Forensic Economics works with a number of renown expert witnesses and economists to provide clients with an unsurpassed package of economic analysis and the capacity to deliver success at trial.

Forensic Economics does not have an exclusive relationship with any consulting experts.

Gregg A. Jarrell

Prof. Jarrell is Professor of Economics and Finance at the University of Rochester's William E. Simon Graduate School of Business Administration.  He has been a member of the Simon School faculty since 1988.  Prof. Jarrell served as the Director of the Simon School's Managerial Economics Research Center from 1988 to 1990, and as the Director of the Bradley Policy Research Center from 1990 to 1994.  Prof. Jarrell is the founder and a commissioner of the Shadow Securities and Exchange Commission, a group of prominent scholars that promotes the use of economic research in formulating policy on financial markets regulation.

Prof. Jarrell served as the Chief Economist of the U.S. Securities and Exchange Commission from April, 1984 to January 1987.  He was the AT&T Foundation Resident Management Fellow at the William E. Simon Graduate School of Business Administration, University of Rochester, from January to June 1987.  Dr. Jarrell also served as a member of the Board of Directors of the United Shareholders Association from 1991 to 1993.

Prof. Jarrell has published dozens of articles on economic and finance topics in scholarly academic journals, as well as the popular media, and is an expert on the economics and regulation of financial markets, financial valuation, and microeconomic theory and application.  He was a member of the SEC Advisory Committee on Tender Offer Policy (February through July, 1983).  Before joining the Commission, Prof. Jarrell taught Economics and Finance at the University of Rochester's Graduate School of Management (renamed in 1986 the William E. Simon Graduate School of Business Administration in November) (1977-1981), and was a Research Fellow under Professor George J. Stigler at the University of Chicago's Center for Study of the Economy and the State (1981-1983). Prof. Jarrell was also a Senior Economist with Lexecon, Inc., a Chicago economics consulting firm specializing in Antitrust and Securities litigation (1983-1984), and has served as an expert witness in numerous cases involving securities litigation, financial valuation, financial markets operations, antitrust economics, and other issues.  He has consulted with the Federal Trade Commission and has served as an Adjunct Professor at Georgetown University School of Law.  Prof. Jarrell has been engaged in numerous management consulting assignments involving transfer-pricing practices (tax issues, decentralization), management organization and strategy, executive compensation practices, public utility economics and regulation, as well as financial valuation of publicly-traded securities, derivative instruments, privately-held businesses, and divisions of public firms.

Prof. Jarrell frequently serves as an expert witness on financial-economic issues in business litigation.  He received a B.S. in Business Administration from the University of Delaware, an M.B.A. in Economics and Finance from the University of Chicago, and a Ph.D. in Business Economics from the University of Chicago.

Michael Bradley

Michael Bradley is the F.M. Kirby Professor of Investment Banking at the Fuqua School of Business and Professor of Law at Duke University. He is also the Chairman of the Finance Department at Fuqua. From 1985 to 1995 he was the Everett E. Berg Professor of Business Administration, Professor of Finance and Professor of Law at the University of Michigan. Professor Bradley received his Ph.D. in economics and finance from the University of Chicago and has also served on the faculties of the Universities of Chicago and Rochester.

Professor Bradley's research interests lie at the intersection of corporate finance and corporate law. He has published papers on corporate capital structure, mergers and acquisitions, takeover defenses and tactics, government regulation of the securities market, insider trading, fiduciary duties of corporate managers, corporate governance and corporate bankruptcy. He has taught courses on microeconomics, industrial organization, investments, managerial finance, corporate finance, mergers and acquisitions, restructuring and corporate law to Ph.D., MBA, J.D., and L.L.M. students, and business executives from around the world. He has received teaching awards from MBA students at the University of Rochester’s William E. Simon School of Business Administration and the Fuqua School of Business (Duke). In 1996 he received the Outstanding Faculty Award at Fuqua. He was rated as a "Superior Teacher" in Business Week's biannual survey of US business schools in 1996 and 1998.

Professor Bradley has testified in some of the most important cases involving takeovers and corporate governance issues. These cases include Household (the legality of the poison pill defense), Fruehauf (managerial behavior in control contests), CTS (the constitutionality of state Control Shares Acquisition Statutes) and Westpoint Pepperill (the constitutionality of state Merger Moratorium Statutes).

Professor Bradley's research has been published in The Journal of Financial Economics, The Journal of Finance, The Journal of Law and Economics, The Journal of Business, The Journal of Applied Corporate Finance and the law reviews of Harvard, Yale, Cornell and Iowa Universities. He is on the editorial boards of The Journal of Applied Corporate Finance, The Journal of Corporate Finance and Governance, and The Journal of Financial Research.

He has testified before the Senate Banking Committee, the Securities and Exchange Commission, the Council of Economic Advisors, the National Association of Manufacturers, the Council of Institutional Investors and has presented the results of his research in numerous academic forums. His work has been cited in textbooks, professional journals and the decisions of numerous state and federal courts, including the United States Supreme Court.

Charles I. Plosser

Charles I. Plosser became the Federal Reserve Bank of Philadelphia's 10th president and chief executive officer on August 1, 2006.  Before going to the Federal Reserve Bank, Professor Plosser was on the Simon School faculty since 1978 and served as dean of the School from 1993 to 2003.

Professor Plosser is an economist of international distinction who has lectured to academic and business audiences worldwide. Since 1978, he has presented his forecast for the American economy at the Simon School’s annual Economic Outlook Seminar in Rochester. Since 1991, he has been an annual guest of the American Chamber of Commerce in the Netherlands (Amsterdam) where he has presented his annual forecast to the Dutch business community. Professor Plosser has teaching interests in macroeconomics, economic growth, econometrics, finance, and money and banking. Much of his research has been supported by grants from the National Science Foundation.

His publications have appeared in the American Economic Review, the Journal of Monetary Economics, the Journal of Political Economy, the Journal of the American Statistical Association and the International Economic Review. Professor Plosser is editor of the Journal of Monetary Economics and the Carnegie-Rochester Conference Series on Public Policy. He is co-chair of the Shadow Open Market Committee, a nationally recognized group of economists that monitors and comments on U.S. economic policy.  Professor Plosser is listed in recent editions of Who’s Who in Finance and Industry, Who’s Who in Education, Who’s Who in America and Who’s Who in the World. He has served as consultant to numerous corporations, including Chase Manhattan Bank, Eastman Kodak Company and The Wyatt Corporation.

Professor Plosser has served as an advisory board member of the Rochester New Enterprise Forum, as a member of the Metropolitan Advisory Board of Chase Manhattan Bank, as chairman of the board of directors of The Consortium for Graduate Study in Management, and on the board of directors of ViaHealth. He was a member of the board of directors and served as chairman of the board of directors of the Graduate Management Admission Council. He also served on the board of directors of RGS Energy Group until it was sold in 2002, and he remains on its advisory board. He currently serves on the advisory board on the University Technology Seed Fund, LLC.

During 2003–04, Professor Plosser was on sabbatical, spending time as a visiting scholar at the Federal Reserve Bank of Minneapolis, Minn., and as an advisor on monetary policy and research at the Bank of England.

He received a B.E. (cum laude with honors) in Engineering from Vanderbilt University, an M.B.A. from the University of Chicago, and a Ph.D. in Business Economics from the University of Chicago.

G. William Schwert

Professor Schwert is a Distinguished Professor of Finance and Statistics at the University of Rochester’s William E. Simon Graduate School of Business Administration.  He is included in Who’s Who in Finance and Industry, Who’s Who in American Education, and Who’s Who in the East.

Professor Schwert has research and teaching interests in portfolio and capital-market theory, corporate finance and control, econometrics and time-series analysis, and in the effects of public regulation on business. From 1978 until 1982, his research was sponsored by the National Science Foundation. During 1982, he was the first CRSP Distinguished Research Scholar at the University of Chicago. He received a Batterymarch Research Fellowship for the 1982-83 academic year. In 1990, he won the Graham and Dodd Plaque for the best paper (“Stock-Market Volatility”) published in the Financial Analysts Journal, and he won a Smith-Breeden Distinguished Paper Award for one of the best papers (“Why Does Stock Market Volatility Change Over Time?”) published in The Journal of Finance.

Professor Schwert has been an editor of the Journal of Financial Economics since 1979 and the managing editor since 1995. He is an associate editor of The Journal of Finance from 1983-2000 and he is an advisory editor of the Journal of Monetary Economics. His current research deals with the pricing of initial public offerings of stock, the effects of insider trading on the market for corporate control, the effects of anti-takeover devices on takeover activity, and on stock market volatility.

He received an A.B. (honors) in Economics from Trinity College, an M.B.A. in Finance and Econometrics from the University of Chicago, and a Ph.D. in Finance and Econometrics from the University of Chicago.

Jerold L. Zimmerman

Professor Zimmerman is the Ronald L. Bittner Professor of Business Administration and Professor of Accounting at the University of Rochester’s William E. Simon Graduate School of Business Administration.  He specializes in financial and management accounting issues.

Professor Zimmerman was the co-recipient of the American Institute of Certified Public Accountants Awards in 1979 and 1980. He was the 1978 winner of the Competitive Manuscript Award, sponsored by the American Accounting Association. Professor Zimmerman’s research, which has come to be called “positive theories of accounting,” seeks to understand the costs and benefits of various accounting procedures. Professor Zimmerman co-authored research that has been published in the Journal of Accounting and Economics, Accounting Review and the Journal of Accounting and Economics.  In 2004, Professor Zimmerman received the American Accounting Association Seminal Contribution to the Accounting Literature Award, the most prestigious research award in the field of accounting.

Professor Zimmerman co-authored a book, Positive Accounting Theory, published by Prentice-Hall in 1986. The third edition of Managerial Economics and Organizational Architecture by James A. Brickley, Clifford W. Smith Jr. and Jerold L. Zimmerman was published by McGraw-Hill/Irwin in 2003. Brickley, Smith, Zimmerman and Janice Willett authored a popular version of this text entitled Designing Organizations to Create Value, published by McGraw-Hill in 2003. The fourth edition of Zimmerman’s textbook, Accounting for Decision Making and Control, was published by McGraw-Hill in 2003. Professors Cheryl McWatters (McGill University), Dale Morse (University of Oregon) and Zimmerman have published the second edition of an undergraduate accounting text, Management Accounting, also available from McGraw-Hill.

Professor Zimmerman is an editor of the Journal of Accounting and Economics. He was also a distinguished faculty member of the American Accounting Association’s Doctoral Consortium, and a visiting professor at Chinese University of Hong Kong, Hong Kong University of Science and Technology, and Hong Kong University. He is a member of the board of directors of CPAC (Nasdaq) and chairs the Audit Committee, as well as being a member of the Compensation and Governance committees.

He received a B.S. (cum laude) in Finance from the University of Colorado, and a Ph.D. in Business Administration from the University of California at Berkeley.

Frank C. Torchio

Mr. Torchio is the President of Forensic Economics, Inc., located in Rochester, New York.  He founded Forensic Economics, Inc. in 1989.  Mr. Torchio has passed the Level III examination of the chartered financial analyst (CFA®) program of the CFA Institute and has been awarded the CFA® charter, which is a globally recognized standard for measuring the competence and integrity of valuation practitioners and investment professionals.

Mr. Torchio has consulted on issues pertaining to financial valuations, regulatory economics, transfer pricing, and financial-economic analysis, and has analyzed the response of stock prices to public information for over 15 years.

Mr. Torchio has testified successfully at trial and numerous times in depositions and at arbitrations.  Mr. Torchio’s areas of expert testimony include business valuation, investment portfolio analysis, damages arising from breach of contract, and damages in securities fraud lawsuits.  He has co-authored an article about the trading models used for estimating damages in securities lawsuits.  The article is published in Duke University School of Law’s Law and Contemporary Problems (Vol. 64, Spring-Summer 2001).

He holds an MBA in Finance and Economics (1982) from the University of Rochester’s William E. Simon Graduate School of Business Administration and a BA in Mathematics from Niagara University.  Mr. Torchio was the 1991 Rosenthal Fellow at the University of Rochester for innovative developments in applying financial-economic theory.  He has served on the adjunct faculties at the William E. Simon Graduate School of Business Administration at the University of Rochester (1997 to 1999, 2004 to 2005) and at the Graduate School of Business at Rochester Institute of Technology (1994 to 1996).

Greg Shaffer

Prof. Shaffer, who teaches Economics and Management at the University of Rochester’s William E. Simon Graduate School of Business Administration, has a Ph.D. in Economics from Princeton University’s and is an expert in anti-trust economics.

He has been involved in numerous consulting engagements and antitrust cases in the U.S. and abroad related to issues on pricing and vertical relations among firms, and he has served as a visiting scholar in the two U.S. government antitrust agencies: the Antitrust Division of the U.S. Department of Justice and the Bureau of Economics at the U.S. Federal Trade Commission. During his time in Washington, Prof. Shaffer participated in the writing of the 2001 Federal Trade Commission’s report on slotting allowances, and he has twice given invited testimony on their competitive effects, serving on a three-member panel investigating this practice at the Hearings on Global and Innovation Based Competition (1995) and again at the Federal Trade Commission’s sponsored workshop on slotting allowances (2000).

Professor Shaffer teaches the Simon School’s course on pricing policies to full-time and part-time M.B.A. students and is the founder and director of the Center for Pricing. He has been named to the Teaching Honor Roll numerous times and was awarded the Superior Teaching Award (given to the most outstanding professor) from the M.B.A. classes of 2001 and 2004. Shaffer’s research employs game-theoretic methods to examine issues in antitrust and regulation, and pricing policies. He has received research grants from the U.S. National Science Foundation, the Social Science Research Council (USA), the Social Research Council (UK), and he is a research associate of the Centre for Competition Policy at the University of East Anglia (UK).

Prof. Shaffer’s work has appeared in the American Economic Review; Economic Journal; the RAND Journal of Economics; Journal of Economics and Management Strategy; Journal of Law and Economics; Journal of Law, Economics and Organization; Journal of Industrial Economics; International Journal of Industrial Organization; Advances in Economics and Public Policy; Advances in Applied Microeconomics; Marketing Science; Management Science; and the Berkeley Economics Journals. He received Emerald Management Review’s Citation of Excellence Award as the author of one of the top 50 management articles of 2002.

Prof. Shaffer is a co-editor of the Journal of Economics and Management Strategy, an area editor of Marketing Science, and an associate editor of the Journal of Economics and Business.