The Brattle Exchange

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Feb 2026

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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.

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February 10, 2026Episode 3117 min

How Antitrust Enforcement Drives Economic Growth

Philip Drummond, an Associate at The Brattle Group specializing in securities litigation and capital markets, welcomes Kate Volkova, 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=4539741Timestamped Overview00:00 Intro01:36 Kate & Phillip Introduce the paper on Antitrust Enforcement and Market Power05:13 Local Enforcement Boosts Competition08:55 Incomplete DOJ Lawsuit Records12:42 DOJ Enforcement Impact on Industries16:19 Revising Paper: Economic Impact Analysis17:14 Future Research Insights

January 13, 2026Episode 3016 min

The Evolving Landscape of Corporate Governance: Collective Action, Proxy Advisors, and Shareholder Democracy

Dr. 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 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 (“Trading and Shareholder Democracy”) and here (“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 Overview00:00 Intro & Nadya’s background03:22 Shareholder collective action problems08:54 Index Funds Rising Influence09:39 Breaking the self-reinforcing loop12:51 Proxy advisors improve decision-making

December 16, 2025Episode 2921 min

Unpacking Private Debt Funds: Risks, Returns, and Growth

Brattle Principal Dr. Jan Jindra and Associate Dr. Ariel Lanza are joined by Dr. Isil Erel, 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 and here.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 Overview00:00 Private Debt's Rapid Growth05:22 Private Debt's Post-Crisis Surge07:27 Non-Banks Transforming SME Lending10:41 Private Debt Fund Performance Analysis13:15 Caution Urged for Retail Investors19:13 Non-Bank Lending: Risks & Impacts20:22 Private Debt Risks to Investors

November 18, 2025Episode 2816 min

Navigating Intellectual Property Challenges in the Space Industry

Pallavi Seth, Principal at The Brattle Group and Co-Leader of Brattle's Intellectual Property practice, is joined by Rachel Lovejoy, former Chief IP Counsel at SpaceX and President of T Minus Zero LLC, to discuss the evolving landscape of intellectual property (IP) strategy in the rapidly growing space industry.Drawing on Rachel’s nearly 30 years advising leading technology companies, Pallavi and Rachel explore a variety of timely topics related to space IP. They discuss the unique considerations for protecting innovation in the space sector, including balancing patent rights versus trade secret strategies, the impact of national security concerns, and the global expansion of commercial space opportunities. Rachel also shares insights on navigating increased competition, the rise of international “coopetition,” the emerging role of AI, and advice for women seeking careers in space IP.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 & Rachel’s Background03:08 Space Industry Intellectual Property Strategy09:19 Space Collaboration and IP Management11:19 Space Chips: Tech and Radiation14:24 Breaking Stereotypes in Space Industry

July 22, 2025Episode 2733 min

Domestic Industry at the ITC and the Impact of Recent Federal Circuit Decisions

Dr. Pallavi Seth, Principal at The Brattle Group and Co-Leader of the firm’s Intellectual Property practice, welcomes Beau Jackson, Partner at Husch Blackwell and leader of its Section 337 practice, to discuss the evolving landscape of intellectual property enforcement at the US International Trade Commission (ITC).Pallavi and Beau review the legal and economic nuances of Section 337, focusing on the domestic industry requirement – what it means, why it matters, and how it has shifted through landmark Federal Circuit decisions. The conversation highlights recent guidance on what constitutes a significant domestic industry, including the pivotal Lashify case and Beau’s success in the Ventria Bioscience matter.The episode also explores the implications of sales, marketing, and distribution activities, changing thresholds for economic significance, and the broader policy environment influencing the ITC today. Beau and Pallavi provide insights for practitioners and experts navigating complex intellectual property (IP) and trade landscapes.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 Overview00:00 Federal Circuit Affirms No Threshold03:57 Understanding Section 337 Litigation07:06 Domestic Industry Requirement Explained12:48 ITC Case Success Factors16:20 Lashify ITC Case Summary19:47 ITC Challenges Federal Circuit Ruling22:35 ITC Domestic Industry Rule Shift26:37 No Minimum Threshold for Patent Protection27:55 Patent Practice Dispute Reduces Allocation31:19 Has There Been An Uptick in Section 337 Filings?

June 30, 2025Episode 2631 min

The Economics of AI and Copyright Policy: Key Themes and Emerging Questions

Pallavi Seth, Principal at the Brattle Group and Co-Chair of its Intellectual Property practice, sits down with Dr. Brent Lutes, Chief Economist at the US Copyright Office and former Brattle colleague, to explore the economic complexities at the intersection of artificial intelligence (AI) and copyright policy.Pallavi and Brent discuss Brent’s recent collaborative publication, “Identifying the Economic Implications of Artificial Intelligence for Copyright Policy,” which provides an economic research framework for evaluating AI’s impact on copyright. They clarify the definitions and distinctions between generative AI outputs and the use of copyrighted materials as AI inputs, and examine the challenges in defining optimal copyright policies in this rapidly evolving space.Throughout the conversation, Pallavi and Brent explore core economic principles underlying copyright, the social welfare considerations of policy choices, the difficulties of creating collective licensing schemes, and the pragmatic challenges facing creators and AI developers alike.The report referenced in this episode can be found here: https://copyright.gov/economic-research/economic-implications-of-ai/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 adviceTimestamped Overview00:00 Introduction04:38 AI Definition and Copyright Challenges07:41 AI Copyright: Social Benefits Debate11:24 "Balancing Economics of AI Policy"13:50 "Copyright and Market Power Dynamics"19:49 AI Policy's Social Impact & Market Power21:24 AI Creativity and Resource Constraints27:34 Complex Value Assessment in AI Training28:37 Licensing Challenges for Training Materials

June 10, 2025Episode 2510 min

Real Option Approaches for Oil and Gas Company Valuation

Brattle Principals Jake Zahniser-Word and Anul Thapa draw on their extensive expertise in oil, gas, and energy sector finance to discuss the critical role of real options in valuing exploration and production (E&P) companies. With backgrounds in corporate finance, valuation, and commercial and regulatory disputes, Jake and Anul discuss how real-option valuation incorporates forecast uncertainty and recognizes the additional value of flexibility to capitalize on new information and market conditions over time.Specifically, the episode explores the importance of real options in scenarios where E&P firms face market uncertainty, especially during bankruptcies and restructuring. Jake and Anul explain the limitations of traditional valuation methods, define real options, and detail how incorporating flexibility – such as the ability to defer or expand projects – can significantly impact valuation outcomes. The discussion also features a case study of Chesapeake Energy’s bankruptcy, illustrating the real-world consequences of properly accounting for (or neglecting) real options in asset valuation.The article referenced in this episode can be found here.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.

May 13, 2025Episode 2417 min

Behind the Bids: Understanding Spectrum Auctions

Brattle Principals Dr. Coleman Bazelon and Dr. Paroma Sanyal dive into the world of spectrum auctions in this episode, offering a comprehensive look at the intricacies of the auction process.Spectrum, the medium for wireless communications, is accessed by companies through licenses issued by the Federal Communications Commission (FCC). Drawing on her experience at the FCC, Paroma leads an in-depth discussion on how these auctions work and what they mean for the industry. Coleman then details the auction process and the shift from earlier methods, such as political favors and lotteries, that has led to a more efficient and transparent process.The conversation also covers the FCC’s role in auctions, auction strategies, how clients prepare for bidding, insights into auction dynamics, including strategies like “parking,” and the importance of Congressional Budget Office (CBO) scoring.Coleman and Paroma also reflect on future bands for auction, the legislative landscape impacting the FCC’s authority, and the novel idea of establishing a “spectrum court” to streamline spectrum management.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.

April 22, 2025Episode 2324 min

Generative Artificial Intelligence and Bankruptcy

Brattle Principal Shastri Sandy hosts a conversation with Senior Litigation Specialist Ethan Moore and Principal Rafael Klotz to explore the intersection of generative artificial intelligence (GenAI) and bankruptcy.The conversation begins with an overview of GenAI – what it is, how it works, and how it powers technologies like ChatGPT and DALL-E. Ethan provides insight into how GenAI contrasts with traditional AI and details its exciting potential as well as concerns over accuracy, ethics, and legality. Rafael, meanwhile, highlights generative AI’s transformative role across industries – from tech and marketing to manufacturing and healthcare – and notes the particularly rapid adoption compared to previous technologies.The group then delves into risks associated with GenAI, including copyright lawsuits, ethical issues, and financial challenges. The episode wraps up with a consideration of regulatory landscapes and the potential for AI-specific copyright laws, emphasizing the need for firms to navigate these emerging economic challenges.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 Overview04:27 Introduction08:26 AI Transforming Multiple Industries11:16 Generative AI's Rapid Adoption14:16 Generative AI's Legal Risks17:02 Monetization Challenges in AI Tools22:14 Legal Challenges of AI Content Ownership

April 1, 2025Episode 2218 min

Antitrust in the Age of Artificial Intelligence

Ryan Chapman, Brattle Senior Research Analyst, and Sean Flaim, Senior Attorney at the US Department of Health and Human Services, delve into the intersection of antitrust and artificial intelligence (AI) in this episode.The pair discuss topics from Ryan’s recent article “Antitrust in the Age of AI,” which – published by the American Bar Association’s Amplify – explores if the consumer welfare standard can address the rise of generative AI. Sean, with his extensive background in litigation and antitrust policy, poses pressing questions on the implications of AI on competition. The episode touches on the distinctions between generative and predictive AI, the impacts of AI-driven personalization and pricing strategies, and the potential for market power to impact innovation.They also discuss AI’s structural effects on the economy, including acquisition strategies and labor markets, while highlighting the pro-competitive benefits AI might bring by lowering technical barriers and aiding regulatory efforts.The link to the article mentioned in the podcast can be found here. 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.