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1 �� &#x/MCI; 0 ;&#x/MCI
�� &#x/MCI; 0 ;&#x/MCI; 0 ;Marc Martos, PhSenior EconomistLos Angeles, CA 6249600mmartosvila@econone.com Marc MartosVila is a Senior Economist with Econ One Research. Dr. MartosVila is an expert in financial markets, corporatefinance(including mergers and acquisitions, private equity, venture capitalandbankruptcy, corporate valuation and structured finance (such as R ��Marc MartosVila, Ph.D.��2 &#x/MCI; 0 ;&#x/MCI; 0 ;Claremont McKenna College, Robert Day Schoolof Economics and Finance, CA (USA)Visiting Professor of Finance, 20ESADE Business School, Barcelona (Spain)Visiting Professor of Finance, Princeton UniversityTeachingand Research Assistant, 20032006Select Consulting ExperienceFinancial ServicesandSecuritieLitigationeveral large casesregarding alleged misstatements made to investors in mortgagebacked securities (RMBS). Supported an expert in all stages of litigation (report, deposition,Daubert challenges, trial), managed team work and designed economicand statistical analysis addressing materiality and loss causation.casethat successfullyesulted in the largest settlement paid by a credit rating agency and awarded to the client.Identifiedtestifying experts,provided analysis underlying the experts’ declarations and depositions, provided support for crossexamination.large CDSmatter involving alleged misstatements made to investors. Managed the case, designed the economic theory and statistical analysirelevant to

2 materiality and loss causation, designed
materiality and loss causation, designed rebuttal of opponentexperts’ reportshe acquisition of a REITupported the expert, designed and implementedthe damages modelfor breach of fiduciary dutiesamong other claims.A complex caseinvolving a bankruptcy trusteewhere the underlying assets were mortgagebacked securitiesDesignedeconomic and statistical analysisfor damages and loss causation, managed teamand supported testifying expertforeign exchangematterinvolving allegations of foreign exchange rate manipulation. Created class size estimation for class certification report. Created damages model to advise client during settlement negotiations.A Student Loans matter.An anitrust matter involving the credit cardindustry.AntitrustandtellectualPropertyLitigationDesigned damagesmodeland economic analysis related to FRAND oyaltiespaid by several manufacturers of cellular devicesin a matter involving antitrust and other ommercial claimsDesignedstatisticalanalysis in conection with an antitrust matter in the rail transportationindustry.Researchand PublicationsFinancial v. Strategic Buyers,” with Matthew RhodesKropf and Jarrad Harford ��Marc MartosVila, Ph.D.��3 &#x/MCI; 0 ;&#x/MCI; 0 ;Forthcomingat theJournal of Financial and Quantitative AnalysisNational Bureau of Economic Researchworking paper 19378Explains prominence of private equity buyers based on the interaction between credit market overvaluation and cashflow coinsurance. Both theoretical an

3 d empirical evidence is shown. Presented
d empirical evidence is shown. Presented at 2012 American Finance Association Meetings, Campus for Finance Research 2012, the 2012 Western Finance Association Meetings, the 2012 London Business School Private Equity Symposium and the 2012 European Finance Association Meetings.3 Reasons Cryptocurrency May Raise Antitrust IssuesLaw360(Published January 9, 2019)Provides three reasons why cryptocurrency marketmight experience problems with competition and raise antitrust concerns.CryptoMining Pools, Chips May Prompt itrust Concerns360(Published September 16, 2019)Explaincompetitive aspets in cryptocurrency mining.Libraedcoin Could Competitively Threaten Payment Systemw360(Published June 22, 2020verview of how Libra and Fedcoin might reshape the global payments system. It also gives a glimpse on potential implications for competition in this arena.Corporate Financial Policies in Overvalued Credit Markets,” with Jarrad Harford and Matthew RhodesopfResubmission requested by the Journal of FinanceEvidence that firms issue more debt when credit markets are overvalued. Uses a measure of overvaluation based on the accuracy of credit ratings. Shows that firms also increase cash holdings, investment and cash acquisitions.Presented at the 2014 Financial Management Association Napa Valley Conference, the 2014 University of British Columbia Winter Finance Conference and the 2014 Financial Intermediation Research Society Meetings. Intermediation in the Market for Corporate ControlSocial Scien

4 ces Research NetworkWorking Paper 252295
ces Research NetworkWorking Paper 2522959Proposes a new theory explaining the role of intermediaries in Mergers and Acquisitions. Presented at the 2015 Financial Intermediation Research Society Meetings and the 2015 IFN workshop “The Economics of Corporate OwnershipA Theory of Private v. Public Placements in Public FirmsSocial Sciences Research NetworkWorking Paper 1360389 ��Marc MartosVila, Ph.D.��4 &#x/MCI; 2 ;&#x/MCI; 2 ;• Theory explaining when firms should place equity issuances privately or publicly. Main tradeoff is liquidity costs against financial flexibility and dilution costs caused by asymmetric information.The Financing and Acquisition of Ideas,” with Matthew RhodesKropfSocial Sciences Research NetworkWorking Paper 2648880Analyses financing in the market for ideas from initial funding to established firm or sale. Rationalizes the need for investors with an array of investing skills, from professional venture capitalists to individual “angel” investors.The Effects of Search Frictions in Mergers,” with Filippos PapakonstantinouSocial Sciences Research NetworkWorking Paper 1364355Measuring search using board network connections, we find that firms with more connected boards tend to be acquirers, whereas those with less connected boards tend to be sellers.Presented at the 2009 European Finance Association Meetings.The Search for Corporate ControlSocial Sciences Research NetworkWorking Paper 1000661Ph. D. Diss

5 ertation, Princeton UniversityProfession
ertation, Princeton UniversityProfessional and Academic Honorsest Teacher Award 2015, London Business SchoolWHU Finance Award (Frist prize) for the best paper presented at Campus for Finance 2012Princeton University Graduate Fellowship, 20032005Bank of Spain Scholarship, 20012003Princeton University Graduate School Summer Fellowship, 20022005CEMFI Fellowship, 19992001Invited Seminars,Conference Presentationsand Media Coverage20062007Columbia University(Graduate School of Business)Cornell University (Johnson School of Management)IESE Business SchoolLondon School of EconomicsNorthwestern University (KelloggSchool of ManagementPrinceton University, University of British Columbia (Sauder)University of California Los Angeles (Anderson School of Management)University of Lausanne (HEC) ��Marc MartosVila, Ph.D.��5 &#x/MCI; 0 ;&#x/MCI; 0 ;University of Maryland (Smith)University of Minnesota (Carlson)York University (Schulick)Western Finance Association Meetings (discussant)2008Time Magazine (press)University of Houston(Bauer)Southern California Corporate FinanceConference(Loyola Marymount)Western Finance Association Meetings (discussant, twice)University of California Los Angeles2009ABC (TV)University of Southern California(Marshall School of Business)European Finance Association Meetings (presenter and discussant)University of California San Diego(Rady)First Workshopof theEuropean Center for Corporate Control StudiesLille, France (presenter)20102011Te

6 lemundo (TV)Univision (TV)California Sta
lemundo (TV)Univision (TV)California State University at FullertonEuropean Finance Association Meetings (discussant)2012Harvard Law School Forum(press)The Deal Room (press)American Finance Association MeetingsChicagoEuropean Finance Association Meetings (presenter and session chair)London Business SchoolClaremont McKenna CollegeniversidadCarlos III MadridCampus for Finance Research ConferenceWestern Finance Association Meetings as Vegas2013 ��Marc MartosVila, Ph.D.��6 &#x/MCI; 0 ;&#x/MCI; 0 ;American Finance Association ConferenceSan DiegoLondon School of EconomicsHEC ParisLondon Business SchoolINSEADEuropean Finance Association Conference (discussant)2014Financial Intermediation Research Society Conference (presenter and discussant)Financial Management Association Napa Conference (presenter)2015Financial Intermediation Research Society Conference (presenter and discussantIFN Workshop on “The Economics of Corporate Ownership” (presenter and discussant)Membershipsand Other Professional Experiencereasurerandmember of the Board of Dirctors, A Better Way, Inc.(since 2016)Memberof the American Bar Association, American Economic Association, American Finance AssociationMemberof the program committeeof:Western Finance Association 20102015)European Finance Association 20092015)FMA Napa Conference20142015)Midwest Finance Association 2015Financial Management Association2008, 2009Finance Cavalcade 2012X Foro Finanzas2008fereefor several finance

7 and economics journals including the Jou
and economics journals including the Journal of Finance, Management Science, European Economic Review, Journal of Financial Intermediation and Journal of Corporate FinanceCofounder and organizer, First UCLA/USC Finance Day, 20072012Thesis committee memberfor Shane Shepherd (Management, UCLA), Ariel Levy (Economics, UCLA), Masanori Kashiwagi(Economics, UCLA)Invited Panel Member for Finance Conferences“Product Market Characteristics and the Choice between IPOs and Acquisitions”, at the Financial Intermediation Research Society Annual Conference 2015 ��Marc MartosVila, Ph.D.��7 &#x/MCI; 2 ;&#x/MCI; 2 ;2. “Winning by Losing: Evidence on the LongRun Effects of Mergers”, Financial Intermediation Research Society Annual Conference2014“Are Takeovers Truly Bad for Acquirers?” European Finance Association Meetings (2013“CDOs and the Financial Crisis: Credit Ratings and Fair Premia,” European Finance Association Meetings2011“Why are CEOs Rarely Fired?” European Finance Association Meetings 2009“Corporate Financing and Investment: On the Dynamics of the Credit Multiplier,” Western Finance Association Meetings (2008“A Theory of Mergerdriven IPOs,” WesternFinance Association Meetings (2008MarketStructure, Internal Capital Markets and the Boundaries of the Firm,” Western Finance Association Meetings (2007“Bank Control and Financial Stability under Lobbying,” IFN Workshop (201