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Professor Myers is one of the world’s leading authorities on the theory and practice of finance.

He is a Professor of Financial Economics at the MIT Sloan School of Management, past President of the American Finance Association, and co-author (with Richard A. Brealey and Franklin Allen) of the leading graduate-level textbook on corporate finance. He is also a Research Associate of the National Bureau of Economic Research.

Professor Myers has advised major corporations on mergers and acquisitions, capital investment decisions, financing, measurement of the cost of capital, and valuation. He has appeared as an expert witness in major cases and regulatory proceedings, testifying on the cost of capital, measurement of profitability and value, the economic foundations and design of rate of return regulation, intellectual property, the determination of damages, and tax issues. His work has spanned a wide range of industries, including oil and gas pipelines, telecommunications, software, railroads, pharmaceuticals, insurance, and banking.

Representative Engagements
Valuation of oil field in international arbitrations
Valued Exxon Mobil’s stake in the Cerro Negro heavy-oil field in the Orinoco Basin of Venezuela. The valuations were prepared for arbitrations before the International Chamber of Commerce (Mobil Cerro Negro vs. Petróleos de Venezuela S.A.) and the International Centre for Settlement of Investment Disputes (Mobil Cerro Negro vs. The Bolivarian Republic of Venezuela).
Cost of capital expert
Served on an expert panel advising the New Zealand Commerce Commission on procedures for estimating the cost of capital.
Valuation of research and development in pharmaceuticals
Applied modern finance to the valuation of pharmaceutical R&D. Prepared reports on the values of drugs in different stages of R&D and on implications for two major international tax and transfer pricing disputes.
Evaluated debt vs. equity in project financing
Prepared reports for three major tax cases that hinged on the distinctions between debt and equity in project financing.
Testimony
“Cost of Capital Parameters for SP Power Assets – Estimating the Market Risk Premium: SP Power Grid and SP Power Assets,” submitted to Singapore Energy Market Authority
August 7, 2012
Reports valuing Mobil Cerro Negro’s interest in the Cerro Negro heavy-oil field, ICSID Case No. ARB/07/27
Expert Report December 15, 2010, Reply Report September 13, 2011, testimony February 2012
Reports on The Value of Indemnification Cash Flows, Mobil Cerro Negro, Ltd. v. Petróleos de Venezuela, S.A. and PDVSA Cerro Negro S.A., before the International Court of Arbitration of the International Chamber of Commerce, ICC Case No. 15416/JRF
Expert Report September 2008, Reply Report May 2009, Update June 2010, testimony September 2010
Expert Report, First Tier Tribunal (Finance and Tax Chambers), Astra Zeneca UK Ltd. v. Her Majesty’s Revenue and Customs, London
December 2009, February 2010
“Cost of Capital for Heathrow and Gatwick,” submitted by BAA Ltd. to the U.K. Civil Aviation Authority
January 2008
Verified Statement and Reply Verified Statement, Surface Transportation Board Ex Parte No. 664 (Methodology to be employed in determining the railroad industry’s cost of capital)
September and October 2007
Publications
Article
Real Options, Taxes and Financial Leverage
2018
Published in Critical Finance Review (Forthcoming)
Article
A Theory of Risk Capital
December 2015
Published in the December 2015 issue of Journal of Financial Economics
Book
Principles of Corporate Finance
January 2013
Richard A. Brealey, Stewart C. Myers, and Franklin Allen
Published by McGraw-Hill, 11th edition, with translations into many languages, including Czech, French, Hungarian, Indonesian, Italian, Japanese, Portuguese, Russian and Spanish.
Article
A Lintner Model of Payout and Managerial Rents
October 2012
Stewart C. Myers and B. Lambrecht
Published in The Journal of Finance
Article
The Internal Governance of Firms
June 2011
Stewart C. Myers, V. Acharya, and R. Rajan
Published in The Journal of Finance
Article
A Theory of Takeovers and Disinvestment
April 2007
Stewart C. Myers and B. Lambrecht
Published in The Journal of Finance
Article
R2 Around the World: New Theory and New Tests
February 2006
Stewart C. Myers and L. Jin
Published in Journal of Financial Economics
Article
Regulating the United States Railroads: The Effects of Sunk Costs and Asymmetric Risk
November 2002
Stewart C. Myers and Jerry Hausman
Published in Journal of Regulatory Economics
News & Events
April 23, 2018
Brattle Experts' Paper on Real Options Forthcoming in Critical Finance Review

In a forthcoming paper in Critical Finance Review, Brattle Principals Stewart Myers and James Read derive a procedure for calculating after-tax values of real options, including the value of interest tax shields on debt supported or displaced by the options.

December 05, 2017
Six Brattle Principals Recognized as Top Expert Witnesses in Arbitration by Who's Who Legal

The Brattle Group is pleased to announce that Principals Richard Caldwell, Darrell Chodorow, Dan Harris, Carlos Lapuerta, Alexis Maniatis, and Stewart Myers have been named among the world’s top arbitration expert witnesses by Who’s Who Legal.

April 26, 2017
Brattle Listed as Leading International Arbitration Expert Witness Provider by Global Arbitration Review

Global Arbitration Review (GAR), a leading resource on international arbitration news and intelligence, named The Brattle Group as one of the most active firms in expert witness services in the field of international arbitration.

January 27, 2016
Four Brattle Principals Recognized as Leading Arbitration Witnesses by Who’s Who Legal Arbitration 2016: Expert Witnesses Analysis

The Brattle Group is pleased to announce that Principals Carlos Lapuerta, Alexis Maniatis, Stewart Myers, and José Antonio Garcia have been named among the world’s leading arbitration experts in Who’s Who Legal Arbitration 2016: Expert Witnesses Analysis.

January 08, 2016
Brattle Economists Author Article on Risk Capital for the Journal of Financial Economics

Brattle Principals Stewart Myers and James Read, along with Ohio State Professor Isil Erel, published an article on risk capital in the December 2015 issue of the Journal of Financial Economics.

January 07, 2016
Brattle Principal Stewart Myers Receives American Finance Association's Morgan Stanley Award For Excellence in Finance

Brattle Principal Stewart Myers, a Professor of Financial Economics at the MIT Sloan School of Management, has been named the recipient of the Morgan Stanley – American Finance Association (AFA) Award for Excellence in Finance for 2016.

May 12, 2015
Stewart Myers Receives Onassis Prize for Finance

Stewart Myers, Brattle principal and Robert C. Merton (1970) Professor of Financial Economics at the Massachusetts Institute of Technology, was recently awarded the 2015 Onassis Prize for Finance from the Cass Business School, part of City University London.

November 13, 2014
Brattle Principals Recognized as Leading Arbitration Witnesses by Global Arbitration Review’s Who’s Who Legal

Four Brattle principals have been recognized as among the world’s top international arbitration experts by Global Arbitration Review in their annual survey, Who’s Who Legal: Arbitration.