NERA’s International Arbitration White Paper Series
It is my pleasure to introduce NERA’s white paper series covering a range of international arbitration topics. In light of the coronavirus pandemic, staying connected and providing our clients with relevant and accurate analysis of the markets in which we operate has become even more important.
Co-Chair of NERA’s International Arbitration Practice
Dr. Richard Hern
Short Selling:
To Ban or Not to Ban?
COVID-19 and
the Next Wave of
Business Disputes
Understanding Modern Valuation Methods
and the Value of Managerial Flexibility
Short Selling:
To Ban or Not to Ban?
WHITE PAPER
Short Selling: To Ban or Not to Ban?
In this white paper, NERA Associate Director Erin B. McHugh and Research Officer Eugene Ng first explain short selling, recent market developments, and relevant academic literature. They then discuss potential disputes that may arise in relation to short-selling bans, including international arbitration claims.
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In a new white paper, NERA Affiliated Consultant Mark L. Berenblut, Senior Consultant Marco Schönborn, and Consultant Ambrus Barany analyse the major economic disruption caused by COVID-19, how the current crisis differs from previous economic crises, and the likely consequences of the current market downturn for the next wave of international disputes.
COVID-19 and the Next Wave
of Business Disputes
WHITE PAPER
COVID-19 and
the Next Wave of Business Disputes
Understanding Modern Valuation Methods
and the Value of Managerial Flexibility
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Which European countries have applied short selling bans?
Italy
12 March–18 May 2020
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Which European countries have applied short selling bans?
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Which European countries have applied short selling bans?
France
17 March–18 May 2020
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Which European countries have applied short selling bans?
Austria
18 March–18 May 2020
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Which European countries have applied short selling bans?
Spain
13 March–18 May 2020
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Which European countries have applied short selling bans?
Belgium
13 March–18 May 2020
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Which European countries have applied short selling bans?
Greece
18 March–18 May 2020
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What was the impact of COVID-19 on year-on-year growth in retail sales volumes in Great Britain?
Non-Food
Stores
Clothing and Footwear Stores
Household
Goods Stores
Non-Store
Retailing
Food Stores
Automotive Fuel Stores
Percentage Change in Sales from April 2019 to April 2020
6.5%
-53.7%
-68.6%
-50.7%
24.2%
-66.4%
Source: NERA analysis of UK ONS data.
Market or
Comparables Approach
Market or Comparables Approach
BOOK CHAPTER
Market or
Comparables Approach
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5 KEY STEPS
to Implementing a
Comparables-Based
Valuation
Understand the characteristics and valuation drivers of the asset being valued.
Obtain a set of comparable assets with observable market prices.
Calculate appropriate valuation multiples for the comparable assets.
Step 03
Step 02
Step 01
Apply the comparables-based multiples to the asset being valued.
Step 04
Review the results and cross-check with alternative valuation methods.
Step 05
CLICK TO REVEAL STEPS
What Are
the Key Steps of Implementing a Comparables-Based Valuation?
5 KEY STEPS
This paper was published as a chapter in Global Arbitration Review’s Guide to Damages in International Arbitration. The market or comparables approach is one of three valuation approaches commonly used when assessing the quantum of damages in international arbitration. In this paper, the Co-head of NERA’s International Arbitration Initiative, Dr. Richard Hern, along with colleagues Zuzana Janeckova, Jim Yin, and Konstantinos Bivolaris, describe the comparables valuation approach.
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In the final installment in NERA’s IA white paper series, Managing Director Dr. Fabrizio Hernández, Associate Director Ralph Meghames, and Senior Consultant Dr. Adjmal Sirak explore the key applications in which the real options model or “modern discounted cash flow (DCF)” method can improve the analysis, increase the accuracy of risk assessment, and complement the “traditional DCF” method.
Understanding Modern Valuation Methods
and the Value of Managerial Flexibility
WHITE PAPER
