Qualifications as an Expert

1.  I have been a chaired professor at NYU’s Stern School of Business, most recently as the Marcus Nadler Professor of Finance and Economics (2002-2019) and before that as the Abraham Gitlow Professor of Economics and Finance (1990-2002). I also served as the Director of the Glucksman Institute for Research in Securities Markets at NYU Stern between 1985 and 2018. I am currently a member of the Board of Trustees of the Sy Syms School of Business, Yeshiva University. I have an M.A. and Ph.D. from Princeton University and am a graduate of Yeshiva College.

2. My research and teaching interests have focused primarily on financial markets and institutions. I have published over fifty articles in professional journals, as well as eight
   books and monographs, one of which, Principles of Money, Banking, and Financial Markets, (Addison-Wesley) has gone through twelve editions and was a standard text in
   colleges throughout the United States. My biography of Paul Volcker, former Federal Reserve Board Chairman, entitled Volcker: The triumph of Persistence, (Bloomsbury, 2012), was named the China Business News (CBN) 2013 Financial Book of the Year, and was a finalist in the Goldman Sachs / Financial Times 2012 Business Book of the Year Award.

3. I have been a member the Comex division of the New York Mercantile Exchange, a member of the New York Stock Exchange's Options Trading Division, and was a
   registered floor broker with the Commodity Futures Trading Commission. I was also a registered broker/dealer with the Securities and Exchange Commission, and was designated a Supplemental Specialist at the NYSE Options Trading Division under the Securities and Exchange Act of 1934. I was a Senior Vice President, Trading Strategy at Lehman Brothers Kuhn Loeb and was associated for eight years with Odyssey Partners, where I managed an investment portfolio.

4. I have been a Senior Economist with the President's Council of Economic Advisors, a Member of the Economic Advisory Board of the Federal Reserve Bank of New
   York, an Advisor to the Federal Home Loan Bank Board, the Board of Governors of the Federal Reserve System, the President's Commission on Financial Structure and
   Regulation, and other federal agencies. I have also testified at Hearings held by the Senate Banking Committee, the Senate Budget Committee and the House Banking and Financial Services Committee.

5. I have been qualified as an expert in the U.S. District Court, Southern District of New York, the U.S. District Court for the District of Delaware, the U.S. Bankruptcy Court,
   Northern District of New York, and at arbitration panels of the National Association of Securities Dealers, the American Arbitration Association and the New York Stock Exchange.

6. I am currently a member of the American Economic Association and have served as an Associate Editor of the Journal of Finance, published by the American Finance
   Association, and of the Review of Economics and Statistics, published by Harvard University. I am a Founding Member of the Society for Financial Econometrics.

Recent Cases

2012

Liberty Media v. Vivendi Universal S.A.

Retained as a testifying expert by Cravath Swaine & Moore on behalf of Vivendi Universal. Employed a statistical analysis and intra-day event study to calculate damages. Provided jury trial testimony in the United States District Court, Southern District of New York

2009

In Re Vivendi Universal S.A. Securities Litigation

Retained as a testifying expert by Cravath Swaine & Moore on behalf of Vivendi Universal. Employed a statistical analysis and intra-day event study to calculate damages in a class action law suit against Vivendi. Submitted an expert report and provided jury trial testimony in the United States District Court, Southern District of New York.

2004

In Re Deutsche Telekom Securities Litigation

Retained as a testifying expert by Cravath Swaine & Moore on behalf of
Deutsche Telekom. Submitted an expert report and provided deposition testimony in support of a motion to dismiss showing, via an intra-day event study, that a 2 billion euro write-down of real estate assets did not have a material impact on the price of Deutsche Telekom stock.

2003

In Re DaimlerChrysler AG Securities Litigation

Retained as a testifying expert by Fried Frank Harris Shriver and Jacobson, on behalf of Tracinda Corporation, to calculate the damages due Tracinda associated with the takeover of Chrysler Corporation by Daimler. Employed a statistical analysis of comparable transactions to calculate the control premium Daimler should have paid. Prepared an expert report and provided trial testimony in the United States District Court for the District of Delaware.

2002

Consolidated Edison, Inc v. Northeast Utilities

Retained as a testifying expert by Shearman & Sterling on behalf of Consolidated Edison. Provided deposition testimony and an expert report analyzing the nature of customer-based trading versus speculation. Applied that analysis to the behavior of Northeast Utilities energy trading subsidiary in connection with Con Edison’s termination of its takeover of Northeast.

LDEC v. MG Refining & Marketing, Inc

Retained as a consultant and testifying expert by Williams & Connolly on behalf of Louis Dreyfus Corporation. Analyzed the value of gasoline and heating oil derivatives purchased by Louis Dreyfus Corporation from MG Refining & Marketing.

2001

Rossdeutscher v. Viacom, Inc.

Retained as a testifying expert by Shearman & Sterling on behalf of Viacom. Provided deposition testimony and an expert report in connection with class certification showing that arbitrageurs and other holders of Viacom CVRs and VCRs were not damaged even if allegations against Viacom were true.

Buxbaum et.al. v. Deutsche Bank

Retained as a testifying expert by Milbank, Tweed, Hadley & McCloy on behalf of Deutsche Bank. Provided deposition testimony and an expert report with an event study showing that the alleged misstatements by Deutsche Bank during the takeover of Bankers Trust did not have a material impact on Bankers Trust stock price.

2000

Tel- Save Securities Litigation

Retained as a testifying expert by Arnold & Porter on behalf of Tel-Save Corporation. Provided an affidavit in connection with class certification showing that option holders do not belong in the same class as stockholders even if allegations against Tel-Save were true.

1999

Forman et. al. v. Sun Company

Retained as a testifying expert by Davis Polk & Wardwell on behalf of Sunoco Inc. (Sun Company). Provided deposition testimony and an expert report identifying the proper definition of ‘closing price’, specified in the offering documents, dictating the exchange ratio between Sun’s preference shares and common stock.

1998

Richard C. Breeden v. L. I. Bridge Fund

Retained as testifying expert by Simpson Thacher & Bartlett on behalf of Richard C. Breeden, Trustee for Bennet Funding Group, Inc. Prepared an expert report and testified in U. S. Bankruptcy Court, Northern District of New York, regarding the value of a warrant purchased by the Bennet funding Group from L. I. Bridge Fund. Chief U. S. Bankruptcy Judge, Stephen D. Gerling relied on the testimony and the report in his decision for the Trustee.

David Goldkrantz v. Merv Griffin, et. al.

Retained as a testifying expert by Cravath Swaine & Moore on behalf of Sun International Hotels in connection with the merger between Griffin Gaming & Entertainment and Sun. Submitted an affidavit with an event study showing that stockholders in Sun were not damaged by Sun’s disclosures of payments made to Griffin Gaming & Entertainment. U. S. District Judge Denise Cote relied on the affidavit in granting summary judgment in favor of the defendants.