Publications

Article – The Size Premium is 35: Has It Grown Up?

Magnifying glass on graph

In 1981, an academic article was published indicating that, adjusting for risk, investors might require additional returns for investing in the shares of ‘small’ companies.

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Case Study – Expert Witnesses: A Matter of Facts

Engineers

When the Indian engineering and construction company Punj Lloyd was sued by a petrochemicals company, SABIC UK Petrochemicals Ltd, we were able to bring together three experts specialists with expertise in quantity surveying, the chemicals market and finance to help assess the fair value of the damages that could be claimed.

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Article – Trends in International Arbitration

Global network

The global economy has experienced extreme stresses in recent years, beginning with the banking crisis of 2007 and the global recession that followed.

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Case Study – Market Investigations: Energy

When an energy company faced a market investigation by the UK competition agency, our analysis helped to show they were not charging excessive prices.

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Case Study – Market Investigations: Healthcare

When the private healthcare market faced a market investigation, our analysis helped persuade the Competition Commission that they should not order the break-up of our client’s business.

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Case Study – Competition Damages: Oil & Gas

When our client was found guilty of charging excessive prices, we used our extensive experience in quantitative economics to help overturn the verdict.

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Case Study – Competition Damages: SAA

Our analysis of damages was used to support our client’s claim for lost profits arising from a breach of competition law.

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Judgement – Private Copying Exception Judicial Review

In July 2015 the UK music industry successfully challenged the Government’s decision the previous year, to introduce a private copying exception into UK copyright law without providing for fair compensation to rightholders.

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Case Study – Excessive Pricing: Sasol

When our client was found to have priced excessively, we used our extensive experience in quantitative economics to help successfully overturn this ruling.

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Article – The impact of Corporate Taxation on economic losses

Taxes, and particularly taxes on profits, are a fact of corporate life in the majority of jurisdictions. As a result, the treatment of tax in the calculation of awards of compensation made by tribunals in international commercial and investment treaty arbitration can have a significant impact on the value of an award to a recipient.

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Article – Valuation in International Arbitration

The value of a business or other asset depends on the expected future benefits from holding that asset and the uncertainty associated with those benefits. An expert valuer must often form an opinion on value based on their assessment of future benefits and uncertainty at a given date.

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Article – Treaty Arbitration: Unpacking the Discount Rate – Part I

A common question faced by tribunals in international arbitration is “what is the value of a business or asset that has been expropriated?” Expert evidence is generally submitted on behalf of both the investor and the state and often the two experts arrive at very different conclusions.

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Article – Treaty Arbitration: Unpacking the Discount Rate – Part II

This is the second of two articles that discuss the use of discount rates in assessing losses in international arbitration. In this article, we explore how “country risk” can affect the value of investments and the approaches taken to incorporate this risk in damages calculations in international arbitration.

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Article – The Use, and Misuse, of Hindsight in Damages Calculations

The date at which economic losses are assessed can significantly affect the amount of damages awarded to claimants. There is much discourse as to whether losses should be assessed at the date of the alleged wrongful act, or at the date of an award, as a matter of customary international law. However, there is less commentary on the practical challenges in assessing losses at either date. In this article we consider those challenges.

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Article – Asset-based valuations: Valuation floor or flawed valuation?

Asset-based valuations, such as ‘book value’, are often applied in one of two ways: (1) as a floor or cross-check for values assessed using Discounted Cash Flow (DCF) or market-based approaches; or (2) to value assets not reflected in a DCF or market valuation, such as nonoperating assets. However, the utility of these applications is sometimes misjudged because of misunderstandings about the content of financial statements – in particular, because the requirements (or ‘financial reporting standards’) governing the preparation of financial statements have changed and become more complex in recent decades.

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Article – Taxation and Currency Issues in Damages Awards

This article describes some of the issues that can contribute to the distortion of the value of awards received by claimants arising from the treatment of taxes and currency, and explores some possible approaches to reducing or eliminating potential distortions from an economic point of view.

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