John K. Wald

John K. Wald, PhD, is a professor of finance at the Alvarez College of Business at the University of Texas at San Antonio and an affiliate advisor at IMS. He specializes in fixed-income securities valuation and investment, calculation of damages in antitrust cases involving financial instruments, and the application of econometric modeling in litigation. Dr. Wald has testified multiple times in high-stakes cases involving securities and investments, including in multiple RMBS cases involving large investment banks, where he evaluated econometric models assessing the impact of loan defects on loan defaults.

Dr. Wald’s career combines academic research with industry experience. Before earning his PhD in economics from the University of California, Berkeley, he worked as a financial analyst in fixed-income sales and trading at Bear Stearns. His research has been published in top-tier finance and economics journals, including the Journal of Banking & Finance, Journal of Corporate Finance, and Journal of Financial Economics.

His papers have won several awards, including the 2008 FMA Best Paper in International Finance, the 2008 Werner Pemmerehne Prize, and the 2009 Mirae Asset Securities Co., Ltd. Outstanding Paper Award. His paper “Antitrust Damages in Financial Markets” was selected for the 2021 Antitrust Writing Awards by Concurrences and George Washington University for the best Academic article category in the subcategory “6. Private Enforcement”.

Dr. Wald’s consulting experience, strong research and analytical skills, and teaching background help our clients navigate complex challenges in finance and economics.

Notable publications:

• Wald, “Antitrust Damages in Financial Markets,” Journal of Competition Law and Economics 16(1), 2020, 63-73.

• Mehdi Beyhaghi, Ca Nguyen, and Wald, “Institutional Investors and Loan Dynamics: Evidence from Loan Renegotiations,” Journal of Corporate Finance 56, 2019, 482-505.

• Brian McTier and Wald, “The Causes and Consequences of Securities Class Action Litigation,” Journal of Corporate Finance 17, 2011, 649-665

• Yaxuan Qi, Lukas Roth, and Wald, “Political Rights and the Cost of Debt,” Journal of Financial Economics 95, 2010, 202-226. (2008 FMA Conference Best Paper in International Finance).

• Ivan E. Brick, Oded Palmon, and Wald, “CEO Compensation, Director Compensation, and Firm Performance: Evidence of Cronyism?” Journal of Corporate Finance 12(3), 2006, 403-423.