Dr. Frankel Publishes Article in ABA Antitrust Magazine

Coherent President Dr. Alan Frankel recently published an article titled “Another Side to the Story: American Express and the Quest for Efficient Payments Systems” in Antitrust Magazine.  The article offers a critique of the Supreme Court’s decision in Ohio v. American Express, along with thoughts about the potential consequences of the decision and how parties should react to it.

The full article can be viewed here.

In American Express, the Court accepted Amex’s “two-sided market” defense of its “non-discrimination provisions” (NDPs) which prohibit merchants that accept Amex cards from discouraging the use of Amex cards or encouraging the use of alternative, lower cost card brands. Amex argued that its relatively high merchant fees were necessary to fund benefits provided to cardholders, such as Amex’s “rewards” program. Dr. Frankel explains that Amex’s NDPs created and exploited an externality and resulted in inefficiency, rather than create an efficient outcome.

Defenders of American Express’s NDPs contend the economic framework of two-sided markets justifies the NDPs because the NDPs sustain greater benefits provided to merchants’ cardholder customers. But that is a fallacy. It is the NDPs themselves that ensure that American Express retains the economic features of a two-sided platform.
— Dr. Alan Frankel

Dr. Frankel has been an economic consultant and expert witness since 1985 and is one of the world's leading experts in the analysis of competition in payment systems and networks. He is an Adjunct Professor at the Loyola University Chicago School of Law where he teaches Law and Economics. He is also a member of the U.S. Advisory Board at the Institute for Consumer Antitrust Studies and a Senior Editor of the Antitrust Law Journal.

Dr. Alan Frankel, Coherent President

Dr. Alan Frankel, Coherent President

Coherent Senior Vice President Laurel Van Allen to Speak on CLE Webcast

Coherent is looking forward to hearing Senior Vice President Laurel Van Allen speak on a CLE webcast sponsored by The Knowledge Group. The webcast is entitled “Securities and Shareholder Litigation: A 2019 Outlook” and will take place on Friday, December 7th from 2-3pm CT (3-4pm ET). Van Allen will be speaking about trends in the number of security cases filed, notable recent actions, the prevalence of event-driven versus accounting fraud allegations, and increases in opt-outs in securities litigation. Registration for the event is available at https://www.theknowledgegroup.org/webcasts/securities-shareholder-litigation-2019/

Senior Vice President Laurel Van Allen

Senior Vice President Laurel Van Allen

Coherent Economics Participates in ABA Woman Advocate Committee Program and Booth Women Connect Conference

Coherent was proud to sponsor and attend the ABA Woman Advocate Committee’s Regional CLE Program: Raising the Bar.

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We also attended the Booth Women Connect Conference at the University of Chicago. Both events featured the powerful perspectives and stories of women in leadership positions. Coherent would like to thank both organizations for the valuable opportunities to network and learn!

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Working at Coherent: Q&A with Senior Analyst Ian Day

“One thing that stands out about Coherent is the opportunity for Research Analysts to gain exposure and mentorship from senior team members.” — Ian Day, Senior Analyst at Coherent Economics

“One thing that stands out about Coherent is the opportunity for Research Analysts to gain exposure and mentorship from senior team members.” — Ian Day, Senior Analyst at Coherent Economics

What is something interesting you researched or learned about that you never expected to encounter?

As an incoming analyst, I really enjoyed learning about the various methodologies for applying economic and financial theory to real-world situations. In my first year as an analyst, I had the opportunity to value a multi-billion dollar company, use regression analysis to isolate the effect of fraud on a company’s share price, and analyze the accuracy and sensitivity of models created by Wall Street analysts.

What traits do you think are most important for a new analyst to succeed at Coherent?

An exceptionally detailed and process-oriented work style is one important trait for new Research Analysts to be successful at Coherent.  It enables analysts to provide their supervisors with professional quality work product, document and communicate the logic and processes underlying their analyses, and stay organized when working in a team setting.

What skills do you think you have improved the most since joining Coherent?

I have improved my written and verbal communication the most since joining Coherent. Communicating clearly and concisely is critical when working with case managers, experts, and clients, as even the highest quality analysis is only successful when communicated effectively.

How have senior employees helped to mentor you during your time as an analyst?

One thing that stands out about Coherent is the opportunity for Research Analysts to gain exposure and mentorship from senior team members. Throughout my time at Coherent, my mentors have taught me concrete skills to be successful in this industry, provided actionable feedback so I can grow, and helped me design a path to achieve my short and long-term professional and personal goals.

What team building experiences have you enjoyed the most since starting at Coherent?

One team building event that stands out for me is attending a concert at Ravinia with Coherent just after I had started in the summer of 2016. The outdoor summer evening was a great setting to learn more about my new colleagues at both the junior and senior level. Sporting events, happy hours, cooking class, and the J.P. Morgan Corporate Challenge are other examples of team building events I have participated in during the last two years. Coherent has recently relocated to The Loop in downtown Chicago, which creates amazing potential for our quarterly team building events in the future!