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The Fed's Expanding Playbook: Economists' Views
In response to the credit crisis, the Federal Reserve and US government have so far provided commitments or funds totaling $3.2 trillion, or 23% of annual GDP in 2007, in the form of liquidity, guarantees, and asset purchases. In this paper, Dr. Elaine Buckberg and Dr. John Montgomery discuss current and proposed Federal Reserve policies to combat the crisis, and the Fed's ever-exanding role.
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NERA Releases Update on Trends in Securities Class Action Litigation
The ongoing credit crisis and turmoil in the financial sector have fueled a major surge in securities class action litigation in 2008, according to this newly released edition of NERA's semi-annual study, "2008 Trends in Securities Class Actions." Co-authored by Senior Consultant Dr. Stephanie Plancich and Consultant Svetlana Starykh, the study draws from more than 15 years of NERA research on case filings and settlements in shareholder class actions, and includes data through 14 December 2008.
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Analysis of the Performance of Subprime Portfolios in Servicing and Breach of Contract Litigation
A NERA team led by Vice President Dr. Faten Sabry provided analytical support to a client, one of the largest subprime loan servicers, who was involved in more than one litigation over the performance of subprime loan portfolios after a transfer of servicing rights. The analysis included a detailed evaluation of the loss forecasting models, examination of the performance metrics over time, and static pool analysis for the securitized and non-securitized loans. Based on NERA's findings as well as the rebuttal analysis of the performance of the loans, the parties reached a settlement agreement that was consistent with NERA's estimates.
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Where Was SOX?
In light of President-elect Obama's promise to re-regulate Wall Street, this article from Forbes addresses the regulatory burden that firms already bear: the Sarbanes-Oxley Act, or SOX. Authors Dr. Henry Butler, Special Consultant to NERA, and Professor Larry E. Ribstein of the University of Illinois School of Law, note than when Congress passed SOX in 2002 -- following the implosions of Enron and WorldCom -- the idea was to force firms and their auditors to clean up their books and disclose "internal controls" and procedures for ensuring the accuracy of their financial reporting. However, the authors argue, the current financial crisis demonstrates that SOX did not have the advertised payoff of flushing Enronesque risk out of the market.
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Transfer Prices Determined by Game Theory: Application to IP
This article from Tax Planning International Transfer Pricing -- by NERA Special Consultant Dr. Alexander Voegele, Senior Consultant Sébastien Gonnet, and Consultant Bastian Gottschling -- is the second in a series of three articles on the role that game theory can play in transfer pricing. The article illustrates the applicability of game theory to the transfer pricing of intellectual property by considering a case in which a combined profit derives from the contributions of multiple factors of IP.
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