Leading experts will convene at the National Association for Business Economics (NABE) Transfer Pricing Symposium in Arlington, Virginia on 31 July-2 August 2012 to discuss  some of the emerging issues with respect to transactions between related parties. On Wednesday, 1 August, NERA Senior Vice President Dr. Richard Rozek will participate in a panel discussion entitled "Intercompany Debt or Equity?" The symposium will be conducted by NABE's Transfer Pricing Roundtable. Other discussion topics will include intercompany financing and risk transfers, the mechanics of estimating discount rates, and transfer pricing audit procedures and adjustments.

Learn more or register for this event via the NABE website.

NERA Senior Consultant Raymund Wong and Consultant David McKnight will participate in an in-depth discussion on the latest developments in fair value measurements and reporting in a two-hour Knowledge Congress webcast on 18 July 2012. Mr. Wong and Mr. McKnight will provide analysis and practical guidance on a number of issues. Potential topics include the valuation of income producing properties, legal and auditing issues related to fair value, assets valuation, and financial instruments. Their presentation will be followed by a Q&A session.

Learn more and register for this webcast via the Knowledge Congress website.

Recent financial turmoil and changes in the regulatory environment have increased the strain on the economic models of many investment management companies. In addition, the increasingly international presence of these companies combined with stress on public finances have notably led to increased scrutiny from tax authorities and additional requirements for transparency of intra-group fee structures. To address these challenges, experts from NERA's Global Transfer Pricing Practice will host a workshop at this two-day, annual tax conference, which will be held in London on 4-5 July 2012. Led by NERA Associate Director Dr. Emmanuel Llinares and Senior Consultant Amanda Pletz, "Transfer Pricing for Investment Managers" will examine considerations in intra-group pricing for investment managers, as well as a number of other relevant topics for the industry.

Learn more or register for this event via the Taxation of Collective Investment Schemes Conference 2012 website.

As fewer civil cases are tried, the staples of pretrial practice -- pleadings, motions to dismiss, discovery, Daubert motions, summary judgment, and settlement -- have replaced trials as the focus of litigation. This Practising Law Institute (PLI) webcast, to be held on 21 May 2012, will examine how the changing nature of pretrial practice will affect the future of litigation. NERA Senior Vice President Lucy P. Allen, who is frequently retained to testify as an expert witness, will participate in a panel discussion on the use of experts. Ms. Allen and her co-panelists will discuss when to retain experts, testifying vs. consulting experts, protecting expert communications, preparing expert reports, taking discovery of experts, and Daubert motions.

Learn more and register for this event on the PLI website.

The annual Nuclear Energy Assembly will be held in Charlotte, North Carolina on 21-23 May 2012. NERA Vice President Edward Kee has been asked to participate in a panel discussion entitled "Building the Next Generation of Nuclear Energy." The discussion will be part of a larger session focusing on the growth of the nuclear industry in the US and abroad. The US Nuclear Regulatory Commission has recently approved construction of four advanced reactors, with more under consideration.  Worldwide, more than 150 nuclear reactors are in the licensing and advanced planning stage, with 67 under construction. Mr. Kee and his co-panelists will discuss what the future for expansion looks like in the US and globally.

Learn more and register for this event via the Nuclear Energy Institute (NEI) website.

The Global Association of Risk Professionals (GARP) will hold its "Risk-Based Financial and Capital Market Regulation Master Class" in New York City on 16-17 May 2012. The two-day event will provide  an intensive and detailed look at the evolution of global financial market regulation from a US perspective, focusing on how Dodd-Frank, Basel III, and EU directives impact the market infrastructure and regulatory reporting requirements across the financial services sector. On the second day of the class, NERA Senior Vice President Dr. Elaine Buckberg and Vice President Dr. Ronald Miller will present a session entitled "Regulatory Reforms to Prevent Bank Bailouts." The session will address the economic framework behind global regulatory reforms, lessons learned from the financial crisis, Financial Stability Board policy standards for addressing too-big-to-fail and too-interconnected-to-fail banks, and  Basel III capital standards and competitiveness effects.

Learn more and register for this event on the GARP website.

The Center for Research in Regulated Industries (CRRI) at Rutgers University, which aims to further study of regulation in economics, finance, and institutions, will hold its annual Eastern conference in Shawnee on Delaware, Pennsylvania on 16-18 May 2012. On 18 May, NERA Senior Consultant Kurt Strunk will participate in a panel session focusing on cost of capital issues. Mr. Strunk will deliver a presentation entitled "Optimal Capital Structures for Regulated Public Utilities - When Does an Imputed Debt Ratio Make Sense for Ratemaking Purposes?" In a concurrent panel session on regulation issues, Special Consultant Dr. Karl McDermott will present "Cost of Service Regulation in the Investor Owned Electric Utility Industry: A History of Adaptation."

Learn more and register for this event via the CRRI website.

The International Framework for Nuclear Cooperation (IFNEC) held a workshop in London on 9-10 May 2012 to examine the challenges and opportunities in financing nuclear energy projects. NERA Vice President Edward Kee was invited to serve as the market and economics expert in the scenario exercises. The purpose of the exercises was to reach an informed understanding of different stakeholder perspectives associated with financing the project, and to identify key barriers and opportunities presented by the scenario.

NERA Economic Consulting and its parent company, Marsh & McLennan Companies, are co-sponsoring a new series of lectures organized by The George Washington University's Department of Economics. The inaugural event, held on Tuesday, 1 May 2012, in Washington, DC, featured a lecture and discussion by William M. Isaac, former Chairman of the FDIC and current Chairman of Fifth Third Bancorp. Mr. Isaac shared his insights on the state of the banking industry, the political leadership challenges in Washington, and what the future may hold in terms of fiscal, monetary, and regulatory policies. The sponsorship of the lecture series showcases Marsh & McLennan Companies and NERA's commitment to highlighting the importance and impact of economics in business and regulatory environments.

To learn more about the series, please contact Stuart Harshbarger at stuart.harshbarger@nera.com.

The landscape of securities litigation is constantly evolving and changing. This program, hosted by the Practising Law Institute in New York City and via live webcast on 26 April 2012, addressed all the issues that arise in even the most complex securities matters, from the initial government investigation to the filing of the civil cases to either settlement or trial. NERA Senior Vice President Dr. Patrick Conroy participated in a panel discussion entitled "Seeking Resolution: Strategies in Mediation and Settlement." Dr. Conroy and his co-panelists discussed mediation techniques, settlement strategies, the use of experts, and D&O liability issues.

Infrastructure has become a hot topic as both investors and policymakers seek to come to grips with the infrastructure challenges facing the United States and other parts of the world. The topic of infrastructure risk, however, is less well understood -- and critically important to getting projects funded and built with private-sector participation. This conference, hosted by the Marsh & McLennan companies of NERA Economic Consulting, Oliver Wyman, Mercer, and Marsh in New York City on 24 April 2012, focused on key infrastructure risk topics related to the public interest and private investment: public policy and regulation; bankability; demand and revenue risks; refinancing; and sustainability. As part of the program, NERA Senior Vice President Dr. Jeff D. Makholm moderated a panel session entitled "Shaping Public Policy To Mitigate Investment Risk."

On 19 April 2012, the British High Commission of New Delhi held a stakeholder roundtable on "Potential Financial Instruments for Promoting Large-Scale Solar Power in India." The one-day workshop was hosted by NERA and PricewaterhouseCoopers India in New Delhi, with the cooperation of the Clinton Climate Initiative and the World Economic Forum. NERA Associate Director Daniel Radov, together with Amit Kumar of PwC India, gave two presentations and led subsequent roundtable discussions on "Proposal for Supporting Large-Scale Solar Power in India Via the International Climate Fund," and "Designing a Renewable Energy Certificate Market Intervention." UK Energy & Climate Change Minister Gregory Barker presided over the event and gave the welcome address.

The recent patent reform debates have highlighted the different ways in which firms use patents and how that influences their views about patent litigation strategy. This NERA roundtable discussion, held in New York City on 17 April 2012, addressed some of these intra-industry differences in patent litigation, including the sometimes thorny question of apportionment. The panel -- which included Vice President Dr. Christine Meyer and Senior Consultant Dr. David Blackburn of NERA and Theodore J. Mlynar of Hogan Lovells US LLP -- also discussed an approach to apportionment that may appropriately be applied across industries and possible drawbacks of such an approach. The panel was moderated by NERA Special Consultant Dr. Richard Rapp.

NERA Vice President Dr. Sharon Brown-Hruska conducted a CLE program on "Price Discovery, Clearing, and the Centralized Trading Requirements" at The John Marshall Law School in Chicago on 17 April 2012. The event included a keynote address by Leo Melamed, Chairman Emeritus of the CME Group. Dr. Brown-Hruska discussed the Dodd-Frank Wall Street Reform and Consumer Protection Act requirements for centralized clearing and trading of swaps; questions raised by the implementation of rules proposed by the Commodity Futures Trading Commission; and NERA's cost-benefit analysis of the swap dealer and entity definitions, and the economic impact of requiring commercial firms to register as a swaps dealers and major swap participants.

The National Organization of Investment Professionals (NOIP) held its spring conference in Washington, DC on 16-17 April 2012. On the first day, NERA Vice President Dr. James Overdahl, former Chief Economist at both the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC), shared his views on recent SEC and CFTC regulatory developments.

To learn more, please visit the NOIP website.

Japan's International Association for the Protection of Intellectual Property hosted a seminar in Tokyo on 12 April 2012 to discuss recent intellectual property trends in Japan and the US. Specifically, the seminar focused on dealing with intellectual property matters in international mergers and acquisitions. NERA Senior Vice President Nobuo Mori delivered a presentation entitled "The Basic Economics for Patent Infringement Damage Calculations for US Patent Litigations."

Learn more about this event via the AIPPI website.

The Council of Institutional Investors (CII) held its 2012 spring meeting in Washington, DC on 1-3 April 2012 to discuss the latest developments in corporate governance, shareowner rights, and related investment issues. NERA Senior Vice President Dr. Elaine Buckberg wasinvited to participate in a panel discussion that focused on securities litigation, with an emphasis on class actions. Dr. Buckberg addressed recent trends in securities class action litigation, and the effect of the Morrison decision on foreign issuers and cross-border shareholder class actions.

To learn more, please visit the CII website.

NERA Director Dr. Mark Williams spoke as a panelist at the Hertford Seminar in Regulation on the use and interpretation of economic evidence in competition policy and regulatory policy.

Economic evidence can take the form of the application of microeconomic principles and/or the statistical or econometric analysis of the factual matrix of a given market or situation, and then seek, according to the type of antitrust case, to provide ex ante prediction of future developments (as in merger cases), ex post explanations and normative evaluation of past conduct (as in abuse cases), or appraisal of the efficiency of the market design (as in market investigation cases).

Drawing on his experience in competition analysis, Dr. Williams set out the case for why economic analysis is in principle essential to competition evaluation, while at the same time outlining some of the practical limitations and weaknesses of economic evidence as conducted and evaluated in practice.

For further information, please visit the Regulatory Policy Institute website.

Competition involves the strategic interaction of competitor firms. But the analysis of strategy is complicated because the optimal strategy of each player typically depends on what the other player does, and vice versa. This Gordian knot of interdependence is "solved" by game theory, the branch of economics pioneered by von Neumann and Nash, and which lies at the heart of modern oligopoly and competition theory.

Drawing on a variety of intuitive models, this seminar provided an accessible and non-technical introduction to game theory, exploring both its predictions and its limitations. The seminar provided insights into a range of key concepts in competition, including oligopoly, tacit collusion, predation, entry deterrence, and dominance, and explained how to bargain, how to make threats credible, and whether it is possible to outwit the goalkeeper when taking a penalty kick.

The Romanian National Authority for Management and Regulation in Communications (ANCOM) hosted an international meeting on spectrum auctions in Bucharest on 29-30 March 2012. The event was attended by representatives from Albania, Croatia, Czech Republic, Hungary, Macedonia, Moldova, Montenegro, Romania, and Slovenia.

On the second day of the meeting, experts from NERA's Auctions Group -- Vice President Richard Marsden, Senior Consultant Dr. Soren Sorensen, and Economic Analyst Silvia Keller -- ran a two-part workshop on planning and organizing a spectrum auction for regional regulators. The morning session addressed the challenges of auction design and implementation, including a discussion of the key inputs into award design, selection of auction formats, and key implementation decisions, plus case studies of recent LTE (4G) and 3G auctions from around the world. The afternoon session provided participants with the opportunity to participate in three different types of spectrum auction, including one using online bidding software provided by NERA's partner company, Optimal Auctions.

Download NERA's presentation.

Members of NERA's Global Antitrust and Competition Practice joined an expert faculty at the ABA Section of Antitrust Law's three-day annual spring meeting in Washington, DC on 28-30 March 2012 for a comprehensive review of developments in antitrust and consumer protection law.

On the first day of the meeting, Dr. Ramsey Shehadeh, Senior Vice President and Chair of NERA's Antitrust and Competition Practice, chaired and moderated a panel session entitled "Challenges Facing Competitive Analysis of Intellectual Property Acquisitions."  The panel -- which included NERA Special Consultant and Indiana University Professor Michael Baye -- addressed recent advances contributing to evaluating or proving the likely competitive effects of mergers on innovation.

Also on the first day, NERA Vice President Dr. Christine Meyer participated in a panel discussion entitled "Crashing the Tide -- The Rise in Merger Litigation." With merger litigation on the rise, disgruntled competitors and customers are increasingly embracing Section 7 of the Clayton Antitrust Act as an offensive tool. Dr. Meyer and her co-panelists discussed the strategies and outcomes of recent merger cases.

Learn more on the ABA website.

NERA Senior Vice President Dr. Faten Sabry was invited by the Southern District of New York Chapter and Securities Law Section of the Federal Bar Association to participate in a three-panel discussion on mortgage-backed securities (MBS) in New York City on 28 March 2012. Dr. Sabry delivered a presentation entitled "Asset-backed Securitizations -- What  Happened ?" The panel discussion examined the role and history of MBS and securitization, as well as the credit crisis and the resulting MBS securities litigation, and was followed by a Q&A session.

The Florence School of Regulation, a partnership between the European University Institute (EUI)/ Robert Schuman Centre for Advanced Studies (RSCAS) and the Council of the European Energy Regulators (CEER), held a specialized training course on the regulation of gas markets in Florence on 26-30 March 2012. The aim of this week-long course was for policy decision-makers, regulators, business managers, and researchers from different sectors and countries to discuss regulatory concepts, best practices, and new challenges and requirements. On 28 March, NERA Senior Consultant Kurt Strunk led a 90-minute presentation and discussion of the regulatory framework governing US gas markets and of salient differences between the regulatory approaches taken in Europe and the US.

NERA Vice President Dr. Sharon Brown-Hruska participated in a roundtable on the Volcker Rule (section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act) in Washington, DC on 23 March 2012. Organized by the Penn Program on Regulation and Morrison & Foerster LLP, the roundtable brought together leading thinkers from law, business, government, and academia for an interactive dialogue on the key issues and challenges presented by the Volcker Rule. Implementation of the Rule will have sweeping ramifications for banking and financial markets in the US and around the world. The roundtable focused on a range of implementation issues, from defining proprietary trading to monitoring and enforcement. It also explored both intended and unintended consequences of the Rule, including its extraterritorial implications.

SIFMA held its annual compliance and legal seminar in Miami, Florida on 18-21 March 2012. The seminar covered a range of timely topics, including the latest regulatory reform and legislative developments, current SEC issues, ethical considerations for lawyers and compliance professionals, and recent developments in litigation, arbitration, and enforcement. On the last day of the event, NERA Senior Vice President Dr. Vinita Juneja participated in a panel discussion on the use of experts and consultants in litigation.