Tiago Duarte-Silva

Vice President

Dr. Tiago Duarte-Silva is a testifying expert with more than 20 years of experience in disputes and advice to corporate and institutional investors. He has applied his professional experience and PhD-level expertise in finance and accounting to over 130 disputes across six continents and multiple industries. He is also on the faculty of Boston College, where he teaches valuation to graduate and MBA students.

At Charles River Associates, Dr. Duarte-Silva has testified live more than 20 times across depositions, trials, and arbitral hearings, including under cross-examination and concurrent evidence settings. Dr. Duarte-Silva has authored over 50 expert reports and his opinions have been used in domestic and international arbitrations, both investor-state and commercial (e.g., ICSID, PCA, ICC, LCIA, SIAC, HKIAC, JAMS, AAA, UNCITRAL), in US litigation (federal and state courts), in foreign litigation (Brazil and Australia), and before the US Department of Commerce.

His case experience spans industries such as financial services, technology, pharmaceuticals, manufacturing, infrastructure, telecoms, media, oil & gas, and mining.

His expertise in commercial and investment disputes focuses on quantum of lost value or profits due to breach of contract, breach of representations and warranties, direct or indirect expropriation in investment treaty arbitrations, reputational harm, and irreparable harm, as well as forensic accounting analyses and valuations related to countervailing duties, appraisal actions, minority shareholder oppression, failing firm analyses, and various M&A disputes and price adjustments.

Dr. Duarte-Silva also has considerable experience in securities and other financial markets disputes, such as advising on market manipulation matters, fraud-on-the-market assessments, event studies, damages or settlement analyses within Rule 10b-5 and Section 11 matters, and insider trading. His testimony has led to the denial of class certification in Gordon v Sonar Capital Mgmt and to a shorter class period in Brokop v Farmland Partners on market efficiency grounds.

His professional experience in financial markets is in working with investment banking clients in raising capital for projects and general corporate purposes in developed and emerging markets, issuing fairness opinions in mergers and acquisitions concerning terms and board review processes. As an equity research analyst, he routinely commented on companies’ capital needs and ability to raise such capital, in addition to real-time examination of earnings and other corporate news.

He has worked on behalf of corporations and their officers and directors, investors, funds, sovereign states and entities, private equity firms, financial institutions, auditors, the Securities and Exchange Commission, and other US and foreign regulators.

He frequently writes and presents about damages, quantum, and other economics themes, and has published in various outlets, such as the Journal of Financial Economics, the Journal of Applied Corporate Finance, Finance Research Letters, the Journal of International Arbitration, Law360, Global Arbitration Review, and the World Arbitration and Mediation Review. He has also refereed articles for peer-reviewed journals, such as the Journal of Law and Economics, Journal of International Arbitration, and Business Valuation Review. He has been a speaker at MIT, Harvard Law School, law firms, other institutions, and conferences.

Dr. Duarte-Silva has testified in English, Portuguese, and Spanish.  He is a native speaker of Portuguese, fluent in English, conversant in Spanish, and reads French.

Selected Engagements

  • 01
    Mason Capital and Mason Management LLC v. Republic of Korea (PCA Case No. 2018-55)
    CRA’s Tiago Duarte-Silva was retained to testify on behalf of Mason Capital Management, a privately-owned hedge fund sponsor, in a PCA arbitration against the...
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  • 02
    CRA’s expert assists Tribunal in treaty arbitration, with $0 awarded out of claimed $100 million
    CRA’s Dr. Tiago Duarte-Silva provided key testimony on causation and damages in Díaz Gaspar v. Republic of Costa Rica (ICSID Case No. ARB/19/13), an...
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  • 03
    Shortened class period in securities class action prompted by short seller’s report
    CRA assisted Morrison & Foerster, counsel for Farmland Partners, a NYSE-traded real estate investment trust (REIT), and its CEO and CFO in a securities class...
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