Dr. Marcia Kramer Mayer
Senior Vice President
tel: +1 212 345 2196
fax: +1 212 345 4650
PhD and MA in economics, Harvard University
AB in economics, with Great Distinction, Stanford University
Dr. Mayer directs litigation consulting projects and provides expert testimony in securities and finance. Until recently she was the Chair of NERA’s Global Securities and Finance Practice. She has examined issues of market efficiency, price impact, class certification, materiality, loss causation, damages, settlement prediction, and claiming rates in hundreds of shareholder class actions. Areas of in-depth experience include cases involving accounting restatements, public offerings (Section 11 and 12 claims, laddering allegations, stock acquisitions), FDA regulatory status, and mortgage securities. She has been a thought leader in formulating Rule 10b-5 damages measures that take account of the Supreme Court's Dura ruling, netting considerations, and an expansive interpretation of PSLRA's "bounce-back" rule.
An expert on transactions data and market microstructure, Dr. Mayer pioneered the use of intraday event studies in cases with multiple events in a day. She also developed what has become a widely-adopted protocol for objectively establishing the length of an event window. The empirically-based Multi-Sector, Multi-Trader Model for estimating aggregate damages in securities class actions using investor-specific data is another of her innovations.
Dr. Mayer has investigated stock and options activity in matters involving insider trading, Madoff's Ponzi scheme, IPO allocation, mark-ups, execution quality, short selling, penny stock fraud, market manipulation, short-swing profits, and future-priced securities.
Dr. Mayer's testimony on behalf of individual defendants in SEC litigation has helped secure excellent outcomes for her clients. Citing her findings on materiality, the Court in SEC v. Mangan granted summary judgment to the securities broker targeted for insider trading. Following her trial testimony, also on materiality, in SEC v. Kovzan, the jury delivered a verdict fully exonerating the CFO whose accounting was alleged to have been fraudulent.
In other securities matters, Dr. Mayer has consulted on order flow, Regulation FD, transfer agent and depository practices, exchange listing, hedge fund strategies, and the accuracy of a venture capital fund’s performance claims. She calculated breach-of-contract damages for a partner in a private equity fund, testified against a Wall Street asset manager on systematic biases in the prices it assigned treasury bonds on account statements, and opined on the adequacy of securities-related discovery in a matrimonial dispute. Her valuation work includes measuring lost earnings for a broker-dealer and a stock exchange.
Dr. Mayer recently expanded the scope of her practice to encompass consumer protection litigation. In a class action against a California mortgage bank for failure to honor its rate renewal representations, her report was instrumental in winning a settlement for borrowers that was almost as large as her calculated damages.
Advisory work is another facet of Dr. Mayer's practice. She designed exception reports for an investment bank, advised a self-regulatory organization on pricing its market data, developed compliance guidelines for a day-trading firm, and consulted with an issuer on stock-split and buy-back decisions.
Dr. Mayer came to NERA from the American Stock Exchange, where she was a Vice President. As head of the Research Department, she supported the Exchange's strategic planning, regulatory, marketing, and corporate communications efforts through research pertaining to listing, market quality, and order flow. Before that Dr. Mayer was a Lecturer in the Department of Community Medicine at Stony Brook University and an Instructor at Swarthmore College.