Laarni T. Bulan

Laarni Bulan Financial & Securities Cornerstone Research
Organization Profile
Professional Biography

Laarni Bulan specializes in the area of finance, consulting on cases related to financial institutions, securities, market microstructure, company valuation, insider trading, and real estate markets. Dr. Bulan leads large case teams on complex government investigations, regulatory matters, securities class actions, and white collar litigation. She works closely with experts in preparation for deposition and trial.

Specifically, her case experience includes:

  • Analysis of the liquidity and capital position of large financial institutions during the credit crisis
  • Examination of the underwriting and monitoring practices, and the performance of asset-backed commercial paper conduits during the financial crisis
  • Analysis of liquidity in the municipal bond market during the financial crisis
  • Examination of allegations of market and benchmark manipulation and collusive behavior in the markets for credit default swaps and foreign exchange
  • Analysis of a broker-dealer’s alleged improper trade clearing and settlement procedures
  • Merger transaction valuations, including valuations of a large financial institution and a high-technology firm
  • Analysis of the materiality of nonpublic information and alleged insider trading violations of corporate executive defendants
  • Analysis of the impact of the financial crisis on real estate markets and investments


Dr. Bulan has published numerous articles in peer-reviewed journals. Her research covers dividend policy, capital structure, executive compensation, corporate governance, and real options. Her authored or coauthored articles include:

  • “The Impact of Technical Defaults on Dividend Policy” in the Journal of Banking and Finance
  • “On the Timing of Dividend Initiations” in Financial Management
  • “A Few Bad Apples: An Analysis of CEO Performance Pay and Firm Productivity” in the Journal of Economics and Business
  • “Incentivizing Managers to Build Innovative Firms” in the Annals of Finance
  • “Irreversible Investment, Real Options and Competition: Evidence from Real Estate Development” in the Journal of Urban Economics
  • “Regulatory Risk, Market Uncertainties, and Firm Financing Choices: Evidence from U.S. Electricity Market Restructuring” in the Quarterly Review of Economics and Finance

Prior to joining Cornerstone Research, Dr. Bulan had a joint appointment at Brandeis University as an assistant professor of finance in their International Business School and in the economics department.

  • More Legal and Business Bylines From Laarni T. Bulan


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