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Dr. Cragg has extensive consulting, research, and expert witness experience in corporate finance, financial services, and valuation.

Dr. Cragg has testified in state and federal courts as well as in regulatory proceedings nationwide. His expertise includes consulting on risk and financial management matters with a focus on leading teams in complex litigation.

He has assisted corporations, the U.S. Department of Justice, and the Internal Revenue Service in developing economic and financial testimony in a variety of finance and tax litigation. Dr. Cragg recently played a key role in the closely watched case regarding the government's treatment of AIG, as well as in the highly-publicized Long Term Capital Management litigation and Eaton’s and Glaxo’s recent transfer pricing disputes.

Prior to joining the firm, Dr. Cragg was a founding partner of Cambridge Finance Partners, LLC where he served as a consultant and expert witness on litigation cases in the financial services, pharmaceutical, electric and gas, and high-tech industries. He was also formerly a partner at Bates White and a vice president at Analysis Group, where he focused on antitrust, intellectual property, and competition analysis.

Dr. Cragg began his career as a professor of economics at Columbia University and UCLA’s Andersen School of Management. He was also a consultant at RAND, and a senior economist in the Capital Markets Section of the Milken Institute. His research has been sponsored by a range of institutions and foundations including the NSF and NIH. Dr. Cragg currently serves as a co-editor of The Economists’ Voice.

Publications
Report
The Impact of a Border-Adjustment Tax on the U.S. Insurance Market
November 17, 2017
Michael I. Cragg, Bin Zhou, Jehan deFonseka, and Lawrence Powell
Prepared for the Coalition for Competitive Insurance Rates and funded by the Association of Bermuda Insurers and Reinsurers

A new study co-authored by Brattle economists examines the impact that a Border Adjustment Tax (BAT) could have had on the U.S. insurance market.

Article
Response on Offshore Reinsurance Tax
October 16, 2017
Michael I. Cragg, Jehan deFonseka, Bin Zhou, and Lawrence Powell
Published in Tax Notes
Article
Evaluating the Impact of an Offshore Reinsurance Tax
March 13, 2017
Michael I. Cragg, Jehan deFonseka, Lawrence Powell, and Bin Zhou
Published in Tax Notes, Volume 154, Number 11
Report
The Impact of Offshore Affiliate Reinsurance Tax Proposals on the U.S. Insurance Market: An Updated Economic Analysis
January 23, 2017
Michael I. Cragg, Jehan deFonseka, Bin Zhou, and Lawrence Powell
Published in Tax Notes, Volume 154, Number 11

This is an excerpt from the report titled “The Impact of Offshore Affiliate Reinsurance Tax Proposals on the U.S. Insurance Market,” originally published on January 23, 2017. This excerpt is focused the economic impact of the border adjustment provision contained in the Republican’s Blueprint tax reform proposal.

Article
Elections and the Economy: What to do about Recessions?
December 2016
Rand Ghayad, Michael I. Cragg, and Frank Pinter
Published in Volume 13, Issue 1, of The Economists' Voice
Article
The Interaction of Managerial and Tax Transfer Pricing
January 21, 2016
Published in Bloomberg BNA Tax Management Transfer Pricing Report
The authors examine the differences between transfer prices used for tax and for management purposes, emphasizing the need to explain the differences to tax authorities who may question the company’s motives.
Article
Making the Most of Document Analytics
December 01, 2015
Published in Law360
Article
An Economic Framework for Identifying the Tested Party
November 30, 2015
Published in Tax Notes
Article
Insistence - Redefining How We Think of Antitrust
November 2015
Published in Perspectives in Antitrust, a publication of the Antitrust Law Section of the American Bar Association
Article
Corporate Inversion Transactions: Valuation Considerations
August 03, 2015
Evan Cohen, Michael I. Cragg, Jehan deFonseka, and Ryan Tholanikunnel
Published in Tax Notes
Article
Growing Apart: The Evolution of Income vs. Wealth Inequality
June 10, 2015
Published in The Economists' Voice
Article
Inequities in Tax Policy
May 04, 2015
Published in the Huffington Post
Report
Statistical review of U.S. macronutrient consumption data, 1965-2011: Americans have been following dietary guidelines, coincident with the rise in obesity
May 2015
Evan Cohen, Michael I. Cragg, Bin Zhou, Jehan deFonseka, Melanie Rosenberg, and Adele Hite
Published in the Nutrition journal
Article
Equity Market Microstructure and the Challenges of Regulating HFT
January 16, 2015
Published in Financier Worldwide
Article
The Role Of Conjoint Surveys In Reasonable Royalty Cases
October 16, 2013
Published in Law360
Presentation
Super-Normal Profits, Intangibles, and Tax Policy: The Role of Economics
August 01, 2013
Presented at the National Association for Business Economics (NABE) Transfer Pricing Symposium, Arlington, VA
Newsletter
The European Debt Crisis and the Role of the European Central Bank
2012
Published by The Brattle Group, Inc.
Report
Cleaning Up Spark Spreads: How Plant Owners Can Reduce Risk Through Carbon Markets
March 2011
Published by The Brattle Group, Inc.
Article
The Impact Of HR 3424 On The US Insurance Market
July 22, 2010
Published in Insurance Law360
Report
The Impact on the U.S. Insurance Market of H.R. 3424 on Offshore Affiliate Reinsurance: An Updated Economic Analysis
July 08, 2010
Michael I. Cragg, J. David Cummins, and Bin Zhou
Published by The Brattle Group, Inc.
Report
Can the U.S. Congressional Ethanol Mandate be Met?
May 2010
Published by The Brattle Group, Inc.
Report
The Impact on the U.S. Insurance Market of a Tax on Offshore Affiliate Reinsurance: An Economic Analysis
May 2009
Michael I. Cragg, J. David Cummins, and Bin Zhou
Prepared for The Coalition for Competitive Insurance Rates, with support from the Association of Bermuda Insurers and Reinsurers (ABIR) and Leading European Reinsurers and Insurers
Report
Carbon Geography: The Political Economy of Congressional Support for Legislation Intended to Mitigate Greenhouse Gas Production
May 2009
Published by The Brattle Group, Inc.
Newsletter
Understanding the Credit Crisis Part 2: Getting Down the Mountain
2009
Published by The Brattle Group, Inc.
Newsletter
Understanding the Credit Crisis: The Treasury, the Fed, and the Banking System
2008
Published by The Brattle Group, Inc.
News & Events
November 17, 2017
Brattle Economists Study Impact of Reinsurance Taxes on the U.S. Insurance Market

A new study co-authored by Brattle economists examines the impact that a Border Adjustment Tax (BAT) could have had on the U.S. insurance market.

July 19, 2017
Michael Cragg to Present at National Association for Business Economics Transfer Pricing Symposium

Brattle Principal Michael Cragg will present at the 7th Annual National Association for Business Economics (NABE) Transfer Pricing Symposium, taking place July 18-20, 2017 in Washington, DC.

July 11, 2017
Brattle Economists Contribute to IRS Victory in Tax Dispute Regarding Value of Residual Interests

In a recent ruling from Judge Halpern of the United States Tax Court, a deduction claimed by RERI Holdings I, LLC for a 2003 donation to the University of Michigan was denied, with the Court upholding penalties for a gross valuation misstatement.

January 23, 2017
Brattle Report Highlights The Economic Impact Of The Offshore Affiliate Reinsurance Tax

A report co-authored by economists at global consulting firm The Brattle Group finds that newly-proposed tax legislation aiming to defer the recognition of affiliated offshore reinsurance for U.S. tax purposes will negatively impact businesses and consumers in the United States.

December 21, 2016
Brattle Helps US Airways Secure Antitrust Jury Trial Win

In the recently concluded jury trial US Airways Inc. v. Sabre Holdings Corp. et al, The Brattle Group assisted attorneys from O’Melveny & Myers to secure a favorable verdict on behalf of US Airways.

August 10, 2016
Michael Cragg to Present on Transfer Pricing Audits in Knowledge Group Webinar

Brattle Principal and Chairman Michael Cragg will present in the upcoming Knowledge Group webinar, “Transfer Pricing Audits in the Realm of Regulatory Tsunamis: How Prepared Are You?” The live webinar will take place on August 10, 2016 from 12:00 – 2:00 pm EST.

July 20, 2016
Michael Cragg to Present at National Association for Business Economics Transfer Pricing Symposium

Brattle Principal Michael Cragg will present at the 6th Annual National Association for Business Economics (NABE) Transfer Pricing Symposium, taking place July 19-21, 2016 in Washington, DC.

March 21, 2016
Brattle Principals Recognized as Leading Competition Economists in Global Competition Review’s Who’s Who Legal Economists Analysis

Three Brattle Principals have been recognized as leading competition economists by Global Competition Review’s “Who’s Who Legal Competition 2016: Economists Analysis.”

January 29, 2016
Michael Cragg Elected Chairman of The Brattle Group

Brattle Principal Michael Cragg has been elected Chairman of the firm’s Board of Directors. Dr. Cragg succeeds Principal Paul Carpenter, who will remain a Director.

December 09, 2015
Michelle Cleary and Michael Cragg Co-Author Article on the Impact of Consumer Insistence on Market Power for Perspectives in Antitrust

As illustrated by the recent decision in the US Department of Justice’s case against American Express, insistence can be a critical issue in deciding an antitrust case.

December 03, 2015
Michael Cragg and David Hutchings Publish Tax Notes Article Providing an Economic Framework for Identifying the Tested Party

Brattle principal Michael Cragg and associate David Hutchings recently published an article in Tax Notes discussing an economic framework for determining the tested party under the standard comparable profit method (CPM) for transfer pricing. Their proposed framework is consistent with the guidance under both the OECD guidelines and U.S. tax law.

October 16, 2015
Brattle Economists Participate in Columbia Business School Centennial Colloquium Honoring Joseph Stiglitz

Brattle principal Michael Cragg and academic advisor Joshua Gans will participate in the conference “A Just Society,” honoring Nobel Laureate and Columbia University Professor Joseph Stiglitz, who is celebrating his 50th anniversary of teaching in the fields of economics and public policy.

August 03, 2015
Brattle Economists Author Article in Tax Notes on Corporate Inversions

Brattle principals Michael Cragg and Evan Cohen, associate Jehan deFonseka, and research analyst Ryan Tholanikunnel recently authored the article, “Corporate Inversion Transactions: Valuation Considerations,” featured in the July edition of Tax Notes International.

July 29, 2015
Michael Cragg and Rand Ghayad Publish a Research Paper in The Economists’ Voice Journal on Tax Policy and Economic Inequality

Brattle principal Michael Cragg and associate Rand Ghayad recently co-authored a research paper in The Economists’ Voice Journal, “Growing Apart: The Evolution of Income vs. Wealth Inequality,” addressing the negative impact of tax inequality on the economy and society.

July 21, 2015
Michael Cragg to Present at the Fifth Annual NABE Transfer Pricing Symposium

Brattle principal Michael Cragg will present at the Fifth Annual NABE Transfer Pricing Symposium, taking place on July 21-23, 2015 in Washington, DC.

June 16, 2015
Brattle Principal Michael Cragg’s Testimony Contributes to Finding on Government Treatment of AIG

In the recently released decision from the United States Court of Federal Claims, Judge Wheeler sided with Brattle client Starr International Co. Inc., finding that that the Federal Reserve overstepped its authority by taking 79.9 percent of AIG’s equity as a condition of its loan to AIG. This element of the decision echoed testimony of Brattle principal Dr. Michael Cragg, which was restated in the opinion.

May 14, 2015
Daubert Motion Granted Based on Testimony of Brattle Principal Daniel McFadden

Relying on testimony by Brattle principal Professor Daniel McFadden, New York Federal District Judge Shira Scheindlin recently granted in part a Daubert motion to exclude the class certification testimony of Plaintiffs’ expert in an antitrust class action against the MLB and NHL professional sports leagues. As a result of this decision, class certification with respect to past damages was denied.

April 01, 2015
Michael Cragg to Participate in Public Policy Meeting on the Future of America’s Economic Security

Brattle principal Michael Cragg has been invited to participate in a meeting of the nation’s top economists, political scientists, and legal scholars to discuss economic inequality among Americans. The event will take place at the Roosevelt Institute on April 1, 2015, in Washington, DC.

February 23, 2015
Brattle Economists Author Report on Nutrition and the Rise of Obesity in the United States

Economists from The Brattle Group recently completed a study on dietary trends and the rising rates of obesity in the United States. The report finds that Americans are facing a substantial increase in obesity, despite general adherence to the nutrition advice of the American Heart Association and the United States Departments of Agriculture and Health and Human Services.

January 01, 2015
Article Co-Authored by Paul Hinton and Michael Cragg on Equity Market Microstructure and High Frequency Trading Published in Financier Worldwide

Brattle principals Paul Hinton and Michael Cragg recently co-authored an article for the January 2015 issue of Financier Worldwide that discusses how the technological evolution of the U.S. equity market’s microstructure and competitive forces may have combined to produce this paradox, the implications for market performance, and the dilemma this poses for regulators.

December 02, 2014
Brattle Experts Involved in Closely Watched AIG Case

Last week the record for Starr International Co. Inc. et al. v. U.S. closed after 37 days of trial. This epic case involves the shareholders of American International Group Inc. (AIG) claiming compensation of nearly $50 billion for the U.S. Government’s taking and/or illegally exacting 79.9 percent of shareholders’ equity at the peak of the financial crisis the day after Lehman failed. The team supported the testimony of Brattle principal Michael Cragg who testified over the course of five days.

September 18, 2014
Mike Cragg and Evan Cohen to Discuss the Use of Testifying Experts at the ABA Tax Section Fall Meeting

Brattle principals Mike Cragg and Evan Cohen have been selected to serve as panelists at the American Bar Association Tax Section’s fall meeting, where they will present their spotlight discussion “Experts in the Trenches: Risk, Fair Rewards, Economic Substance, and Shams.”

Personal Interests

Mike has many interests outside of work including kiteboarding, playing hockey, skiing, art, and architecture. He also enjoys spending time with his family.