Dr. Marcia Kramer Mayer

Affiliated Consultant


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

Email: marcia.mayer.affiliate@nera.com
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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. Defendants and plaintiffs both engage her in securities class actions. She has analyzed market efficiency, class certification, liability, materiality, damages, settlement prediction, and claiming rates in hundreds of such cases. Suits involving restatements, FDA decisions, Section 11 claims and stock mergers are areas of special expertise. Dr. Mayer has formulated 10b-5 damages measures consistent with the Supreme Court's Dura ruling, decisions about netting 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.

An expert on transactions data and market microstructure, Dr. Mayer has investigated trading patterns relating to short selling, manipulation, insider trading,  Madoff's Ponzi scheme, IPO allocation, execution quality, penny stock fraud, short-swing profits, "toxic convertibles," dealer mark-ups, and investment manager trade allocations.

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, bond price reporting, transfer agent and depository practices, Regulation FD, NASDAQ market share, and venture capital and hedge funds. 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.

In advisory engagements, Dr. Mayer designed exception reports for an investment bank, advised a self-regulatory organization on market data pricing, developed compliance guidelines for a day-trading firm, and consulted with an issuer on stock-splits and buy-back decisions.

Dr. Mayer joined NERA's Securities and Finance Practice in 1992. During her 25 years with the Practice, she rose quickly from Senior Consultant to Managing Director, and served for a time as Practice Chair. Dr. Mayer 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 regarding listing, market quality and order flow. Previously 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