As a market leader in supporting expert testimony in securities litigation, Vega Economics’ Securities & Finance practice provides top tier economic analysis to our clients. We have worked with many of the world’s largest investment banks and have analyzed issues related to materiality, class certification, liability analyses, causation, and damages. The industry professionals in our expert network have experience supporting clients across all phases of financial and securities litigation.

Vega uses advanced data analytics and carefully assesses each case’s unique claims to identify the most robust method employable for addressing the issues of each case.

Below is a list of example engagements for our Securities & Finance practice:

Rajeev Bhattacharya

Visiting Professor of Finance in the Cox School of Business at SMU

  • Securities & Finance
  • Data Science & Statistics
  • Valuation
  • Antitrust & Competition
Daniel I. Castro

Founder of Robust Advisors, Inc.

  • Financial Institutions
  • Securities & Finance
  • Real Estate
Daphne Chen

Managing Director, Vega Economics

  • Consumer Finance
  • Corporate Finance
  • Data Science & Statistics
  • Labor & Employment
  • Securities & Finance
Andreas D. Christopoulos

Assistant Professor of Finance and Real Estate at Yeshiva University and CEO of WOTN

  • Valuation
  • Insurance & Risk
  • Securities & Finance
  • FinTech, Blockchain, and Cryptocurrency
  • Financial Institutions
  • Real Estate
Joel Finard

Principal at CapMarket Consulting

  • Securities & Finance
  • Valuation
  • Financial Institutions
Richard W. George

Principal at Bank Experts Group

  • Corporate Finance
  • Financial Institutions
  • Real Estate
  • Securities & Finance
  • Corporate Governance
Andra Ghent

Professor at University of Utah

  • Securities & Finance
  • Consumer Finance
  • Real Estate
Sudip Gupta

Associate Professor of Finance at Johns Hopkins Carey Business School

  • Securities & Finance
  • Valuation
  • Corporate Finance
  • FinTech, Blockchain, and Cryptocurrency
  • Antitrust & Competition
Paul Hanouna

Associate Professor in the Department of Finance of the Villanova School of Business at Villanova University

  • Intellectual Property
  • Antitrust & Competition
  • Corporate Finance
  • Securities & Finance
  • Data Science & Statistics
  • Financial Institutions
  • Real Estate
Jeffrey H. Harris

Gary D. Cohn Goldman Sachs Chair in Finance in the Kogod School of Business at American University

  • Securities & Finance
  • Financial Institutions
Hans R. Isakson

Professor Emeritus of Economics at the University of Northern Iowa

  • Securities & Finance
  • Energy, Environment, and Natural Resources
  • Valuation
  • Real Estate
Haim Kassa

Associate Professor of Finance at the Farmer School of Business, Miami University

  • Securities & Finance
  • Antitrust & Competition
  • Data Science & Statistics
  • Financial Institutions
  • Valuation
Gordon Klein

Lecturer of Accounting at UCLA Anderson School of Management

  • Accounting
  • Securities & Finance
  • Valuation
  • Intellectual Property
  • Corporate Governance
Petter Kolm

Director of the Mathematics in Finance Master's program and a Clinical Professor of Mathematics at the Courant Institute of Mathematical Sciences, New York University; Partner at CorePoint.

  • FinTech, Blockchain, and Cryptocurrency
  • Securities & Finance
  • Financial Institutions
  • Data Science & Statistics
  • Valuation
Francis A. Longstaff

Allstate Chair in Insurance and Finance at UCLA Anderson School of Management

  • Insurance & Risk
  • Accounting
  • Securities & Finance
  • Valuation
  • Financial Institutions
Thomas Z. Lys

Eric L. Kohler Professor Emeritus at the Kellogg School of Management, Northwestern University

  • Antitrust & Competition
  • Securities & Finance
  • Accounting
  • Valuation
  • Real Estate
Christopher Palmer

Albert and Jeanne Clear Career Development Professor and an Assistant Professor of Finance at the MIT Sloan School of Management

  • Securities & Finance
  • Corporate Finance
  • Consumer Finance
  • Financial Institutions
Charles Porten

President at CZP Associates, Inc.

  • Financial Institutions
  • Securities & Finance
Ehud Ronn

Professor of Finance at The University of Texas at Austin, McCombs School of Business

  • Energy, Environment, and Natural Resources
  • Securities & Finance
Amir Sadr

University Lecturer at NYU Courant; Partner at CorePoint

  • Data Science & Statistics
  • Valuation
  • Securities & Finance
  • Financial Institutions
  • FinTech, Blockchain, and Cryptocurrency
Atulya Sarin

Professor of Finance in the Leavey School of Business at Santa Clara University

  • Securities & Finance
  • Valuation
  • Corporate Finance
  • Financial Institutions
  • FinTech, Blockchain, and Cryptocurrency
Anthony Saunders

John M. Schiff Professor of Finance in the Stern School of Business at NYU

  • Securities & Finance
  • Financial Institutions
Meir Statman

Glenn Klimek Professor of Finance at Leavey School of Business, Santa Clara University

  • Securities & Finance
  • Environmental, Social, and Governance (ESG)
  • Consumer Finance
Gary Strumeyer

Adjunct Professor of Finance/Economics, at LIU Post

  • Corporate Finance
  • Financial Institutions
  • Securities & Finance
  • Corporate Governance
Andrew Zuppann

Principal, Vega Economics

  • Labor & Employment
  • Securities & Finance
  • Data Science & Statistics
  • Antitrust & Competition
  • Healthcare & Health Economics
September 28, 2022 | Article
Has the U.S. Turned a Corner on Inflation?

Dr. Ehud Ronn recent update addresses the issue of whether there is a perception of “light at the end of the
tunnel” when it comes to the rate of inflation in the U.S. 

September 9, 2022 | Insights from Experts
Insights from Daniel Castro: C-PACE Landscape, New Legislation & Litigation Risks

Vega is delighted to sit down with expert Dan Castro, Chairman Investment Committee at Samas Asset Management, to discuss the C-PACE landscape, new legislation, litigation risks, and more. 

August 4, 2022 | Featured Expert
Featured Expert: Dr. Ehud Ronn Provides Oil Market Update

Our featured expert Dr. Ehud Ronn is a Professor of Finance at the McCombs School of Business, University of Texas at Austin. His research and teaching interests focus on the valuation of energy commodity-contingent securities. In this piece, he shares his latest analysis of the oil market. 

July 29, 2022 | Article
Short and Distort Litigation: Part 2

Part 2 of our short and distort series discusses the evidence considered by different courts in recent 'short and distort' litigation and how the Vega team can assist clients involved in such cases.

May 3, 2022 | News
SEC Nearly Doubles Size of Enforcement's Crypto Assets and Cyber Unit

The SEC announced the allocation of 20 additional positions to the Crypto Assets and Cyber Unit (formerly known as the Cyber Unit) in the Division of Enforcement will grow to 50 dedicated positions.

April 18, 2022 | Expertise
Trade Surveillance Capacities

Trade surveillance has become an essential tool for detecting unusual activity in financial transactions. Vega Economics has extensive experience in this area and we have worked on the leading edge of data driven analysis for trade surveillance and monitoring. Check out our Trade Surveillance Capacities brochure for more details.

April 4, 2022 | Article
"Short and Distort" Litigation: Part 1

This article discusses two cases that provide particularly helpful insights into recent 'short and distort' litigation and how the Vega team can assist clients involved in such cases.

March 23, 2022 | News
The CFPB Seeks Comments on its Proposed Rules on the Use of AVMs

The CFPB has recently published the proposals it is considering implementing as part of its regulatory responsibility to create regulations requiring AVM quality control standards. This summary addresses some of the issues presented in the CFPB outline and Vega's expertise in this space.

January 28, 2022 | Brochure
2021 Year in Review

As we look back on our practice throughout 2021, we are proud of the variety of issues our work has covered. We had the opportunity to support several outstanding experts from a variety of disciplines and welcomed several new experts to our network. You’ll learn more about our work last year in this brochure, our 2021 Year in Review.

January 18, 2022 | Featured Expert
Featured Expert: Gary Strumeyer

Our featured expert Gary Strumeyer is a former CEO/President of Bank of New York’s Broker Dealer, author of three books on the capital markets, and is currently a Professor of finance and economics.

December 27, 2021 | Article
The Regulatory Landscape of the Mortgage Origination Industry

Keeping abreast of regulatory compliance issues is a crucial component of doing business in the mortgage origination industry. This article offers a background and retrospective on several of the regulations and relevant enforcement entities involved in legal and compliance issues pertaining to residential mortgages.

November 17, 2021 | News
The Journal of Portfolio Management has named Petter Kolm "Quant of the Year" for 2021!

The Journal of Portfolio Management has named Vega's expert Petter Kolm "Quant of the Year" for 2021! This award recognizes a researcher’s history of outstanding contributions to the field of quantitative portfolio theory.

October 1, 2021 | Featured Engagement
Analysis of Regulatory Violations in Mortgage Loan Origination

In a recent American Arbitration Association proceeding, Dr. Andrew Zuppann and Vega Economics were retained by claimant's counsel to provide an expert analysis regarding the respondents' regulatory violations in the origination of mortgage loans.

September 14, 2021 | Article
Part 3: Student Loans and the SLABS Landscape

Part 3 of Vega's 3-part series on student loans discusses the unique features of SLABS that create both opportunities and risks for investors, as well as the implications of the COVID-19 pandemic on forbearances and cash flows.

August 20, 2021 | Featured Expert
Charles Porten, President, CZP Associates, Inc.

Our Featured Expert, Charles Porten is an expert in the portfolio management of hedge funds and mutual funds, as well as due diligence procedures and fund compliance issues.

August 16, 2021 | Brochure
Looking Forward: SPAC Litigation

The market has tightened as SPACs have grown in popularity. There are currently hundreds of SPACs seeking acquisitions. Even before this tightening, SPACs have been criticized for misaligning sponsor and investor incentives. At Vega, we are closely monitoring market developments as sponsors come under more pressure to locate and secure deals.

August 6, 2021 | Featured Expert
Daniel Castro, Founder of Robust Advisors, Inc.

Mr. Castro is an expert in mortgage origination, underwriting, servicing, mortgage banking. He also specializes in ABS, RMBS, CMBS, CDOs, CLOs, REITs, ABCP, SIVs, and other Structured Finance products.

July 16, 2021 | Article
The Importance of Expert Economists in Spoofing Litigation

Regulatory and enforcement agencies, market exchanges, and at least one private party have brought legal actions for alleged spoofing in futures markets. To meet applicable standards of proof, attorneys are increasingly turning to expert testimony regarding statistics and econometrics to prove and refute spoofing allegations in litigation.

July 6, 2021 | News
Supreme Court Ruling May Reshape Expert Strategy at the Class Certification Stage

The U.S. Supreme Court recently issued its long-awaited decision in Goldman Sachs Group, Inc. et al. v. Arkansas Teacher Retirement System et al. on June 21, 2021. The class certification stage will consequently become a critical and hotly contested place for expert debate in securities class actions.

June 8, 2021 | News
Statistics in SEC Chairman Gary Gensler's Released Prepared Remarks About Rule 10b5-1 Trading Plans

In his released prepared remarks for the CFO Network Summit, SEC Chairman Gary Gensler highlighted areas of potential rulemaking around Rule 10b5-1 trading plans. Chairman Gensler has cited discussion and proposals based on Professor Dan Taylor’s article, "Gaming the System: Three 'Red Flags' of Potential 10b5-1 Abuse."

June 7, 2021 | Featured Expert
Dr. Thomas Lys, Eric L. Kohler Professor Emeritus at the Kellogg School of Management, Northwestern University

Our featured expert, Dr. Thomas Lys is is an expert in areas including accounting, corporate finance, corporate governance, real estate, and finance. Dr. Lys was recently supported by Vega to rebut plaintiffs’ damages calculations in seven cases brought against RMBS servicers and master servicers.

May 24, 2021 | Featured Expert
Richard George, Principal at Bank Experts Group

Experts testifying in conflict resolution proceedings at the ICSID should ideally be familiar with this forum’s unique rules and procedures. Vega affiliate Richard George has testified as an expert before ICSID on issues concerning generally accepted international banking practices. 

May 14, 2021 | Article
Spoofing Enforcement in an Increasingly Complex World

Vega discusses one form of market manipulation, spoofing, that is attracting increasing levels of government scrutiny and enforcement. 

May 7, 2021 | Featured Expert
Dr. Haim Kassa, Associate Professor of Finance at the Farmer School of Business, Miami University

Our featured expert, Haim Kassa, is is an expert in the areas of investments and portfolio management and he is experienced in the design and testing of trading strategies using historical firm level data from the stock, bond, and option markets.

April 23, 2021 | Article
Recent SEC Guidance Classifies Some SPAC Warrants as Liabilities

Recent SEC accounting guidance reclassifying SPAC warrants as liabilities instead of equities has drawn new attention to SPACs. In light of these developments, we discuss SPACs and SPAC warrants.

March 18, 2021 | Expertise
In the Spotlight: Complex Securities Through the Lens of Ratings Agencies

Vega is experienced in analyzing rating methodologies and various other issues surrounding complex securities through the lens of the rating agencies. This brochure highlights our experience and how we can assist on cases involving any rating issues as this litigation continues to develop.

March 10, 2021 | Brochure
The LIBOR Transition: Risks and Opportunities

Vega has worked with numerous major financial institutions and analyzed issues related to all aspects of complex financial products. We will be your best ally in navigating the LIBOR transition given our deep institutional knowledge and advanced technology solutions.

March 1, 2021 | Brochure
Preparing for the Rise of ESG Litigation

Vega's research team discusses the widely anticipated ESG-related litigation claims and highlight our featured experts who can strengthen our clients position in these matters. 

February 19, 2021 | Article
Part 2: Modelling the Default of Private Student Loans

Part 2 of Vega's 3-part series on student loans presents a survey of methods for modelling student loan default. 

February 16, 2021 | Brochure
Stock Drop Litigation Capacities

In securities stock drop litigations, Vega provides comprehensive expert support on class certification, liability, and damages issues. In early phases of these cases we assist our clients to assess the merits of the cases.

February 1, 2021 | Article
CMBS Litigation: What Is Coming Next?

Vega expands on our November publication Looking Forward: the CMBS Litigation Landscape, and discusses the trends in CMBS, the key players in the market, and potential claims that may arise in litigation.

January 19, 2021 | Article
Gaming the System: Three "Red Flags" of Potential 10b5-1 Abuse

Vega expert Professor Dan Taylor's new research article "Gaming the System: Three 'Red Flags' of Potential 10b5-1 Abuse" was featured in Cooley's special counsel Cydney Posner's discussion "Are 10b5-1 Plans Subject to Insider Trading Abuse?" on Cooley PubCo.

January 11, 2021 | Article
Part 1: Recent Trends in Private Student Loans

Part 1 of Vega's 3-part series on student loans discusses current trends in private student loans, including key statistics on originators, performance, and SLABs.

December 14, 2020 | Expertise
In the Spotlight: Collection and Visualization of Securities Data

Using proprietary tools, Vega creates customized datasets from a range of sources and deliver our analyses with clear and informative visualizations. To illustrate the automated tool we developed we highlight three example visualizations that we periodically update using our automated data tools.

November 20, 2020 | Article
MBS and the LIBOR Transition: Risk Disclosures of Newly Issued MBS Backed by SOFR-Indexed Loans

The Vega team has analyzed the available deal documents for the market's first MBS backed by SOFR-indexed loans and identified the relevant risk disclosures and replacement terms.

November 13, 2020 | Brochure
Looking Forward: The CMBS Litigation Landscape

Vega anticipates that many cases will be filed regarding CMBS trusts following the COVID-19 economic shutdown. Our team of economists present information regarding possible expert analyses relevant to this space and select experts that can assist in these matters.

October 12, 2020 | Article
Trends in the U.S. Corporate Bond Market Since the Financial Crisis

Vega economists discuss long-term trends in the U.S. corporate bond market since the financial crisis and the impact of the COVID-19 pandemic.

May 5, 2020 | Article
How Will Covid-19 Affect Commercial Real Estate

Vega expert Dr. Andra Ghent recently shared her thoughts on the outlook for retail real estate via her latest article “How will Covid-19 Affect Commercial Real Estate,” published on Kenan Insight. 

May 9, 2019 | Brochure
Securities Fraud Case Experience

The Vega team has significant experience supporting experts in cases related to securities fraud. This brochure gives an overview of Vega's securities fraud practice and related engagements. 

January 16, 2019 | Article
Objective Measures of Market Efficiency: Applications to Securities Class Actions and Valuations

Vega expert Dr. Rajeev R. Bhattacharya discusses a new approach to confirm the (lack of) market efficiencies in securities cases in his new paper “Objective Measures of Market Efficiency: Applications to Securities Class Actions and Valuations."

October 1, 2018 | Article
Analysis of Market's Reaction to Plea Agreements

Using recent U.S. public data, Vega analyzed how the announcement of a plea agreement has historically affected a company’s stock returns. We performed an empirical analysis of the impact of announcements of plea agreements on stock market returns using an “event study” approach. 

September 1, 2018 | Article
Interview with Professor Jeffrey Wurgler on Stock Performance and Investor Sentiment

We interview Professor Jeffrey Wurgler, the Nomura Professor of Finance at New York University Stern School of Business to gain his insights on the current issues related to stock price. Professor Wurgler is an expert on corporate finance, capital markets, asset pricing, and behavioral finance. His research includes topics such as stock performance and the impact of investor sentiment.

Originally Published January 9, 2021 | Securities & Finance
CMBS COVID-19 Alert

Interactive dashboard that includes CMBS properties where servicers included COVID-19 alert in the servicer commentary for investors to do further analysis. 

Originally Published November 1, 2020 | Case Filings
RMBS Repurchase Case Tracker

Interactive visualization of the case timelines for repurchase actions filed in NY state court alleging originators failed to cure or repurchase loans from RMBS trusts that allegedly failed to conform to representations and warranties.