Analysis Group Welcomes New Affiliates and Announces Senior-Level Promotions

March 22, 2019

Analysis Group, one of the largest international economics consulting firms, announces 12 promotions to managing principal, principal, and vice president, as well eight new academic and industry affiliates.

“We are thrilled to announce the promotions of our consultants, and to welcome these new affiliates to the firm,” said Martha S. Samuelson, CEO and Chairman of Analysis Group. “These consultants are exceptional, consistently demonstrating intellectual rigor and creative problem solving on behalf of our clients. Among other contributions, they have used data science and predictive modeling to help solve complex litigation matters; developed advanced health economics models; assessed cost effectiveness for a broad range of disease areas; analyzed the competitive effects of proposed mergers; provided testimony in front of the US International Trade Commission; and calculated damages in many different matters. We are also pleased to share the news of our affiliation with eight esteemed academic and industry experts. These impressive individuals are recognized leaders in their respective fields, which include international finance, institutional investing, global corporate governance, bankruptcy, competition, industrial organization, and market design.”                                                

New Affiliates

Michael Melvin – Executive Director of the Master of Finance Program, Rady School of Management at UC San Diego – has lengthy academic and business experience in international finance, including foreign exchange market microstructure and multi-asset investment strategies. His current research focuses on currency carry trades, currency transaction costs, and exchange rate models. Professor Melvin has published widely on topics that include exchange rates, currency investing, and international equity markets. Previous faculty appointments have included Arizona State University’s W.P. Carey School of Business; the Haas School of Business at the University of California, Berkeley; the University of California, Los Angeles; and Northwestern University. In addition to his academic achievements, Professor Melvin has deep in-house experience in the finance industry. Before joining the Rady School, he was managing director and senior research advisor in multi-asset strategies at BlackRock. He also served as the head of currency and fixed-income research in the Global Market Strategies Group at BlackRock and Barclays Global Investors. Professor Melvin is former coeditor of the Journal of International Money and Finance, and he has been a visiting scholar at the Federal Reserve Board, the International Monetary Fund, and the Bank for International Settlements.

Esther Mills – President, Accounting Policy Plus – is an expert in US and international accounting and financial reporting issues, with over 30 years’ experience in the financial services industry. As the founder and president of Accounting Policy Plus, she has a deep knowledge of accounting issues in complex transactions and a strong track record of developing, implementing, and applying new accounting policies. Ms. Mills also has an extensive record as an expert witness, and has testified and filed expert reports on issues that include hedge accounting, structured transactions, securitizations, variable-interest entities, repurchase agreements, and the valuation of a complex portfolio of derivatives. Prior to founding Accounting Policy Plus, Ms. Mills was a managing director at Morgan Stanley, where she oversaw the financial reporting and accounting policy departments. In that role, she spearheaded major policy implementation initiatives and met regularly with senior policymakers at the US Securities and Exchange Commission (SEC), the Federal Reserve System, the US Department of the Treasury, the Federal Deposit Insurance Corporation (FDIC), the Financial Accounting Standards Board (FASB), and the International Accounting Standards Board (IASB). Ms. Mills also advised business units on structuring trades, oversaw SEC reporting and accounting compliance, and developed comprehensive training in generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS) for all finance personnel. She held a similar role at Merrill Lynch, where she also implemented a Sarbanes-Oxley governance framework and designed internal control requirements. Ms. Mills is a certified public accountant (CPA).

Edward R. Morrison – Charles Evans Gerber Professor of Law, Columbia Law School; Co-director of the Richard Paul Richman Center for Business, Law, and Public Policy, Columbia University – is an expert in bankruptcy law and economics, including the causes and consequences of both corporate and consumer insolvency. In his current work, he studies patterns in inter-creditor agreements, valuation disputes in corporate bankruptcies, racial disparities in Chapter 13 bankruptcy filings, the relationship between financial distress and mortality rates, and the costs and benefits of the bankruptcy code’s special rules for financial contracts, such as repurchase agreements. Professor Morrison teaches courses in corporate finance, bankruptcy law, and contracts, and was the recipient of Columbia Law School’s 2018 Willis L.M. Reese Prize for Excellence in Teaching. He has published widely on corporate reorganization, consumer bankruptcy, regulation of systemic market risk, and foreclosure and mortgage modification. His work has been cited by the bankruptcy bench and bar, and has received support from the National Science Foundation and the Pew Charitable Trusts. He was a co-recipient of the John Wesley Steen Law Review Writing Prize from the American Bankruptcy Institute for his research on the Dodd-Frank Act. Professor Morrison has served as a director of the American Law and Economics Association and as a member of the US Supreme Court’s Advisory Committee on Bankruptcy Rules. He is a former associate editor of the American Law and Economics Review and is currently an editor of The Journal of Legal Studies. Prior to his academic appointments, Professor Morrison clerked for Justice Antonin Scalia and Judge Richard A. Posner.

William P. Rogerson – Charles E. and Emma H. Morrison Professor of Economics, Northwestern University – is a former chief economist at the Federal Communications Commission (FCC). He focuses his research on applied microeconomic theory, industrial organization, regulation, cost accounting, telecommunications, and defense procurement. He has been an active participant in media transactions before the FCC, including Comcast/NBCUniversal and News Corp./DirecTV, as well as various rulemaking proceedings. Professor Rogerson was also the FCC’s senior economist, supervising its economic analyses of the Comcast/Time Warner Cable, AT&T/DirecTV, and Charter Communications/Time Warner Cable transactions. He has also served as an economic expert for the US Department of Justice, Federal Trade Commission, and the National Association of Attorneys General in various antitrust cases in the telecommunications, media, and defense industries. Professor Rogerson has published a number of articles and book chapters on topics such as vertical mergers in the video programming and distribution industry, and incentives for investment and innovation as related to the regulation of broadband telecommunications. He is a former editor of Economic Inquiry and Defense and Peace Economics, and a former member of the editorial boards of both the Review of Accounting Studies and The Journal of Industrial Economics. He served two terms as chair of Northwestern University’s Department of Economics, and currently holds several leadership roles at Northwestern, including as research director of the Program on Antitrust Economics and Competition Policy at the Searle Center on Law, Regulation, and Economic Growth; director of the Center for Business Institutions; and co-director of the Center for the Study of Industrial Organization.

Fabio Savoldelli – Adjunct Professor, Finance and Economics, Columbia Business School; Former President and Chief Investment Officer, Merrill Lynch Investment Managers Alternative Strategies – is a finance and investment expert with over 25 years of experience analyzing and advising on a wide range of hedge fund-focused issues, including fund performance, portfolio construction, fund administration, due diligence, capital raising, and asset allocation. He served as a chief investment officer for four different institutions: Optima Fund Management, Merrill Lynch, Swiss Bank Corp. Asset Management, and Chase Manhattan Private Bank. In these roles, he oversaw over $80 billion in assets. Over the course of his investment career, Professor Savoldelli’s responsibilities included selecting hedge funds for the allocation of investor assets, making asset allocation decisions, managing investment portfolios, developing investment policies, and overseeing investment manager adherence to investment strategy and policy. He has deep experience related to the challenging issues hedge fund managers may face, including those related to fiduciary duty, disclosure, liquidation, side-pockets accounts, and valuation of complex and illiquid assets. Additionally, he is knowledgeable about the roles and responsibilities of hedge fund service providers such as prime brokers, marketers, administrators, and auditors. At Columbia Business School, Professor Savoldelli teaches a course in the M.B.A. program on the investment strategies employed by hedge funds and best practices for the operational aspects of hedge fund management, including fund administration selection, operational risk evaluation, and leverage risk. In addition, he is a contributing editor on Bloomberg Television, commenting on developments from a hedge fund perspective.

Andrzej (Andy) Skrzypacz – Theodore J. Kreps Professor of Economics, Stanford Graduate School of Business; Co-Director, Executive Program in Strategy and Organization, Stanford University – is an expert in industrial organization and market design. His research centers on microeconomic theory and its applications, including collusion, auctions, pricing, and bargaining. In addition to his academic research, Professor Skrzypacz consults on auction strategy and competition issues, and has served as an academic visitor at Yahoo! Research. He has counseled bidders in wireless spectrum auctions in the US, Canada, the Netherlands, Switzerland, Austria, and Sweden. He has also advised internet companies on design and competition in online auctions, and communication companies on regulation issues. Professor Skrzypacz has published a number of articles on topics such as using spectrum auctions to enhance competition in wireless services, private monitoring and communication in cartels, and information disclosure. His most recent papers have focused on auction design, dynamic games, and collusion in markets. He is an associate editor of The RAND Journal of Economics and American Economic Review: Insights, and a former coeditor of American Economic Review. Additionally, Professor Skrzypacz is a fellow of the Econometric Society, an economic theory fellow of the Society for the Advancement of Economic Theory, and a senior fellow of the Rimini Centre for Economic Analysis.

Christianna Wood – Equity and Bond Portfolio Manager, Institutional Investor, and Independent Consultant – has over 35 years of experience in the asset management industry. She is an expert in institutional investing, global corporate governance, equity and bond portfolio management, financial analysis, and securities analysis. Her experience includes investment management and asset allocation of pension funds, mutual funds, insurance companies, endowments, and foundations. Ms. Wood led the California Public Employees’ Retirement System (CalPERS), the $150 billion equity and hedge fund portfolio for the largest pension plan in the US. She also served as chief executive officer of Capital Z Asset Management, the largest independent sponsor of hedge funds, where she was responsible for minority equity ownership in 11 hedge funds across $7 billion in equity, fixed-income, and commodity strategies. Ms. Wood has served as an expert in suits involving asset allocation, investment policy, investment manager due diligence, corporate governance, securities analysis, and portfolio management. She is a frequent speaker on topics that include best practices of boards of directors, corporate governance and investment management, global alpha generation, and hedge funds. Ms. Wood serves on numerous boards of directors, and has chaired the audit, corporate governance, and investment committees of the boards of several financial institutions. Previously, she has been a member of the Financial Accounting Standards Board (FASB) Investor Advisory Group, the Public Company Accounting Oversight Board (PCAOB) Standard Advisory Group, and the International Auditing and Assurance Standards Board (IAASB) Consultative Advisory Group.

Marc Zenner – Independent Consultant; Former Managing Director and Global Co-Head of Corporate Finance Advisory, Investment Banking Division, J.P. Morgan – is an international expert in corporate finance and investment banking, with decades of industry and academic experience. Prior to his recent retirement, Dr. Zenner was a managing director for J.P. Morgan’s Investment Banking Division and the global co-head of Corporate Finance Advisory. He has advised firms across various industries and geographies on valuation, spinoffs, activism defense strategies, shareholder distributions, internal capital allocation, capital structure, potential strategic combinations, investor communication strategies, and risk and liquidity management. Before joining J.P. Morgan, Dr. Zenner held positions as a managing director and global head of the Financial Strategy Group (FSG), a group within Citi’s Investment Banking Division; and as a managing director and North America head of the Financial Markets Advisory, within ABN AMRO’s Financial Markets Division. Prior to his career in investment banking, Dr. Zenner was a professor of finance and chair of the finance and economics area at the UNC Kenan-Flagler Business School, where he won numerous teaching awards. He has published extensively, authoring over 100 practitioner reports and earning over 3,200 academic citations in major finance journals such as The Journal of Finance, The Review of Financial Studies, and the Journal of Financial Economics. Dr. Zenner was an associate editor and served three terms as practitioner board member of Financial Management. He is often quoted in the press and has made over 100 board presentations on corporate finance issues and trends. Dr. Zenner serves on the board of Strike Inc. and is a senior advisor to verseAI.

New Managing Principal

At the end of 2018, Analysis Group promoted one consultant to managing principal.

Noam Kirson is an applied health economist with extensive experience in health economics and outcomes research (HEOR), strategy and market access, and complex litigation matters. He has worked closely with many different participants in the health care industry, including biopharmaceutical and device manufacturers, payers, government agencies, leading law firms, and academic experts. Dr. Kirson has managed numerous HEOR and strategy projects, including the design of outcomes-based contracts, analyses of pharmaceutical pricing issues, burden-of-illness studies, comparative-effectiveness research, cost-effectiveness evaluations, and budget impact assessments. He has presented this work at numerous academic conferences. Dr. Kirson also has experience presenting to health care industry regulators. For example, he supported a successful 510(k) pre-market submission to the US Food and Drug Administration (FDA) on behalf of a medical device manufacturer, including presentation of statistical analyses to an FDA advisory panel. His litigation case work has included evaluating antitrust matters in the health care sector, as well as assessing issues pertaining to the False Claims Act. Dr. Kirson is a member of the editorial board of Pharmacoeconomics Open and a member of the board of the ISPOR Boston Regional Chapter. He has published in peer-reviewed journals including Health AffairsAlzheimer’s & DementiaDiabetes CareCritical Care MedicineThe Journal of Clinical Psychiatry, and various pharmacoeconomic journals; and in legal and industry publications, such as Health Affairs BlogSTAT, and Law360.

New Principal

At the end of 2018, Analysis Group promoted one consultant to principal.

Jimmy Royer applies a broad range of quantitative tools to address client needs in data science, statistics, HEOR, finance, intellectual property, competition policy, and antitrust cases in the US, Canada, and the EU. His recent work includes predicting the potential future onset of rare or undiagnosed conditions with machine learning models; predicting whether patents would be considered essential to technological standards if challenged in courts; valuing patents in the communications industry; evaluating damages related to product defects; analyzing investment guidelines in securities lending suits; addressing allegations of monopolization in major antitrust cases involving high technology firms; and supporting many academic experts on mutual fund market timing and excess fee cases. In addition, Dr. Royer has conducted extensive academic research and coauthored books and papers on topics such as using new AI advances in HEOR; predicting treatment resistance in tuberculosis; using machine learning algorithms in propensity score models; measuring the impact of employee stock option backdating on shareholders’ wealth; analyzing mutual fund pricing; analyzing antitrust limit pricing; valuing private investments for hospitals in Canada; determining the impact of hypertension therapies on mortality; and comparing unemployment compensation in different countries.

New Vice Presidents
Effective January 1, 2019, Analysis Group promoted 10 consultants across five offices to vice president.

In Boston, Rajeev Ayyagari applies statistical techniques to the study of clinical and economic outcomes in a broad range of disease areas. Min Yang works closely with pharmaceutical, biotech, and device companies to develop HEOR strategies. Elyse Swallow applies quantitative methods to real-world problems involving evaluation, decision making, strategy, and public policy in the health care and social policy sectors.

In London, Jenny Zhou is a health economist with extensive expertise in economic evaluation, health technology assessment, and comparative effectiveness research using clinical and real-world evidence.

In Los Angeles, Eileen Lu specializes in applying finance and economics to complex business litigation and damages estimation.

In Montreal, Martin Cloutier is a health economist with extensive experience in HEOR projects and health-related litigation analyses. Anne Catherine Faye applies her background and analytical skills in economics and finance to solve complex issues in litigation and business matters.

In Washington, DC, Shogo Hamasaki specializes in the application of microeconomics, including industrial organization and game theory, to complex disputes and business problems. Ivan Maryanchyk applies microeconomics, industrial organization theory, and statistics to litigation matters involving intellectual property, antitrust, and commercial disputes. Andrew Clarke is experienced in applying economic and financial theory to a range of complex business disputes, in both litigation and non-litigation contexts.