NERA Economic Consulting

michael.tennican@nera.com
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Education

DBA in finance, Harvard University
MBA, Harvard University
BS in electrical engineering, Stanford University

Experience

Dr. Tennican is a specialist in strategic planning, market and competitive analysis, mergers and acquisitions, finance, valuation, and damages. He has over 40 years of experience in consulting to a wide range of manufacturing, service, and legal firms headquartered in the US and Europe, as well as to governmental agencies in the US and Latin America. He was formerly a Senior Vice President and Director of NERA and also served as Head of NERA's US Energy Group.

On issues relating to valuation, damages, finance, and mergers and acquisitions, Dr. Tennican has analyzed operating companies and business divisions; trademarks, licenses and technology rights; manufacturing, service, electricity generation, and oil refining facilities; oil, gas, and other natural resources reserves and producing properties; long-term leases and supply contracts; and options and other financial securities. He is the author of Valuing Convertible Debentures and Related Option Securities, published by the Harvard University Press, as well as numerous cases, teaching notes, and articles on finance, valuation, and mergers and acquisitions.

On issues of strategy, Dr. Tennican's experience comprises work in strategic planning, industry and company restructuring, market and competitive analysis, market price forecasting, power and other energy trading, investment analysis, long-term contract analysis, regulatory strategy, and environmental policy. In the energy sector, he has worked with integrated electric utilities, electricity distribution companies, independent power producers, power trading organizations, gas distribution and pipeline companies, integrated oil companies, independent oil and gas exploration and production companies, coal producers and transporters, the energy and environmental agencies of national and state governments, and national and state regulatory commissions.

Before joining NERA, Dr. Tennican was a Senior Vice President and Director of Temple, Barker & Sloane, which since has merged into Oliver Wyman, a sister firm of NERA. Reporting to him at various times were the groups responsible for corporate strategy, valuation and mergers, telecommunications, and energy and environment, among others. Prior to that, Dr. Tennican was an Associate Professor at the Graduate School of Business Administration at Harvard University, where he developed the school's advanced course in corporate finance and taught other courses and seminars in finance, mergers and acquisitions, and corporate strategy.