Analysis Group Hosts Experts' Table Dinner with Professor Alex Edmans on Market Overreaction, Intangibles, and Valuation

November 3, 2026

Analysis Group Principals Chris Feige and Jessica Resch hosted the latest in Analysis Group's Experts' Table discussion series, convening a small group of legal practitioners in London to discuss how financial markets price information and what that means for securities litigation, valuation, and damages work. The conversation featured academic affiliate Alex Edmans of London Business School, an internationally recognized expert in corporate finance, corporate governance, behavioral finance, and responsible business. He shared insights from his recently published book, The Madness of Markets.

The discussion began with market overreaction and what it means for the "efficient markets" assumptions underlying the event studies that courts and experts rely on to assess the impact of news on share prices. This is a question with direct relevance to securities claims under Sections 90 and 90A of the Financial Services and Markets Act 2000 (FSMA) and to valuation and damages analysis more broadly. After discussing potential adaptations to event studies to account for market overreaction, guests turned to the market's potential blind spots, including whether intangible assets are properly priced, what this implies for standard valuation approaches, and how ESG-related factors affect long-term value. The conversation also explored the warning signs of poorly governed firms, how governance quality may be reflected in valuation, how to assess the quality of proposed mergers, and how sophisticated investors could arrive at valuations for individual companies that appear implausible at the industry level, as seen in the electric vehicle sector in 2021.

The Experts' Table series reflects Analysis Group's commitment to convening focused, high-level conversations on emerging issues affecting clients across Europe, drawing on our work in securities, valuation, and damages.

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