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Michael I. Cragg, Ph.D. is a founding partner of Cambridge Finance Partners, LLC. Dr. Cragg has extensive research and consulting experience in anti-trust, intellectual property, industrial organization, valuation, and corporate finance. At Cambridge Finance Partners, Dr. Cragg has assisted the Department of Justice in developing economic and financial testimony regarding the tax practices of the former partners of Long Term Capital Management. This highly complex case has involved the analysis of the business practices of Long Term Capital and numerous structured finance transactions. In addition, the case involved analysis of the financing and leasing practices of General Electric and Wal-Mart. Dr. Cragg has also assisted a merchant power company in its ongoing litigation in the California energy market. His current cases include antitrust, intellectual property and valuation work. Prior to founding Cambridge Finance, Dr. Cragg was a partner in the Cambridge, MA office of Bates White & Ballentine, and Vice President at Analysis Group/ Economics, both litigation support firms. In these positions, Dr. Cragg testified in cases involving valuation and antitrust. He also served as consulting expert in numerous complex litigations in the financial services, pharmaceuticals, electricity and gas, and high-tech industries. Dr. Cragg has worked closely with attorneys and testifying experts to develop pretrial motions, expert testimony, and trial presentations. Dr. Cragg also served as a consulting economist with management consulting firms A.T. Kearney and Integral. At A.T. Kearney he helped develop an industrial relations strategy for one of the country's largest steel producers, and with Integral he developed options-based management systems for large pharmaceutical and medical device companies. Dr. Cragg previously was an economist at RAND and a Senior Research Associate at the Milken Institute in Santa Monica, CA. At RAND, Dr. Cragg worked on insurance and quality of life issues with Rand's health economics group and procurement and hiring practices with its national defense group. While at the Milken Institute, Dr. Cragg was a consultant to the City of Los Angeles on tax reform and published studies on the Mexican labor market and privatization in the U.K. Dr. Cragg began his career as an assistant professor in the Department of Economics and School of International and Public Affairs at Columbia University, where he taught undergraduate and graduate courses in public finance, industrial organization and econometrics. He also has served on the faculty of the World Bank Training Programs and the UCLA's Anderson School of Management. He has published broadly in the areas of public and corporate finance. Areas of Expertise Antitrust Industrial Organization Corporate Finance Valuation Industry Expertise Energy Financial Services Pharmaceuticals Education Ph.D., Economics, Stanford University, 1993 B.S.E., Princeton University, 1986 (magna cum laude) Professional Work Experience Managing Director, Cambridge Finance Partners, LLC, 2001 - present Partner, Bates White & Ballentine, LLC, 2000 - 2001 Vice President, Analysis Group/Economics, 1999 - 2000 Manager, A.T. Kearney, 1998 - 1999 Visiting Professor, Anderson School of Management, UCLA, 1997 Senior Research Associate, Milken Institute, 1997 - 1998 Consultant, RAND, 1996 - 1997 Assistant Professor, Economics Department, Columbia University 1993 - 1998 Testifying Experience In the Matter of Penick Corporation United States Department of Justice, Drug Enforcement Agency Selected Publications and Papers Corporate Governance Executive Pay and UK Privatization: The Demise of One Country, Two Systems,"(with Alexander Dyck), Journal of Business Research, 2000, 47(1), 3-18 Fat Cats or Corporate Agents? Management Compensation and U.K. Privatization, forthcoming Journal of Law, Economics and Organization (with Alexander Dyck). Management Control and Privatization in the United Kingdom, RAND Journal of Economics (with I.J. Alexander Dyck), 1999, 30(3) 475-497. Energy Assessing the Cost of Capital for a Standalone Transmission Company, The Electricity Journal, 14(1), January 2001, 80-88, (with William Lehr and Ron Rudkin) Analysis of Fiscal Policy Performance Incentives in the Public Sector: Evidence from the Job Training Partnership Act, Journal of Law, Economics and Organization, 1997, 13(1) 141-168. Do We Care? A Study of Canada's Indirect Tax System, Canadian Journal of Economics, 1991, 24(1), pp. 124-43. The Dynamics of Welfare Participation, in Labour Markets and Income Support, published by the Canadian Employment Research Forum, 1994. Do Homeless Shelter Conditions Determine Shelter Population? The Case of the Dinkins Deluge, Journal of Urban Economics, 46(3), November 1999, 377-415 (with Brendan O'Flaherty). International Why has Wage Dispersion Grown in Mexico? Is it the Incidence of Reforms or the Growing Demand for Skills? (with Mario Epelbaum), Journal of Development Economics, 1996. The Premium for Skills in LDCs: Evidence from Mexico, submitted to the Journal of Development Economics (with Mario Epelbaum). The Use of Welfare in Canada, Canadian Journal of Economics, 1996, 29(0), S25-32. An Untold Story: The Characteristics of Welfare Use in British Columbia, Canadian Journal of Economics, (with Garry Barrett), 1998, 31(1) pp. 165-188. Environmental Climate Consumption and Climate Pricing from 1940 to 1990, Regional Science and Urban Economics (with Matthew E. Kahn), 1999, 29(4), pages 519-39. New Estimates of Climate Demand: Evidence from Location Choice, Journal of Urban Economics (with Matthew Kahn) 1997, 42(2) 261-284. Selected Conference Presentations Fried, Frank, Harris and Shriver, "Technology Driven Changes in Valuation," February 2000. Institute for International Relations conference titled New Approaches to Value Analysis: EVA, Real Options and ROV, New York, December, 1999, "Real Options: Applications in New Drug Development." American Economics Association, Boston, Winter 1999, "Fat Cats or Corporate Agents?" American Economics Association, Chicago, Winter 1998, "Management Control and Privatization in the United Kingdom: A Quiet Life Disturbed." Presentations at various institutions and universities including, the Federal Reserve Bank of New York, RAND, Milken Institute, Columbia University, University of Chicago, Carnegie-Mellon University, Yale University, University of California at Los Angeles, University of California at Berkeley, University of California at San Diego, New York University, Princeton University, University of Toronto. |
