Elizabeth Stone

Vice President

Elizabeth Stone

San Francisco


Ph.D. and M.A., economics, Stanford University; B.A., economics, Massachusetts Institute of Technology

Summary of Experience

Dr. Stone specializes in securities, antitrust, and telecommunications matters. She has conducted economic analyses and supported expert testimony related to market efficiency, loss causation, damages exposure, price overcharges, and valuation. Many of these engagements have involved mortgage-backed securities. Dr. Stone has evaluated damages attributable to alleged loan underwriting deficiencies; analyzed loan repurchase behavior by government-sponsored enterprises; assessed statistical sampling and extrapolation methodologies; evaluated hedge fund trading strategies and derivatives risk management; investigated stock price manipulation claims; and applied cost accounting concepts to the estimation of damages related to price overcharges. In her telecommunications work, Dr. Stone has conducted stock valuations related to wireless spectrum holdings, including an analysis of the profitability of TDD wireless technology and the supply of spectrum properly suited to that technology. Her areas of academic research include uncertainty and investment, financial innovation and risk management in equity derivatives markets, and the price impact of naked short sales. Dr. Stone was previously an equity derivatives trader for Merrill Lynch & Co.

Selected Publishing