Thought Leadership
Bias in International Arbitration – the Expert Perspective (article)
Heiko Ziehms, John Darlison, Chaitanya Arora
Journal of International Arbitration (Wolters Kluwer)
Forthcoming February 2026
A conversation with Gary Born
Professor Born is widely regarded as the world’s preeminent authority on international commercial arbitration and international litigation. He is the chair of the International Arbitration Practice Group of Wilmer Hale. He has been ranked for more than 20 years as one of the world’s leading international arbitration advocates and the leading arbitration practitioner in London. Mr. Born has published a number of leading works on international arbitration, international litigation and other forms of dispute resolution, including International Commercial Arbitration, the leading treatise in the field.
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Our discussion will cover international arbitration, how legal and damages issues intersect, the role of bias in expert work, and a forward-looking view of arbitration and expert practice 100 years into the future.
Mr. Born has participated as counsel in more than 675 international arbitrations, including four of the largest ICC arbitrations and several of the most significant ad hoc arbitrations in recent history. Among many accolades for his work as counsel, Mr. Born received the Global Arbitration Review inaugural “Advocate of the Year” award, the Client Choice award for “Best International Arbitration Practitioner” and the Best Lawyers “London Arbitration Lawyer of the Year” award.
Mr. Born has published a number of leading works on international arbitration, international litigation and other forms of dispute resolution, including International Commercial Arbitration (Kluwer 3d ed. 2021), the leading treatise in the field, as well as International Arbitration: Law and Practice (Kluwer 3d ed. 2021), International Arbitration and Forum Selection Agreements: Drafting and Enforcing (Kluwer 6th ed. 2021), International Arbitration: Cases and Materials (Aspen 3d ed. 2021) and International Commercial Arbitration: Commentary and Materials (Kluwer 2d ed. 2001). Mr. Born is also the author (together with Peter Rutledge) of International Civil Litigation in United States Courts (Aspen 7th ed. 2022), the leading commentary on the subject.
He is one of only two practitioners to achieve “starred” status for international arbitration in the Chambers Global and Chambers UK guides. Chambers recognized him for his “Outstanding Contribution to the Legal Profession,” describing him as the world’s foremost authority on international arbitration and litigation. Clients and competitors have also described Mr. Born as “awesome,” “inimitable,” and “in a league of his own,” praising him as “a phenomenal mind and a brilliant lawyer,” “easily the most capable disputes lawyer alive today,” and “at the absolute top of the international arbitration universe.”
Mr. Born is an Honorary Professor of Law at the University of St. Gallen, Switzerland and Tsinghua University, Beijing. He has also taught at Harvard Law School, University of Pennsylvania Law School, Stanford Law School, Georgetown University Law Center, National University of Singapore, Peking University School of Transnational Law, University of Virginia School of Law, University College London and the University of Arizona College of Law.
Mr. Born is a member of the American Law Institute and of the Board of Trustees of the British Institute for International and Comparative Law. He has served on the Executive Council of the American Society of International Law, the Advisory Committee of the ALI’s Restatement of US International Arbitration Law, the Advisory Committee of the ALI Restatement of US Foreign Relation Law (Fourth) and as co-chair of the ABA International Section, Committee on International Aspects of Litigation. He is also a Vice President of the American Society of International Law.
Mr. Born recently served as President of the Singapore International Arbitration Centre (SIAC) Court of Arbitration for six years. He is a member of the International Advisory Board of the Hong Kong International Arbitration Centre (HKIAC), a member of the Global Advisory Board of the New York International Arbitration Center (NYIAC), a member of the International Arbitration Committee of the Korean Commercial Arbitration Board (KCAB) and a member of the Jerusalem Arbitration Center’s Court of Arbitration.
He is a member of the Academic Council of the Institute for Transnational Arbitration, the Advisory Board of African International Legal Awareness, the Advisory Board of the Indian Journal of Arbitration Law and the Editorial Advisory Board of the Journal of World Investment and Trade.
Forthcoming 5 December 2025
A conversation with Stephen Penman
Stephen Penman is the George O. May Professor Emeritus of Financial Accounting in the Graduate School of Business at Columbia University. Penman is also co-director of the Center for Excellence in Accounting and Security Analysis at Columbia.
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We discuss approaches to the valuation of firms, his recent book, Financial Statement Analysis and Value Investing, as well as:
– why good accounting is a key prerequisite for a free market and society;
– how to think about current exceptionally high market valuations;
– some new thinking about the assessment of damages;
– why, after 70 years of research, the cost of capital remains elusive;
– what could succeed the CAPM; and
– how we might value firms a hundred years from now.
Stephen Penman is the author of Financial Statement Analysis and Security Valuation, for which he received a Wildman Medal. In 1997 he was awarded the Institute for Quantitative Investment Research (INQUIRE) Prize in the U.K. In 2005 he was awarded the Geewax Terker & Co Prize in Investment Research, and in 2011 the Roger F. Murray prize from The Institute for Quantitative Research in Finance (Q-Group). He has earned the Abacus best paper award twice. In 2009 he received an honorary doctorate from the Stockholm School of Economics and, in 2015, was elected to the Financial Economists Round Table. His most recent book, co-authored with Peter F. Pope, Financial Statement Analysis for Value Investing, was published in April 2025.
Stephen Penman is a founding editor of the Review of Accounting Studies and served as managing editor from 2002-2006. He is on the advisory boards of Phoenician Capital and Boston Harbor Investment Management and has served as an advisor to fundamental asset managers in the U.S., Europe, and China. He also serves on the Board of Directors of UBS Financial Services Inc. Hedge Fund Solutions and is chair of its audit committee. In 2019, Penman was elected to the Accounting Hall of Fame. In 2020, he was elected to the Australian Accounting Hall of Fame.
10 September 2025
M&A Disputes: Does a booming stock market lower the efficacy of financial statement warranties?
Faculty of law blogs, University of Oxford
Oxford Business Law Blog · Nov 27, 2024
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M&A Disputes: How They Happen, How to Resolve Them, How to Avoid Them (book)
Heiko Ziehms, Wolters Kluwer · November 2023
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Post-completion M&A Disputes: Two Paths to Resolution (book chapter)
John Hudson, Kami Zargar and Heiko Ziehms, GAR – The European Arbitration Review · 2024 – Oct 15, 2023
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A Record-Breaking Year in M&A: The Consequences for Damages in Post-M&A Dispute Resolution in Arbitration
Heiko Ziehms and Anna Baird, Kluwer Arbitration Blog · Jun 16, 2022
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Post-completion M&A Disputes: Two Paths to Resolution (book chapter)
John Hudson, Kami Zargar and Heiko Ziehms, GAR – The European Arbitration Review · 2024 – Oct 15, 2023
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M&A Disputes and Completion Mechanisms: A Commercial and Financial Perspective (book)
Heiko Ziehms, Wolters Kluwer · 2019
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Research Project
Predictive artificial intelligence will affect the work of quantum and forensic experts in profound ways over the coming years. We are creating models for ex-ante assessments of accounts warranty breaches and fraud in M&A transactions.
Our analysis identifies patterns in financial statements, the organisational structure of the acquired firm, or the M&A process that are associated with breaches of financial statement and other warranties and predict the probability of material accounting misrepresentations.