Valuation

Understanding the economics of valuation is essential in all but the simplest of contexts. A proper grounding in valuation theories lets an expert decide whether the best methodology for a given case involves analytic formulas based on the values of other assets from the same company or portfolio, estimation of the company's future cash flows or comparisons to valuations of other assets.
 
As a pioneer in the field of asset valuation, NERA uses innovative techniques to measure value in real-world scenarios. Our valuations use real options, probability-weighted and dynamic cash flow models, the stock and debt approach to real property appraisal, and event studies to measure lost profits. Our experience in a variety of asset classes allows us to quickly assess market specifics and the impact of market economics on market value.
 
The use of advanced techniques combining economics, finance, statistics, and econometrics contribute to a result that extends well beyond traditional approaches to valuation, especially in cases where historical data and other valuation benchmarks are either unavailable or considered inadequate.

Name Title Location Phone Email
Dr. Andrew Carron Chairman New York City
London
+1 212 345 5407
+44 20 7659 8500
andrew.carron@nera.com
Sandra Ringelstetter Ennis Chief Operating Officer
Managing Director
Chicago +1 312 573 2823 sandra.ringelstetter@nera.com
Dr. Sumanth Addanki Managing Director White Plains, NY +1 914 448 4060 sumanth.addanki@nera.com
Lucy P. Allen Managing Director New York City +1 212 345 5913 lucy.allen@nera.com
Oscar Arnedillo Managing Director Madrid +34 91 521 0020 oscar.arnedillo@nera.com
Dr. Patrick Conroy Managing Director
Chair of NERA's Securities and Finance Practice
New York City +1 212 345 1466 patrick.conroy@nera.com
Dr. Alan Cox Managing Director
Chair of NERA's Intellectual Property Practice
San Francisco
Toronto
+1 415 291 1009
+1 415 291 1009
+1 416 868 7314
alan.cox@nera.com
Sean Gammons Managing Director London
Berlin
+44 20 7659 8564
+49 30 700 1506 01
sean.gammons@nera.com
Dr. Anne Gron Managing Director Chicago +1 312 573 2850 anne.gron@nera.com
Dr. Richard Hern Managing Director London
Berlin
+44 20 7659 8582
+49 30 700 1506 01
richard.hern@nera.com
Dr. Fabrizio Hernández Managing Director Madrid
London
Rome
+34 91 521 0020
+44 20 7659 8500
+39 06 488 8101
fabrizio.hernandez@nera.com
Dr. Hiroaki Ishigaki Managing Director Tokyo +81 3 3500 3295 hiroaki.ishigaki@nera.com
Dr. Vinita Juneja Managing Director
Chair of NERA's White Collar, Investigations and Enforcement Practice
New York City
London
Toronto
+1 212 345 3148
+44 20 7659 8618
+1 416 868 7314
vinita.juneja@nera.com
Dr. Emmanuel Llinares Managing Director
Head of Global Transfer Pricing
Paris
Geneva
London
+33 1 70 75 01 93
+41 22 819 94 94
+44 20 7659 8650
emmanuel.llinares@nera.com
Dr. Jeff D. Makholm Managing Director Boston +1 617 927 4540 jeff.makholm@nera.com
Dr. Denise Neumann Martin Managing Director New York City +1 212 345 5296 denise.martin@nera.com
Dr. Thomas McCarthy Managing Director
Health Care Practice Chair
Los Angeles +1 213 346 3005 thomas.mccarthy@nera.com
Dr. Christine Siegwarth Meyer Managing Director White Plains, NY +1 914 448 4119 christine.meyer@nera.com
Dr. Chudozie Okongwu Managing Director New York City
London
+1 212 345 5003
+44 20 7659 8568
chudozie.okongwu@nera.com
Dr. Faten Sabry Managing Director
Bankruptcy Practice Chair
New York City
London
+1 212 345 3285
+44 20 7659 8618
faten.sabry@nera.com
Dr. Ramsey Shehadeh Managing Director New York City +1 212 345 6089 ramsey.shehadeh@nera.com
Dr. Lauren Stiroh Managing Director
Chair of NERA's Global Antitrust and Competition Practice
White Plains, NY +1 914 448 4143 lauren.stiroh@nera.com
Dr. David Tabak Managing Director New York City +1 212 345 2176 david.tabak@nera.com
Dr. Sharon Brown-Hruska Director Washington, DC +1 202 466 9222 sharon.brown.hruska@nera.com
Julie M. Carey Director Washington, DC +1 202 466 9203 julie.carey@nera.com
Sébastien Gonnet Director Paris + 33 1 45 02 30 00 sebastien.gonnet@nera.com
Dr. Stuart L. Harshbarger Director White Plains, NY +1 914 448 4185 stuart.harshbarger@nera.com
Tomas Haug Director Berlin +49 30 700 1506 10 tomas.haug@nera.com
Bradley A. Heys Director Toronto
New York City
+1 416 868 7312
+1 212 345 2691
brad.heys@nera.com
Daniel Radov Director London +44 20 7659 8744 daniel.radov@nera.com
Mary Elizabeth C. Stern Director White Plains, NY +1 914 448 4054 mary.elizabeth.stern@nera.com
Kurt G. Strunk Director New York City +1 212 345 5035 kurt.strunk@nera.com
George Anstey Associate Director London +44 20 7659 8630 george.anstey@nera.com
Jorge Baez Associate Director Miami
New York City
+1 305 341 5060
+1 212 345 5753
jorge.baez@nera.com
Kristopher A. Boushie Associate Director Washington, DC +1 202 466 9282 kristopher.boushie@nera.com
Richard Druce Associate Director London +44 20 7659 8540 richard.druce@nera.com
Jonathan Falk Associate Director New York City +1 212 345 5315 jonathan.falk@nera.com
Bastian Gottschling Associate Director Frankfurt +49 69 710 447 504 bastian.gottschling@nera.com
Oksana Kitaychik Associate Director New York City +1 212 345 1094 oksana.kitaychik@nera.com
Timothy McKenna Associate Director New York City +1 212 345 5503 timothy.mckenna@nera.com
Dr. Jordan Milev Associate Director New York City +1 212 345 5516 jordan.milev@nera.com
Robert Patton Associate Director Toronto
London
New York City
+1 416 868 7318
+44 20 7659 8620
+1 212 345 3269
robert.patton@nera.com
Amanda Pletz Associate Director London
Geneva
+44 20 7659 8528
+41 22 819 94 94
amanda.pletz@nera.com
Bryan Ray Associate Director White Plains, NY +1 914 448 4004 bryan.ray@nera.com
Dr. Vladimir Starkov Associate Director Chicago +1 312 573 2806 vladimir.starkov@nera.com
Raymund Wong Associate Director New York City +1 212 345 9361 raymund.wong@nera.com
Stefan Boettrich Senior Consultant New York City +1 212 345 1968 stefan.boettrich@nera.com
Dr. Airat Chanyshev Senior Consultant New York City +1 212 345 7336 airat.chanyshev@nera.com
Willis Geffert Senior Consultant Washington, DC +1 202 466 9293 willis.geffert@nera.com
William P. Hrycay Senior Consultant New York City +1 212 345 1518 william.hrycay@nera.com
Dr. Naoya Kaneko Associate Director Tokyo +81 3 3500 3294 naoya.kaneko@nera.com
Gary Lambert Senior Consultant London +44 20 7659 8652 gary.lambert@nera.com
Guillaume Madelpuech Principal Paris +33 1 70 75 01 58 guillaume.madelpuech@nera.com
Ralph Meghames Principal Paris +33 1 70 75 01 89 ralph.meghames@nera.com
Marco Schönborn Senior Consultant Berlin
London
Rome
+49 30 700 1506 30
+44 20 7659 8586
+39 06 488 8101
marco.schonborn@nera.com
Clara Segurola Senior Consultant London +44 20 7659 8606 clara.segurola@nera.com
Georgi Tsvetkov Senior Consultant Washington, DC +1 202 466 9237 georgi.tsvetkov@nera.com
Ivelina Velikova Senior Consultant New York City +1 212 345 1160 ivelina.velikova@nera.com
Dr. Jerry Arnold Affiliated Academic Los Angeles +1 310 570 3982 JArnold@marshall.usc.edu
Dr. Michael Baye Affiliated Academic Washington, DC +1 202 466 9298 michael.baye.affiliate@NERA.com
Dr. James Overdahl Affiliated Industry Expert Washington, DC +1 202 547 3035 joverdahl@deltastrat.com
Mark L. Berenblut Affiliated Consultant Toronto
New York City
London
+1 416 868 7311
+1 917 475 0020
+44 20 7659 8644
mark.berenblut.affiliate@nera.com
Dr. James Jordan Affiliated Consultant Washington, DC +1 202 466 9263 james.jordan.affiliate@nera.com
Edward Kee Affiliated Consultant Washington, DC +1 202 370 7713 edward.kee.affiliate@nera.com
Mike King Affiliated Consultant Denver
San Francisco
Washington, DC
+1 303 357 4781
+1 303 618 4915
+1 303 618 4915
mike.king.affiliate@nera.com
Dr. Robert Mackay Affiliated Consultant Washington, DC +1 202 466 9291 robert.mackay.affiliate@nera.com
Linda McLaughlin Affiliated Consultant New York City +1 212 345 5340 linda.mclaughlin.affiliate@nera.com
Eugene Meehan Affiliated Consultant Washington, DC +1 202 466 9287 gene.meehan.affiliate@NERA.com
Todd Morrison Affiliated Consultant Washington, DC +1 202 466 9213 todd.morrison.affiliate@nera.com
Dr. Michael Rosenzweig Affiliated Consultant Washington, DC +1 202 466 9231 michael.rosenzweig.affiliate@nera.com
Graham Shuttleworth Affiliated Consultant London +44 20 7659 8654 graham.shuttleworth.affiliate@nera.com
Dr. Alexander Voegele Affiliated Consultant Frankfurt +49 69 710 447 501 alexander.voegele.affiliate@nera.com
Title Type Author
PDVSA’s Peculiar Oct. ’22 Bond May Carry Elevated Risks Report By Timothy McKenna and Raphael Starr
An Economist's View of Market Evidence in Valuation and Bankruptcy Litigation Working Paper By Dr. Faten Sabry and William Hrycay
Adequate Responsiveness to Scope in Contingent Valuation Working Paper By Dr. Kenneth Train et al.
Exchange-Traded Funds: Consequences of Expansion White Paper By Raymund Wong and Kara Hargadon
Study of the Impact of Securitization on Consumers, Investors, Financial Institutions... Study By Dr. Faten Sabry and Dr. Chudozie Okongwu
Financial Disclosure and SFAS 157: Seeking Transparency in a Perfect Storm Published Article By Dr. Sharon Brown-Hruska with former NERA Vice President Shuchi Satwah
The Google IPO Auction: Bidding Strategies for Institutional Investors Brief By Dr. Soren Tang Sorensen with former NERA Associate Director Dr. Philip Kalmus
Credit Ratings for Structured Products: A Review of Analytical Methodologies, Credit ... Study By Dr. Andrew Carron with former NERA Senior Consultant Tsvetan Beloreshki and former Special Consultant Dr. Phoebus Dhrymes; NERA Senior Analyst Michael Gill and Jonathan Falk also contributed to this study
Determination of the Appropriate Event Window Length in Individual Stock Event Studie... Working Paper By Dr. David Tabak and Robert Patton et al.
Hedging and the Estimation of Marketability Discounts Published Article By Dr. David Tabak