Filipe Lacerda is a financial economist with deep expertise in the analysis of economic issues related to price impact, loss causation, damages, market efficiency, and settlements. He has consulted on various stages of securities litigation, including class certification, motion to dismiss, and motion for summary judgment, as well as mediations.
Dr. Lacerda’s recent representative work includes:
Securities litigation
- Analyzing economic issues under Section 10(b) of the Securities Exchange Act of 1934 and Sections 11 and 12 of the Securities Act of 1933
- Assessing potential economic exposure at different stages of the litigation process
- Evaluating market efficiency, price impact, and the reliability of damages methodologies
- Analyzing how different types of information affect security prices and valuation, particularly with respect to loss causation and damages at the summary judgment and merits stages
- Using econometric techniques to model security prices based on daily and intra-daily price data
- Quantifying the impact of industry-wide information on company stock prices
Valuation
- Valuing company assets using methodologies such as discounted cash flow (DCF), guideline public company (GPCM), and guideline transaction (GTM)
- Using contingent claims analysis (CCA) to value the capital structure of early-stage companies
- Valuing a venture capital firm, including such revenue sources as management fees and carried interest on current and follow-on funds
Financial institutions
- Applying econometric methodologies to evaluate the performance of mortgage loan portfolios, in the context of loss causation and damages
- Analyzing market manipulation in OTC markets
Press Release
Cornerstone Research Promotes Six to Vice President and Principal in London, Los Angeles, New York, Silicon Valley, and Washington, DC
Article
Approved Claims Rates in Securities Class Actions: Evidence from 2015–2018 Rule 10b-5 Settlements
- Vignola v. FAT Brands Inc. et al.
- Frederick Hsu Living Trust v. ODN Holding Corp. et al.
- Bankruptcy Valuation of a Start-Up Company
- Hsu et al. v. Puma Biotechnology Inc. et al.
- Alleged Misrepresentations in RMBS Offering Documents
- Publicly Traded Company Valuation Following Acquisition
- GE-Alstom Merger