Litigation Services Handbook: The Role of the Financial Expert / Edition 3 available in Hardcover
- Pub. Date:
A joint project between PricewaterhouseCoopers and top experts in the fieldeconomists, accountants, and lawyersthe Litigation Services Handbook brings you up to speed on trial preparation and testimony presentation, deposition, direct examination, and cross-examination. Newly-updated and revised with the latest information on issues and developments in the field, the Third Edition covers current environments, the process itself, different types of cases, proving damages and practical considerations of court appearances, and even the way rapidly developing technology has affected the practice of litigation services. In addition to addressing important developments affecting the accounting practice, the book examines issues raised when calculating both prejudgment and postjudgment interest on damage awards as well as relevant statutes and interest rates on damages.
Authoritative and highly practical, the Litigation Services Handbook, Third Edition is an essential guide for any financial expert building a practice in this lucrative new area, the lawyers who hire them, and litigants who benefit from their efforts.
ROMAN L. WEIL, PhD, CMA, CPA, is V. Duane Rath Professor of Accounting at the Graduate School of Business of the University of Chicago.
MICHAEL J. WAGNER is a licensed attorney and CPA in the State of California.
PETER B. FRANK is Vice Chairman of PricewaterhouseCoopers LLP.
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About the Author
Roman L. Weil (Chicago, IL), PhD, CPA, CMA is V. Duane Rath Professor of Accounting at the University of Chicago.?Weil is director of the Chicago/Stanford/Tuck Directors' Consortium, which he co-founded. Weil has also designed and implemented continuing education programs for partners at the accounting firms of Andersen and PricewaterhouseCoopers as well as for employees at Goldman Sachs, Montgomery Wards, Merck, and William Blair and for business executives in Great Britain, Singapore, and Hong Kong. He also has been a visiting professor at Harvard Law School, Princeton Economics Department, and NYU Stern School.
Daniel G. Lentz (Washington, DC) is Partner and National Leader of Ernst & Young's Dispute Services team within E&Y Fraud Investigation and Dispute Services practice. He is co author of The Business Interruption Book: Coverage, Claims and Recovery. Lentz has worked with numerous companies in developing their business interruption claims related to the 9/11 terrorist attacks in New York, as well as losses sustained in natural disasters. His experience, across all industries, encompasses business interruption and lost profits claims, product liability, merger and acquisition disputes, reinsurance disputes, fraud investigations, class action lawsuits.
Read an Excerpt
Financial experts increasingly offer litigation services to lawyers. These professionals need a comprehensive reference book such as this Handbook. The first and second editions of this Handbook appeared in 1990 and 1995, respectively, and we've enjoyed both their sales and professional recognition.
This third edition of the Litigation Services Handbook contains 46 chapters (19 new to this edition), all written by experts in their fields. We have enlisted economists and lawyers to write many of the new chapters and have asked all authors to expand and update the case law discussion. We asked authors also to discuss how rapidly developing technology has changed their practice.
We imagined this book to be useful to financial experts engaged in litigation services, the lawyers who engage them, and the litigants who ultimately benefit from the efforts of both groups. We selected the authors for their expertise and asked them to provide our readers with the benefits of their institutional knowledge, experience, and techniques. These experts have not withheld their secrets.
Organization and Writing. This Handbook comprises six major parts, each addressing a different practice area or set of functional tools.
Part I. The Litigation Environment (four chapters) discusses the civil court system, alternative dispute resolution, laws governing expert witness testimony, and how CPAs and economists function within that environment.
Part II. Damages Techniques (ten chapters) addresses the components of damages calculations with new chapters on lost profit calculation, damages to new businesses, punitive damages from an economist's perspective, and tax treatment of damages awards.
Part III. Litigation Tools (two new chapters) discusses communicating with a jury through visual aids and litigation analysis databases.
Part IV. Civil Litigation (23 chapters) addresses specific kinds of commercial cases, categorized in the following subsections:
1.Securities Litigation (four chapters; new chapters on event studies and corporate governance)
2. Intellectual Property (five chapters; new chapters on copyright infringement and royalty audits)
3. Antitrust/ Business Combinations (two chapters)
4. Bankruptcy (two chapters)
5. Construction and Environmental Disputes (three chapters; new chapter on estimating environmental damages)
6. Other Civil Litigation (seven chapters; new chapters on accountant's liability, federally insured banks, and international trade litigation)
Part V. Marital Dissolution (five chapters) includes a new chapter on valuation and division of property.
Part VI. Criminal Cases (two chapters) includes a new chapter on internal corporate fraud.
Also included, and new to this edition, is a Glossary, which includes both business and legal terms.
Common writing practice often uses the word gender instead of the word sex in sentences such as: The law often finds employment discrimination by sex illegal. As language purists, we prefer to restrict the word gender to its technically correct meaning as a classification of a word, from two or more choices, to determine its agreement with referents, modifiers, and grammatical forms. We intend no offense to those who think writers should use the word gender to distinguish male from female human beings and other species. Sometimes we have changed an author's use of the word gender to the word sex. This does not mean that all authors of chapters in this book eschew the word gender to mean sex of a human being; some of them prefer that usage.
Annual Supplement.As with the previous two editions, the publisher plans to produce an annual supplement which will update material in the Handbook that becomes obsolete and which will contain entirely new chapters. As this edition goes to press, we already plan new chapters on revenue estimation, class action, biotechnology, and Internet damages. We invite readers to let us know what new materials they would like to see. Send suggestions to Roman L. Weil at the Graduate School of Business, University of Chicago, 1101 East 58th Street, Chicago, IL, 60637, or by e-mail: roman. weil@ gsb. uchicago. edu.
Relation between Authors and Editors.We acknowledge the cooperation and patience our contributing authors have shown. We do not agree with everything they say. We prefer to have experts giving their own opinions, even when controversial, rather than less specific guidancelike bland committee reportswe can all agree on. Although we tried to define the chapters to avoid duplicate coverage, some duplication remains because we think we better serve the reader by making presentations self-contained.
Acknowledgments.Think of us as traffic cops. We do nothing but point hither and yon every so often. Others do all the heavy lifting. We could not have done this Handbook without Debbie Asakawa, whom we plucked from the unheralded life of a soccer mom, bread baker, and tennis player of modest note. Without her, the editors could not have handled three weddings, two graduations, and two arriving grandchildren during the time critical to this Handbook's production. We paid Debbie enough to take her family to Moscow (Russia, not Idaho) this summer. We didn't give her enough time to enjoy it. Thank you; thank you; thank you.
We also acknowledge Cherie Weil's continued excellent work on developing the index and co-authoring the glossary. Philip Upton provided assistance in the early stages of this edition without which we could not have constructed even the table of contents of this Handbook.We also thank the following individuals who reviewed chapters from the previous edition and offered suggestions for changes and improvement. They selflessly gave their time and expertise to strengthen the work of others: Christopher Gerardi, Don Glenn, Cate Elsten, Kevin Bandoian, Ted Martens, James Chalmers, Dale Jensen, David S. Williams, Bob Lindquist, Donald Rocen, Mike Urban, Ruth Perez, Mark Moscarello, Jeff Kinrich, Douglas Coppi, and Lester Lowenstein.
Roman L. Weil
Peter B. Frank
Michael J. Wagner
Table of Contents
About the Editors ix
About the Contributors xiii
The Litigation Environment
The Role of the Financial Expert in Litigation Services Peter B. Frank Christian W. Hughes Michael L. Wagner Roman L. Weil 1
Causation Issues in Expert Testimony Lawrence F. Ranallo Diana L. Weiss 1
The Economics in Accounting for Litigation Elizabeth A. Evans 1
Alternative Dispute Resolution Patricia D. Tilton 1
Statistical Estimation of Incremental Cost from Accounting Data Michael W. Maher M. Laurentius Marais William E. Wecker Roman L. Weil 1
Econometric Analysis Mohan P. Rao Christian D. Tregillis 1
Estimating the Cost of Capital Gaurav Jetley R. Jeffrey Malinak Laura B. Stamm 1
Ex Ante versus Ex Post Damages Calculations Michael J. Wagner Michael K. Dunbar Roman L. Weil 1
Prejudgment Interest Michael S. Knoll Jeffrey M. Colon 1
The Flaw of Averages in Law and Accounting Sam L. Savage Marc VanAllen 1
Valuing Losses in New Businesses Mark A. Allen Victoria A. Lazear 1
Business Interruption Insurance Claims Joe Anastasi 1
Business Valuation Michael A. Crain 1
Appendix: Adjusted Present Value (APV) Method Bonnie J. Goldsmith Greg Hallman
Lost Earnings of Persons Randi L. Firus Keith R. Ugone 1
Punitive Damages Peter A. Bicks Martha N. Corbett Glenn K. Jones Gregory N. Phelps 1
Tax Treatment of Damages Awards Merle Erickson James K. Smith 1
Data Management David B. Burg Dyan A. Decker John C. Moorman 1
Securities and Accountant Liability
Federal Securities Acts and Areas of Expert Analysis Nicholas I. Crew Kevin L. Gold Marnie A. Moore 1
Accountant Liability Christopher D. Barbee Michael R. Young 1
Economic Analysis of Nonpatent Intellectual Property Rights and Damages Measures Elizabeth A. Evans Peter P. Simon 1
Intellectual Property Damages in the Entertainment Industry Deborah K. Bothun Ronald B. Cushey Bronwyn Dylla Robert S. Knudsen 1
Patent Infringement Damages Peter B. Frank Vincent E. O'Brien Michael J. Wagner 1
License Compliance: Performing Royalty Examinations Mark W. Haller David L. Marston Vincent Torres 1
Antitrust/ Business Combination
Antitrust Stephen H. Kalos 1
Disputes in Merger & Acquisition Transactions Mark W. Haller Kevin D. Kreb Leigh Walton 1
Construction and Real Property Disputes
Construction Claims Stephen P. Lechner Bilge Astarlioglu 1
Quantifying Damages in Real Estate Litigation Thomas E. Kabat Frank A. Voorvaart 1
Other Civil Litigation
The Troubled Business and Bankruptcy Grant W. Newton Gil A. Miller 1
Alter Ego Michael J. Wagner Bonnie J. Goldsmith 1
Employment Litigation Ali Saad 1
Federal Contract Disputes James W. Thomas 1
Valuation and Division of Marital Property Donald A. Glenn 1
Child and Spousal Support Awards John D. Zante 1
Marital Dissolution: Professional Goodwill and Related Intangibles Donald L. Gursey Donald John Miod 1
Marital Dissolution: Tracing and Apportionment of Assets Donald L. Gursey Donald A. Glenn 1
Marital Dissolution: Tax Considerations Donald L. Gursey Roseanna L. Purzycki Brandi N. Brethour 1
Tax Fraud Edward M. Robbins, Jr. 1
Financial Statement Investigation Steven L. Skalak Charles R. Hacker, Jr. Daniel V. Dooley 1
International Investigations Frederic R. Miller 1
What People are Saying About This
An exceptional compilation of resources available to those looking for financial and industrial information on the Internet. Those quite experienced with Internet research as well as those just starting out will find helpful information in this book.
(Lisa Doble Johnson, Vice President Research Mercer Capital)
Eva and Jan have organized an amazing breadth of resources available on the Internet. No financial professional should try to do research without reviewing this book. It will make your research more efficient and expansive if you use the sources highlighted here.
(Z. Christopher Mercer, CEO, Mercer Capital)
An exceptional compilation of resources available to those looking for financial and industrial information on the Internet. Those quite experienced with Internet research as well as those just starting out will find helpful information in this book. Lisa Doble Johnson, Vice President, Research Mercer Capital
"This book will save the appraiser significant time when looking for pertinent data. A great resource to increase the quality of work product and credibility of the appraiser's conclusions." Michele G. Miles, Esquire Executive Director, Institute of Business Appraisers
This is a highly practical reference tool for any business appraiser or financial advisor. The authors are two of the best-known business valuation research professionals in the United States. Shannon Pratt, CFA, FASA, MCBA Managing Director, Willamette Management Associates
Eva and Jan have organized an amazing breadth of resources available on the Internet. No financial professional should try to do research without reviewing this book. It will make your research more efficient and expansive if you use the sources highlighted here. Z. Christopher Mercer, CEO, Mercer Capital
Through years of financial research and training, these two highly talented and skilled professionals have provided not only a broad listing of available sites, but also a carefully selected and thorough menu to direct the practitioner to essential data for their research engagements.... This book serves as a highly useful and practical tool for every valuation practice, helping all analysts to better understand the enormous research possibilities availed to them through the Internet. With thoughtful, quality guidance, it will help you overcome your research obstacles and maximize your valuable research time. James L. (Butch) Williams, CPA/ABV, CVA, CBA, Chairman of the AICPA Business Valuation Subcommittee Dixon Odom PLLC
"This work of amazing breadth and depth covers the central issues that arise in financial expert testimony. It is an esential reference for counsel and practitioners in the field." —Joseph A. Grundfest, The William A. Franke, Professor of Law and Business, Stanford Law School, former Commissioner of the United States Securities and Exchange Commission.
This is a highly practical reference tool for any business appraiser or financial advisor. The authors are two of the best-known business valuation research professionals in the United States.
(Shannon Pratt, CFA, FASA, MCBA Managing Director Willamette Management Associates)
This book will save the appraiser significant time when looking for pertinent data. A great resource to increase the quality of work product and credibility of the appraiser's conclusions.
(Michele G. Miles, Esquire Executive Director Institute of Business Appraisers)
Through years of financial research and training, these two highly talented and skilled professionals have provided not only a broad listing of available sites, but also a carefully selected and thorough menu to direct the practitioner to essential data for their research engagements... This book serves as a highly useful and practical tool for every valuation practice, helping all analysts to better understand the enormous research possibilities availed to them through the Internet. With thoughtful, quality guidance, it will help you overcome your research obstacles and maximize your valuable research time.
(James L. (Butch) Williams, CPA/ABV, CVA, CBA, Chairman of the AICPA Business Valuation Subcommittee Dixon Odom PLLC)