Tune in as Brattle experts explore economic, financial, and accounting matters, alongside thought leaders from industry and academia. The Brattle Exchange is brought to you by The Brattle Group, an internationally renowned consulting firm known for addressing intricate economic, financial, and regulatory challenges for global corporations, law firms, and governmental entities. Be sure to subscribe to catch the latest episodes.
The opinions expressed are those of the speakers and do not necessarily reflect the views of their employer or its clients. This podcast is for general information purposes and is not intended to be and should not be taken as legal advice.
Philip Drummond (https://www.brattle.com/experts/philip-drummond/), an Associate at The Brattle Group specializing in securities litigation and capital markets, welcomes Kate Volkova (https://www.evolkova.info/), an Associate Professor of Finance at the University of Melbourne, to discuss her award-winning research on antitrust enforcement. Kate’s expertise spans corporate governance and regulatory oversight, with a particular focus on the impacts of regulator actions on corporate policies and dynamics.
In this episode, Philip and Kate delve into “Antitrust Enforcement Increases Economic Activity,” a paper examining the economic effects of US Department of Justice antitrust suits from the 1970s onward. Kate and her coauthors won the 2024 Brattle Group FIRN Best Paper Award at the Australian Financial Research Network’s Annual Conference for their work. Kate details how the team compiled a comprehensive dataset of DOJ lawsuits and uncovered evidence that robust antitrust action fosters new business entry, employment, and rising wages.
The conversation also highlights methodological challenges and the wider economic policy implications of enforcing competition.
The opinions expressed are those of the speakers and do not necessarily reflect the views of their employer or its clients. This podcast is for general information purposes and is not intended to be and should not be taken as legal advice.
The paper discussed in this episode can be found here:
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4539741 (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4539741)
Timestamped Overview
00:00 Intro
01:36 Kate & Phillip Introduce the paper on Antitrust Enforcement and Market Power
05:13 Local Enforcement Boosts Competition
08:55 Incomplete DOJ Lawsuit Records
12:42 DOJ Enforcement Impact on Industries
16:19 Revising Paper: Economic Impact Analysis
17:14 Future Research Insights
13 Jan 2026
The Evolving Landscape of Corporate Governance: Collective Action, Proxy Advisors, and Shareholder Democracy
Dr. Yingzhen Li (https://www.brattle.com/experts/yingzhen-li/), a Principal at The Brattle Group who specializes in economic consulting for complex financial instruments and corporate governance, is joined by Professor Nadya Malenko (https://www.bc.edu/bc-web/schools/carroll-school/faculty-research/faculty-directory/nadya-malenko.html) of Boston College, a leading finance scholar and two-time winner of The Brattle Group Prize in Corporate Finance. Together, they explore theoretical corporate governance, with a focus on collective action problems among shareholders.
Nadya shares insights from her Brattle Prize-winning papers, delving into how trading and shareholder diversity influence corporate decision-making, and why prices and shareholder welfare can sometimes move in opposite directions. The discussion also addresses the role of event studies in assessing governance, the sometimes-counterintuitive impacts of reducing trading frictions, and the growing influence of index funds.
Yingzhen and Nadya further examine the economics of proxy advisory firms, discussing the balance between informed voting and potential overreliance on common signals. Nadya concludes by highlighting the trend toward decentralization in large asset managers and raises emerging questions about the future of corporate governance.
The two Brattle Prize-winning articles – both published in The Journal of Finance – referenced in the episode can be found here (https://onlinelibrary.wiley.com/doi/10.1111/jofi.13289) (“Trading and Shareholder Democracy”) and here (https://onlinelibrary.wiley.com/doi/10.1111/jofi.12779) (“Proxy Advisory Firms: The Economics of Selling Information to Voters.”)
The opinions expressed are those of the speakers and do not necessarily reflect the views of their employer or its clients. This podcast is for general information purposes and is not intended to be and should not be taken as legal advice.
Timestamped Overview
00:00 Intro & Nadya’s background
03:22 Shareholder collective action problems
08:54 Index Funds Rising Influence
09:39 Breaking the self-reinforcing loop
12:51 Proxy advisors improve decision-making
16 Dec 2025
Unpacking Private Debt Funds: Risks, Returns, and Growth
Brattle Principal Dr. Jan Jindra (https://www.brattle.com/experts/jan-jindra/) and Associate Dr. Ariel Lanza (https://www.brattle.com/experts/ariel-lanza/) are joined by Dr. Isil Erel (https://fisher.osu.edu/people/erel.1), the David A. Rismiller Chair in Finance at The Ohio State University’s Fisher College of Business and the Executive Editor of The Review of Corporate Finance Studies. Together, they explore the evolving landscape of private debt funds – the fastest-growing segment in the private capital market.
Jan, Ariel, and Isil examine what private debt funds are and how they expanded rapidly, stepping in to fill the gap left by commercial banks post-financial crisis. Isil discusses her research about the performance and risk profile of these funds, including their equity-like characteristics. Their conversation also explores the challenges facing retail investors, the effects of competition among non-bank lenders, the risks associated with limited transparency, and the increasing interconnectedness between banks, private debt funds, and institutional investors.
The papers discussed in the episode can be found here (https://www.nber.org/papers/w32278) and here (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3220527).
The opinions expressed are those of the speakers and do not necessarily reflect the views of their employer or its clients. This podcast is for general information purposes and is not intended to be and should not be taken as legal advice.
Timestamped Overview
00:00 Private Debt's Rapid Growth
05:22 Private Debt's Post-Crisis Surge
07:27 Non-Banks Transforming SME Lending
10:41 Private Debt Fund Performance Analysis
13:15 Caution Urged for Retail Investors
19:13 Non-Bank Lending: Risks & Impacts
20:22 Private Debt Risks to Investors
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