or visit aesculapimplantsystems.com. The following files are available for download:


Bauner C.,Cornerstone Research | Crago C.L.,University of Massachusetts Amherst
Energy Policy | Year: 2015

Many incentives at the state and federal level exist for household adoption of renewable energy like solar photovoltaic (PV) panels. Despite generous financial incentives the adoption rate is low. We use the option value framework, which takes into account the benefit of delaying investment in response to uncertainty, to examine the decision by households to invest in solar PV. Using a simulation model, we determine optimal adoption times, critical values of discounted benefits, and adoption rates over time for solar PV investments using data from Massachusetts. We find that the option value multiplier is 1.6, which implies that the discounted value of benefits from solar PV needs to exceed installation cost by 60% for investment to occur. Without any policies, median adoption time is eight years longer under the option value decision rule compared to the net present value decision rule where households equate discounted benefits to installation cost. Rebates and other financial incentives decrease adoption time, but their effect is attenuated if households apply the option value decision rule to solar PV investments. Results suggest that policies that reduce the uncertainty in returns from solar PV investments would be most effective at incentivizing adoption. © 2015 Elsevier Ltd.


News Article | February 23, 2017
Site: www.prweb.com

U.S. government agencies challenged 42 mergers in fiscal year 2015, up 27 percent from the 33 challenges in the previous fiscal year, according to an annual report by Cornerstone Research. The second edition of this report covers 10 years of investigation and enforcement data through FY 2015. As noted in Trends in Merger Investigations and Enforcement at the U.S. Antitrust Agencies: FY 2006–FY 2015, the increase in challenges coincided with a rise in reported merger transactions. The 1,754 mergers in FY 2015 was the second-highest total in the past 10 fiscal years and 136 more than in FY 2014. Since mergers and challenges increased at approximately the same rate, however, the percentage of challenges by the FTC and DOJ in FY 2015 remained at the historical average of 2.2 percent (FY 2006 through FY 2014). “Enforcement activity remained relatively consistent with the overall level of previous years,” said Cagatay Koç, a principal of Cornerstone Research and coauthor of the report. “Where we did see a significant jump was in mergers valued over $1 billion. These transactions accounted for two-thirds of second requests. This is the only time their share of second requests was over 50 percent in the last 10 fiscal years.” Cornerstone Research’s proprietary Enforcement Focus Indicator (EFI) provides insight into industry trends by reporting on the share of second requests in a specific sector relative to its share of transactions. The transportation, retail and pharmaceutical sectors saw the strongest enforcement focus in FY 2015. About the Report The report, Trends in Merger Investigations and Enforcement at the U.S. Antitrust Agencies, provides a 10-year perspective on merger enforcement activity based on data from the joint annual reports issued by the Federal Trade Commission and the U.S. Department of Justice to Congress pursuant to the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976. About Cornerstone Research Cornerstone Research provides economic and financial consulting and expert testimony in all phases of complex litigation and regulatory proceedings. The firm works with an extensive network of prominent faculty and industry practitioners to identify the best-qualified expert for each assignment. Cornerstone Research has earned a reputation for consistent high quality and effectiveness by delivering rigorous, state-of-the-art analysis for over 25 years. The firm has 700 staff and offices in Boston, Chicago, London, Los Angeles, New York, San Francisco, Silicon Valley, and Washington. Please visit Cornerstone Research’s website for more information about the firm’s capabilities in economic and financial consulting and expert testimony.


News Article | November 15, 2016
Site: www.prweb.com

U.S. Securities and Exchange Commission actions against public companies or their subsidiaries (public company-related defendants) outpaced the overall growth in enforcements over the last four fiscal years. SEC actions targeting these defendants in FY 2016 increased 130 percent from FY 2013, compared to a 61 percent increase in all independent or stand-alone enforcement actions. A report issued today by the NYU Pollack Center for Law & Business and Cornerstone Research, based on data from their collaboration on the Securities Enforcement Empirical Database (SEED), also looks at cooperation by public company-related defendants in settlement negotiations, as noted by the SEC. “Public company-related defendants cooperated in 55 percent of settlements with the SEC in fiscal year 2016,” said Stephen Choi, the Murray and Kathleen Bring Professor of Law at the NYU School of Law and director of the Pollack Center. “The SEC noted cooperation more frequently in administrative proceedings than civil actions, a disparity that has increased noticeably over the last three fiscal years.” SEC actions against public company-related defendants continued their upward trajectory in FY 2016, totaling 92 independent actions. “Issuer reporting, FCPA violations, and investment advisors remained a key focus of SEC allegations,” said David Marcus, a senior vice president of Cornerstone Research. “The SEC initiated more cases against public investment advisors and companies than ever before. The number of these actions against public company-related defendants in FY 2016 surpassed the combined total for the previous three fiscal years.” “With the announcement that Mary Jo White will step down from her role as SEC chair when President Obama leaves office in January, it will be interesting to see what impact, if any, the appointment of a new chair by the Trump administration will have on SEC enforcement,” Choi said. “While it is not prudent to speculate on the exact impact at this time, much will depend on the new appointee’s priorities and policies. The trends we see in the next two years of SEED data will help to tell that story.” Download Report     SEC Enforcement Activity against Public Companies and Their Subsidiaries: Fiscal Year 2016 Update About the Securities Enforcement Empirical Database (SEED) The Securities Enforcement Empirical Database (SEED) tracks and records information for SEC enforcement actions filed against public companies traded on major U.S. exchanges and their subsidiaries. Created by the NYU Pollack Center for Law & Business in cooperation with Cornerstone Research, SEED facilitates the analysis and reporting of SEC enforcement actions through regular updates of new filings and settlement information for ongoing enforcement actions. The variables tracked include defendant names and types, violations, venues and resolutions. About the NYU Pollack Center for Law & Business The NYU Pollack Center for Law & Business is a unique shared venture between the New York University School of Law and the Leonard N. Stern School of Business. The center is designed to enrich the professional education of students of law and business; to facilitate joint teaching in the field; and to involve leaders in banking, business and law in the intellectual life of the university. The center does this through sponsorship of meetings, conferences and dinners. About Cornerstone Research Cornerstone Research provides economic and financial consulting and expert testimony in all phases of complex litigation and regulatory proceedings. The firm works with an extensive network of prominent faculty and industry practitioners to identify the best-qualified expert for each assignment. Cornerstone Research has earned a reputation for consistent high quality and effectiveness by delivering rigorous, state-of-the-art analysis for over 25 years. The firm has 600 staff and offices in Boston, Chicago, London, Los Angeles, New York, San Francisco, Silicon Valley and Washington.


News Article | December 15, 2016
Site: www.prweb.com

Cornerstone Research, a leading provider of economic and financial consulting and expert testimony, announced today that Eric L. Talley of Columbia Law School has affiliated with the firm. He is the Isidor and Seville Sulzbacher Professor of Law. “Eric is a distinguished law professor and Ph.D. economist who brings a multidimensional approach to matters involving corporate governance and transactions,” said Cornerstone Research President and CEO Michael E. Burton. “He is an experienced expert witness who is able to explain clearly the legal and economic framework of litigation and regulatory issues.” Talley’s expertise bridges law, organizational structure, and business ethics. He has provided expert testimony in U.S. district, superior, and bankruptcy courts, as well as U.S. and international arbitrations. His consulting and expert testimony involve matters related to financial institutions, healthcare and life sciences, high technology, and utilities. Talley is a frequent commentator in the national media on topics related to corporate management, mergers and acquisitions, and securities. A former senior economist at the RAND Corporation, his research has been published in numerous law and economics journals. Talley coedited the volume Experimental Law and Economics on the interaction of human behavior with legal and regulatory environments. Cornerstone Research provides economic and financial consulting and expert testimony in all phases of complex litigation and regulatory proceedings. The firm works with an extensive network of prominent faculty and industry practitioners to identify the best-qualified expert for each assignment. Cornerstone Research has earned a reputation for consistent high quality and effectiveness by delivering rigorous, state-of-the-art analysis for over 25 years. The firm has 700 staff and offices in Boston, Chicago, London, Los Angeles, New York, San Francisco, Silicon Valley, and Washington.


News Article | December 16, 2016
Site: www.prweb.com

Cornerstone Research Senior Vice President Andrea Shepard has been named to Global Competition Review’s Women in Antitrust 2016. Cohead of the firm’s global antitrust and competition practice, Shepard is among what GCR calls “elite women making their mark on the global competition community,” including expert economists, attorneys, regulators and academics. “I’ve been drawn to competition work because the issues are complex and challenging,” Shepard said. “The intellectual content of each case is different, the industry, the technology, and the products vary. There is always a unique and interesting facet to the economic arguments.” Shepard directs competitive analyses for large, complex competition disputes and merger reviews. She works on a variety of matters including price-fixing cases involving financial instruments, such as LIBOR, FX and Treasuries. Her recent merger work includes the Sysco-US Foods and Aetna-Humana deals. An emeritus professor at Stanford University’s Graduate School of Business, Shepard is experienced in all phases of litigation and has assisted counsel at arbitration, mediation and trial and is involved in preparing expert testimony for class certification, liability, damages, and settlement. The full Global Competition Review article can be found at Women in Antitrust 2016: Economists. About Cornerstone Research Cornerstone Research provides economic and financial consulting and expert testimony in all phases of complex litigation and regulatory proceedings. The firm works with an extensive network of prominent faculty and industry practitioners to identify the best-qualified expert for each assignment. Cornerstone Research has earned a reputation for consistent high quality and effectiveness by delivering rigorous, state-of-the-art analysis for over 25 years. The firm has 600 staff and offices in Boston, Chicago, London, Los Angeles, New York, San Francisco, Silicon Valley and Washington.


News Article | February 21, 2017
Site: www.prweb.com

Cornerstone Research, a leading provider of economic and financial consulting and expert testimony, announced today the promotions of four staff members to vice president: Abe Chernin, Kostis Hatzitaskos, Bryan Ricchetti, and Ravi Sinha. “Our new vice presidents exemplify the strong leadership and consulting expertise our firm offers in a wide range of matters,” said Cornerstone Research President and CEO Michael E. Burton. “We are proud to recognize each of them for the exceptional analytical focus and insight into complex issues they consistently bring to our clients.” Abe Chernin plays a key role in the firm’s consumer finance practice. He has significant expertise in matters related to asset-backed securities, consumer debt, and retail and investment banking. He also consults on real estate matters involving commercial developments, market analyses, appraisals, contractual disputes, and environmental impact issues. Chernin is based in Chicago. Kostis Hatzitaskos focuses on merger review and antitrust litigation matters. He has consulted to parties and government agencies in the United States and abroad, and has taken multiple cases through trial. Hatzitaskos also works on intellectual property matters requiring substantive economic analysis. Hatzitaskos is based in Chicago. Bryan Ricchetti consults on antitrust, labor, market manipulation, and product liability matters. He has particular expertise in matters involving statistical analysis of large, complex datasets, and class certification issues. Ricchetti has worked as a testifying expert on matters related to antitrust, statistics, and lost wages. Ricchetti is based in Chicago. Ravi Sinha specializes in matters involving complex financial and valuation analyses. He has worked on several major cases involving securities litigation, financial institutions, and mergers and acquisitions. In intellectual property matters, he provides valuations and damages assessments associated with patents, trade secrets, and copyright disputes. Sinha is based in San Francisco. About Cornerstone Research Cornerstone Research provides economic and financial consulting and expert testimony in all phases of complex litigation and regulatory proceedings. The firm works with an extensive network of prominent faculty and industry practitioners to identify the best-qualified expert for each assignment. Cornerstone Research has earned a reputation for consistent high quality and effectiveness by delivering rigorous, state-of-the-art analysis for over 25 years. The firm has 700 staff and offices in Boston, Chicago, London, Los Angeles, New York, San Francisco, Silicon Valley, and Washington. Please visit Cornerstone Research’s website for more information about the firm’s capabilities in economic and financial consulting and expert testimony.


Grabowski H.G.,Duke University | Guha R.,Cornerstone Research | Salgado M.,Cornerstone Research
Health Affairs | Year: 2014

In March 2010 Congress established an abbreviated Food and Drug Administration approval pathway for biosimilars-drugs that are very similar but not identical to a reference biological product and cost less. Because bringing biosimilars to the market currently requires large investments of money, fewer biosimilars are expected to enter the biologics market than has been the case with generic drugs entering the small-molecule drug market. Additionally, given the high regulatory hurdles to obtaining interchangeability-which would allow pharmacists to substitute a biosimilar for its reference product, subject to evolving state substitution laws-most biosimilars will likely compete as therapeutic alternatives instead of as therapeutic equivalents. In other words, biosimilars will need to compete with their reference product on the basis of quality; price; and manufacturer's reputation with physicians, insurers, and patient groups. Biosimilars also will face dynamic competition from new biologics in the same therapeutic class-including "biobetters," which offer incremental improvements on reference products, such as extended duration of action. The prospects for significant cost savings from the use of biosimilars appear to be limited for the next several years, but their use should increase over time because of both demand-and supply-side factors. © 2014 Project HOPE-The People-to-People Health Foundation, Inc.


Bauner C.,Cornerstone Research
International Journal of Industrial Organization | Year: 2015

A striking feature of many online sales platforms is the coexistence of multiple sales mechanisms. Items on eBay, for instance, are frequently offered through auctions, posted prices, and buy-it-now auctions. In this article, I study how this mechanism multiplicity influences the welfare of buyers and sellers. I specify and estimate a structural model of mechanism choice in online markets, in which I consider both sides of the market: On the demand side, buyers' choices among available listings are equilibrium outcomes of an entry game. On the supply side, sellers make equilibrium decisions when choosing sales mechanisms and prices. I estimate this model using data from sales of baseball tickets on eBay and calculate consumer and seller rents in three markets: the actual market with all three sales mechanisms and two counterfactual markets with auctions and fixed prices or only fixed-price listings, respectively. I find that the addition of auctions to fixed-price markets hurts sellers and risk-averse buyers but benefits risk-neutral buyers. Additionally, the consumer surplus increases when buy-it-now auctions are offered but the seller surplus is reduced further. I discuss the intuition for the cause of this result. © 2014 Elsevier B.V. All rights reserved.

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