Dr. Marcia Kramer Mayer

Senior Vice President


New York City
Tel: +1 212 345 2196
Fax: +1 212 345 4650

Email: marcia.mayer@nera.com
vCard: Download


PhD and MA in economics, Harvard University
AB in economics, with Great Distinction, Stanford University


Dr. Mayer provides economic analysis and testimony involving securities and finance.  Both plaintiffs and defendants have engaged her as their expert in shareholder class actions. She has examined issues of market efficiency, class certification, liability, materiality, damages, settlement prediction, and claiming rates in hundreds of such cases. Suits involving accounting restatements, FDA decisions, subprime mortgages and public offerings (Section 11 and 12 claims, laddering allegations, stock acquisitions) are areas of special expertise. Dr. Mayer has formulated measures of 10b-5 damages that are consistent with the Supreme Court's Dura ruling, decisions about netting of gains and losses, and alternative interpretations of PSLRA's bounce-back rule. Early on, she developed the empirically-based Multi-Sector, Multi-Trader Model for estimating aggregate damages in securities class actions.

As an expert on transactions data and market microstructure, Dr. Mayer has also investigated trading patterns in matters involving short selling, manipulation, insider trading, the Madoff Ponzi scheme, IPO allocation, execution quality, penny stock fraud, short-swing profits, so-called “toxic convertibles,” dealer mark-ups, and asset manager trade allocations.

In other matters, Dr. Mayer has consulted on homeowners’ contract claims against mortgage lenders, failed bank litigation, ERISA suits, damages for the delayed delivery or registration of stock, the quality of bond price reporting by a portfolio manager, transfer agent and depository practices, Regulation FD, exchange listing, Nasdaq market share, hedge funds, and a venture capital fund.  Her valuation work includes measuring lost earnings for a securities firm and a stock exchange.  She calculated contract damages for a private equity fund partner.

Dr. Mayer's practice also encompasses advisory work. She designed exception reports for an investment bank, advised a self-regulatory organization on the pricing of its market data, developed compliance guidelines for a day-trading firm, and consulted with a corporate issuer on stock-split and buy-back decisions.

A member of NERA’s Securities and Finance Practice since 1992, Dr. Mayer has also served as Practice Chair.  She came to NERA from the American Stock Exchange, where as Vice President of Research, she supported the Exchange's strategic planning, regulatory, marketing, and corporate communications efforts through studies pertaining to listing, market quality and order flow.  In her prior career as an academic, Dr. Mayer was a Lecturer in the Department of Community Medicine at Stony Brook University and an Instructor at Swarthmore College.

Title Type Author
Calculating Damages In Securities Contract Breach Cases Published Article Dr. Marcia Kramer Mayer
Anatomy of a Merger Litigation Published Article Dr. Marcia Kramer Mayer and Douglas J. Clark, Esq., Managing Partner, Wilson Sonsini Goodrich & Rosati
Crowdsourcing Fraud Detection: Using Collective Wisdom to Expose the Next Madoff Working Paper By Dr. Marcia Kramer Mayer et al.
Ponzi Scheme Detection: How the SEC Can Catch the Next Thief Working Paper By Dr. Marcia Kramer Mayer
Buying the Bad Stuff: Implementation Considerations for the Paulson Plan White Paper
A Key Ruling On Materiality In Insider Trading Cases Published Article Dr. Marcia Kramer Mayer and Cory Hohnbaum, Partner at King & Spalding
Loss Causation and Rule 10b-5 Damages After Dura Presentation By Dr. Marcia Kramer Mayer
Best-Fit Estimation of Damaged Volume in Shareholder Class Actions: The Multi-Sector,... Report By Dr. Marcia Kramer Mayer
Effect on 10b-5 Damages of the 1995 Private Securities Litigation Reform Act: A Forwa... Published Article Dr. Marcia Kramer Mayer with Gibson, Dunn & Crutcher Partner Jonathan Dickey