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

Professor of Finance at R.H. Smith School of Business at the University of Maryland

  • Securities & Finance
  • Antitrust & Competition
  • Valuation
  • Data Science & Statistics
Daphne Chen

Managing Director

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

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

  • FinTech
  • Valuation
  • Insurance & Risk
  • Securities & Finance
  • Financial Institutions
  • Real Estate
Ethan Cohen-Cole

Senior Advisor at Vega Economics

  • Securities & Finance
  • Financial Institutions
  • Valuation
  • Consumer Finance
  • Healthcare & Health Economics
  • Data Science & Statistics
Joel Finard

Principal at CapMarket Consulting

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

Principal at Bank Experts Group

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

Associate Professor at UNC Kenan-Flagler Business School

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

Clinical Associate Professor of Finance and Business Economics at Fordham University

  • Securities & Finance
  • Valuation
  • Antitrust & Competition
  • FinTech
  • Corporate Finance
Paul Hanouna

Associate Professor, Department of Finance, Villanova School of Business, Villanova University

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

Gary Cohn Goldman Sachs Endowed Chair in Finance at the Kogod School of Business, American University

  • Securities & Finance
  • Financial Institutions
Hans R. Isakson

Professor Emeritus of Economics at the University of Northern Iowa

  • Securities & Finance
  • Valuation
  • Energy & Environmental Economics
  • Real Estate
Haim Kassa

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

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

Lecturer in Accounting at UCLA Anderson School of Management

  • Accounting
  • Securities & Finance
  • Corporate Governance
  • 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

  • Securities & Finance
  • Accounting
  • Valuation
  • Antitrust & Competition
  • 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
Atulya Sarin

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

  • Securities & Finance
  • Valuation
  • Corporate Finance
  • Financial Institutions
Anthony Saunders

John M. Schiff Professor of Finance at NYU Stern

  • Securities & Finance
  • Financial Institutions
Meir Statman

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

  • Securities & Finance
  • Consumer Finance
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 at 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.

July 1, 2017 | News
Order Denying Motion to Exclude Vega Expert's Loan-Level Materiality Analysis

Morgan Stanley Mortgage Loan Trust 2006-14SL, Mortgage Pass-Through Certificates, Series 2006-14SL and Morgan Stanley Mortgage Pass-Through Certificates, Series 2007-4SL v. Morgan Stanley Mortgage Capital Holdings (N.Y. Sup. No. 652763/2012).

February 1, 2017 | News
Order Denying Motion to Exclude Vega Expert's RMBS Materiality Analysis

NCUA v. UBS Securities, LLC, et al. (D. Kan. No. 12-cv-2591) and NCUA v. Credit Suisse Securities (USA) LLC, et al. (D. Kan. No. 12-cv-2648).

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.