Expert Details

Expert in Economics and Finance: Damage & Loss Analysis, Econometrics, Churning, Antitrust, AAA, NYSE, NASDAQ

Expert ID: 724788 New York, USA

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He has conducted basic as well as applied research in areas of antitrust including horizontal price fixing, mergers and damages. In the area of unlawful price fixing, pursuant to Section 1 of the Sherman Act, he has carried out an applied econometric study of the effect of price-fixing in the domestic titanium industry. He also published an article showing the antitrust relationship between tie-ins and vertical mergers. In the area of anti-competitive mergers and acquisitions, pursuant to Section 7 of the Clayton Act, he published an article in a professional peer-reviewed journal analyzing post-acquisition effects on the output of a competitive firm acquired by a pure conglomerate. In the area of damages, he published an article demonstrating how indirect purchasers can measure the economic harm they sustained as a consequence of upstream price fixing.

He prepared many reports analyzing the value of closely-held businesses as well as professional practices. Generally, he applies a methodology of calculating the discounted cash flow of the future earnings to determine the going-concern value of a private business. The methodology usually requires preparation of projections of multiple cash flow streams including revenue stream(s)as well as the fixed and variable costs generated by the business operations. A risk-adjusted discount rate is then applied to calculate the present value of the earnings resulting from the cash flow projections.

He has estimated the parameters of macro-econometric models as well as econometric models of specific industrial sectors. The models include, but are not limited to: the domestic wine industry, the domestic residential mortgage industry, a foreign market for mainframe computers Japan), the domestic titanium industry, the wholesale market for poultry in New York City, the domestic market for ethical pharmaceuticals, and the national labor market for professional engineers.

He received training in applied and theoretical econometrics at the Wharton School of Finance and Commerce at the University of Pennsylvania. At that institution he studied econometrics under Professors Lawrence Klein and Phoebus Dhrymes. The econometrics curriculum included single and multivariate regression analysis, analysis of variance, simultaneous equation estimation, distributed lags, logit analysis, dichotomous variable estimation and time series models.

The economic analyses he conducted are almost all related to optimization problems or forecasting of cash flows. His work has been mainly, but not exclusively, in the private sector. He has analyzed the markets for commodities as well as services. The studies include an economic analysis of the markets for urban mass transportation (performed under contract from UMTA, a sub-agency of the U.S. Dept. of Transportation)the economic feasibility of an all-volunteer army (performed under contract from the U.S. DDR&E)the optimization of worker productivity in the U.S. Postal Service, optimization of a diversified portfolio of publicly traded securities applying mean/variance analysis, forecasting aggregate changes in manufacturing and non-manufacturing inventory investment, estimating an econometric model of the market for domestic pharmaceuticals, analysis of the problematic aspects of the Truth-In-Lending Act, analysis of the correct method for estimating the returns to be expected from investments in publicly traded securities denominated in foreign currencies, the economic biases inherent in public utility regulation, transnational management of intellectual property rights, the domestic market for fine art and the random properties of the venture capital funding process.

He has served as a financial consultant to law firms, the U.S. Attorney's Office (EDNY)and

He has rendered expert testimony in economics and finance in the courts of New York, New Jersey and Connecticut. He has also rendered expert testimony in Federal District Courts (EDNY and SDNY.) Since 1980 he has testified in over 100 cases. His testimony in most of the cases related to issues of economic loss sustained by Plaintiffs in personal injury actions and/or economic loss sustained by survivors of a decedent. He has also testified on the valuation of professional practices and privately held-business. In the domestic relations portion of his consulting practice he has testified as to the enhanced economic value of a license or educational credential claimed be a spouse to be marital property. In the securities litigation portion of his practice he has testified in arbitration fora (AAA, NYSE and NASDQ)on the issues of churning by a broker and suitability of securities for inclusion in a diversified portfolio. In the security matters he also testified as to the damages sustained by the claimant.

He has been retained often by Defendant's attorneys to rebut evidence offered by the Plaintiff's economic expert. He has assisted defense attorneys to prepare motion papers and to conduct cross-examinations in Daubert hearings.


He has prepared many reports and rendered testimony at many trials in state courts and Federal courts to prove and to rebut proof of the economic damages sustained by personal injury plaintiffs and the survivors of decedents.He has prepared reports and rendered testimony at many trials in state courts to prove and to rebut proof of the enhanced economic value of a professional license or educational credential.He has prepared reports and rendered testimony in arbitration fora to prove and to rebut proof of the economic losses allegedly sustained by a person claiming improper management of a portfolio of publicly traded securities. He has prepared reports and rendered testimony at trials in state courts to prove and to rebut proof of the economic value of a closely-held corporation as well as the value of partnerships and sole proprietor businesses.He has prepared reports and rendered testimony at trials in state courts to prove and to rebut proof of the economic losses sustained by plaintiffs in breach of contract litigation and other kinds of commercial litigation.


Year Degree Subject Institution
Year: 1972 Degree: Ph.D. Subject: Economics and finance Institution: University of Pennsylvania
Year: 1967 Degree: M.A. Subject: Economics and finance Institution: University of Pennsylvania
Year: 1965 Degree: B.A. Subject: Economics Institution: State Univ. of New York

Work History

Years Employer Title Department
Years: 1979 to 2008 Employer: Pace University Title: Professor of Economics and Finance Department: Lubin School of Business
He is assigned to instructional duties in the MBA curriculum. He teaches courses in economics and finance
Years Employer Title Department
Years: 1975 to 1979 Employer: IBM Corporation Title: Managing Director Department: Economic Research Department
He supervised and conducted economic research to analyze and forecast the industry demand for products sold by IBM.
Years Employer Title Department
Years: 1972 to 1975 Employer: John Hancock Mutual Life Insurance Co. Title: Officer Department: Economic Research
He supervised and conducted economic and financial research relating to the rates of return to the assets in the portfolio of the Treasury Department

Government Experience

Years Agency Role Description
Years: 1986 to 2007 Agency: Office of the United States Attorney (EDNY) Role: Economic consultant / Expert Witness Description: Retained by the Office of the U.S. Attorney (EDNY)to render consulting services and expert testimony in the defense of claims against the United States brought by personal injury plaintiffs.

Career Accomplishments

Associations / Societies
American Economic Association
Publications and Patents Summary
He has more than 40 publications in professional periodicals in economics and finance.

Additional Experience

Expert Witness Experience
He has had 25 years of experience preparing reports and rendering expert testimony relating to damages recoverable in litigation in several state courts as well as in Federal courts. He has consulted and testified in the following areas: personal injury, wrongful death, valuation of professional practices and educational credentials, antitrust, breach of contract, securities arbitrations (AAA, NYSE and NASDQ) and others. He has been retained by Plaintiffs' Counsel as well as by Defense Counsel.
Training / Seminars
He has delivered presentations to attorneys attending Continuing Legal Education programs in New York State. All the presentations addressed the issues of how to prove economic damages at trial and how to rebut the evidence and the testimony offered by opposing experts.

Fields of Expertise

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