Jeffrey S. Armstrong

Jeffrey S. Armstrong



Phone: (202) 466-0534 VCard View CV


Dr. Armstrong has led litigation and non-litigation matters involving the sophisticated integration of customer survey, discovery record and economic and financial analyses to support expert economic testimony and litigation strategy. Dr. Armstrong specializes in the application of “event” studies to address liability and damages questions in a wide range of disputes. He writes and teaches to a legal audience on the subjects of antitrust, impact and damages, and industry specific competition. He is dedicated to helping clients build fact-based, insightful and scientifically sound opinions in complex litigation matters.

Dr. Armstrong has consulted on liability and damage issues from discovery through trial in high profile antitrust disputes, both vertical and horizontal. With an in-depth understanding of how firms engage in marketing, negotiation, distribution, and promotion, Dr. Armstrong has helped clients understand market definition and competition as reflected in pricing, technological innovation, branding, production, and overall business strategy. He has analyzed and testified about vertical business structures related to exclusive contracts, distributor and retailer incentive programs, tying and bundling, loyalty discounts, category management, resale price maintenance, and allegations of predatory pricing and foreclosure. He has also worked on intellectual property matters involving antitrust counterclaims. Dr. Armstrong applies statistical and econometric methods to quantify antitrust impact and damages, including cases where the conduct at issue is complex and embedded in an array of other unchallenged business practices.

In the area of securities litigation, Dr. Armstrong has worked on numerous class action disputes involving fraud on the market doctrine, securities market efficiency, event study analysis, valuation and damages quantification. Analyzing securities markets requires expertise in statistical and econometric modeling as well as the application of financial-economic theories to test liability and damage claims. Dr. Armstrong has analyzed securities pricing for hundreds of entities at various stages of their life-cycle, including public and non-public firms, hedge fund portfolios, firms at or near bankruptcy, and sovereign debt issuers. He has developed robust impact and damages models appropriate to the allegations and facts of the case and supported by mainstream applied finance, economics, statistics, and accounting principles.

Dr. Armstrong has testified and supported testifying experts in federal and state courts. He has published in leading peer-reviewed economic journals and litigation trade publications. He has taught graduate and undergraduate courses on industrial organization, econometrics, business strategy, and statistics in the US and overseas. While earning his doctorate in economics, he specialized in the fields of industrial organization and econometrics. Before joining FSG, Dr. Armstrong was a Vice President with CapAnalysis LLC.


Ph.D., Economics, University of California – Los Angeles, 1996
M.A., Economics, Bryan Fellow Recipient, University of North Carolina, Greensboro, 1986
B.A., Psychology and Political Science, University of North Carolina, Greensboro, 1985

Areas of expertise

Recent news, presentations, and publications

Antitrust Economists join FSG,

“Damages Principles as Applied to the FCPA”  November 2011

Presenter at Howrey CLE Fundamentals Courses on: impact and damages estimation; antitrust economics of vertical restraints; and deposing economic experts

“Predatory Bundling or Bundling to Compete?” LexisNexis Antitrust Litigation News, Vol. 1, No. 6 (September 2006)

“Commercializing Knowledge: University Science, Knowledge Capture, and Firm Performance in Biotechnology.” Management Science (January 2002).  Co-authored with, Lynne G. Zucker and Michael R. Darby.

“Geographically Localized Knowledge: Spillovers or Markets?” Economic Inquiry, Vol 36, No. 1 (January 1998) [65-86]. Co-authored Lynne G. Zucker and Michael R. Darby.

“Why Did Countries join the WTO” UCLA working paper (1996).

“Dispute settlement within the WTO: An Empirical Analysis of Reputation as an Enforcement Mechanism in International Law.” UCLA working paper (1996).