December 23, 2015

Brattle Economists Author Law360 Article Examining Methodology Findings in Halliburton Class Decision

Brattle Principals Torben Voetmann and Paul Hinton and Senior Associate Matthew Aharonian recently co-authored an article published on Law360, “Battle of the Experts: The Focus on Event Studies in Class Certification.”

The article examines four methodological findings in Judge Lynn’s Class Decision in Halliburton from an economist’s perspective, and describes their potential influence in future cases. The methodologies include a model estimation period; the speed of price adjustment; comparing price response to a peer index; and testing price impact across multiple corrective disclosures.

The authors discuss how this Class Decision provides a benchmark for how courts may compare the methodological choices of experts in securities class certification price impact analysis. Because the Class Decision qualified its assessments of the expert evidence as being relevant to this particular case, the qualifications may mean it will not have a strong precedent influence on future class certifications. However, the authors believe the decision may encourage courts to be more active in adjudicating event study methodology differences between experts in the future.

The full article can be downloaded below.

Associated Experts
Hinton 035
Principal
+1.212.789.3666
Mr. Hinton has over 20 years of experience directing projects and providing expert testimony in securities litigation and enforcement. Mr. Hinton is an expert on topics in finance, economics, and valuation. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Voetmann 055
Principal
+1.415.217.1007
+1.415.235.5709
Dr. Voetmann focuses on cases that involve complex economic and financial issues. He has worked with clients and experts on securities cases and valuation disputes related to capital markets and financial institutions. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Aharonian 077
Senior Associate
(Cambridge) +1.617.864.7900
(Toronto) +1.416.360.4849
Dr. Aharonian has extensive consulting and research experience with financial issues involving securities pricing, business valuation, risk management, capital markets, and corporate finance. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4