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Analysis Group Hosts Experts' Table Dinner with Professor Alex Edmans on Market Overreaction, Intangibles, and Valuation

3 November 2026

Analysis Group Principals Chris Feige and Jessica Resch hosted the latest in Analysis Group's Experts' Table discussion series, convening a small group of legal practitioners in London to discuss how financial markets price information and what that means for securities litigation, valuation, and damages work. The conversation featured academic affiliate Alex Edmans of London Business School, an internationally recognized expert in corporate finance, corporate governance, behavioral finance, and responsible business. He shared insights from his recently published book, The Madness of Markets.

The discussion began with market overreaction and what it means for the "efficient markets" assumptions underlying the event studies that courts and experts rely on to assess the impact of news on share prices. This is a question with direct relevance to securities claims under Sections 90 and 90A of the Financial Services and Markets Act 2000 (FSMA) and to valuation and damages analysis more broadly. After discussing potential adaptations to event studies to account for market overreaction, guests turned to the market's potential blind spots, including whether intangible assets are properly priced, what this implies for standard valuation approaches, and how ESG-related factors affect long-term value. The conversation also explored the warning signs of poorly governed firms, how governance quality may be reflected in valuation, how to assess the quality of proposed mergers, and how sophisticated investors could arrive at valuations for individual companies that appear implausible at the industry level, as seen in the electric vehicle sector in 2021.

The Experts' Table series reflects Analysis Group's commitment to convening focused, high-level conversations on emerging issues affecting clients across Europe, drawing on our work in securities, valuation, and damages.

Explore other events in the series:

AI at the intersection of economics, law, regulation, and policy

Associated People

Chris Feige

Chris Feige

Principal

Mr. Feige specializes in the areas of finance, securities, and financial markets. He has worked on and managed a range of securities and valuation projects in the UK and Europe. Mr. Feige has been appointed as expert in Dutch court to provide valuation and securities claims reports in support of Steinhoff’s global securities settlement, and gave evidence in the Dutch Enterprise Chamber regarding the valuation of Getir. He has also managed teams evaluating shareholder reliance and disclosure materiality and estimating counterfactual share prices in UK Financial Services and Markets Act (FSMA) Section 90A litigation matters. Mr. Feige has supported experts analyzing the volume of false and spam accounts on Twitter, Twitter’s information security infrastructure, Twitter’s data privacy and compliance with a US Federal Trade Commission (FTC) consent decree, and share price and valuation issues on behalf of Twitter in Twitter v. Musk in which Elon Musk eventually purchased Twitter at his initial offer price. In cases involving alleged market manipulation in the foreign exchange (FX) and IBOR markets, he has analyzed trade data and evaluated alleged manipulation strategies. Mr. Feige worked on USA v. Richard Usher, et al., and the Foreign Exchange Class Antitrust Litigation, analyzing FX trade and chat data, as well as competition issues; preparing experts for testimony at trial; and providing data analyses and consulting support to counsel throughout the projects. He has also worked on a range of international arbitration cases, including valuation, damages, and competition analyses. In addition, he has developed complex valuation models, including discounted cash flow models, and analyzed asset-backed securities, collateralized debt obligations, and other securitized products in support of expert testimony in a number of bankruptcy and damages matters. Mr. Feige has also worked on a number of international arbitrations valuing defaulted sovereign debt, expropriated oil fields, and retail operations. His work has been published in several industry journals.

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Jessica Resch

Jessica Resch

Principal

Jessica Resch is a testifying expert in complex disputes involving valuation, damages, and finance issues, with particular experience in international arbitration, commercial litigation, and shareholder disputes. She has been appointed as an expert in matters before international arbitral tribunals and national courts, including the High Court of Justice of England and Wales, and has provided expert testimony on valuation and damages issues across a wide range of sectors and fact patterns. Her work is especially focused on complex valuation questions, including the assessment of cost of capital, discounts and premia, and the value of derivatives and distressed assets.

Ms. Resch’s case experience includes disputes involving oil and gas developments, project investments, shareholder and joint venture conflicts, failed transactions, breach of warranty claims, FSMA Section 90 and 90A securities litigation, and those relating to private equity, venture capital, and other funding arrangements. She has worked extensively on matters arising in difficult economic and operating environments, including periods of financial crisis, post-pandemic disruption, political instability, civil unrest, and heightened sovereign risk. Prior to joining Analysis Group, Ms. Resch was a partner and co-founder of an economics consulting firm.

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