Dr Min Shi


+44 (0) 1865 253094

Location: Oxford

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Min is an expert in the fields of corporate finance and financial valuation. She has worked on many commercial litigation and arbitration cases in a variety of industries, such as banking and financial services, construction, energy and mining, and insurance. She has submitted many expert reports regarding the quantum of damages and has testified in the High Court in London and the ICC Court of Arbitration in Paris. Outside of litigation and arbitration, Min has advised companies in regulatory price control determinations in the UK and prepared submissions to the UK Competition Commission and the Competition Appeal Tribunal.

Before joining Oxera in 2010, Min worked in the finance practice of a global economic consultancy firm based in the USA, mostly on securities class action lawsuits (section 10b-5 and section 11 cases) and bankruptcy cases. In 2010, she was also a lecturer in Economics at Queen’s College and Associated Fellow at the Saïd Business School, University of Oxford. Since then, Min has taught various courses in the University’s Economics Department and the Saïd Business School. Min was previously Assistant Professor of Finance at the Business School of the University of Wisconsin–Madison.

Selected project experience

  • Submitted an expert report to the High Court of Justice of the Isle of Man regarding the appropriate discount rate in a personal injury case (2015)

  • Led the Oxera team in quantifying the damages suffered by a German commercial bank in relation to its sales of its stake in a global sport company in the mid 2000s (2015)

  • Led the Oxera team in quantifying the damages suffered by a Ukrainian energy company in an ECT international arbitration case (2015)

  • Provided expert advice to two global banks in relation to the Libor, CDS and FX investigations by the European Commission and the Department of Justice in the USA (2013–15)

  • Submitted an expert report to the Tribunal de Grande Instance de Paris and an affidavit to the Supreme Court of the State of New York in support of an Italian energy company in an enforcement case (2014)

  • Submitted an expert report to, and testified in, the ICC Court of Arbitration in Paris on behalf of an international company in Italy against a multi-billion-dollar claim (2014)

  • Led the Oxera team in the quantification of the damages suffered by a Russian commodity company in an arbitration case under the rules of the London Court of International Arbitration (2013–14)

  • Submitted an expert report to the High Court of Trinidad and Tobago regarding the appropriate discount rate for determining the lump sum compensation in a personal injury case (2014)

  • Testified on behalf of Madoff Securities International Limited (MSIL) in the Madoff trial in the High Court of Justice in London regarding the valuation of certain financial services purchased by MSIL (2013)

  • Prepared an expert report to the Royal Court of Guernsey regarding the appropriate discount rate for determining the lump sum compensation in a personal injury case (2013)

  • Evaluated the damages caused by breach of contract by a national government to a global energy company (2011–13)

  • Rebutted the estimation of the damages by a terminal operator against one of the largest ports in Europe (2012)

  • Submitted an Expert Report to the Royal Court of Jersey on behalf of a large UK insurer, on the quantification of the lump sum compensation amount in a personal injury case; the case settled in favour of the client (2012)

  • Assisted a large global telecoms company in estimating the damages caused by a competitor with its exclusionary act (2012)

  • Assisted a large global pharmaceutical company in estimating the values of the two patents in a legal dispute (2012)

  • Advised ComReg, the Irish communications regulator, in its review of the intangible benefit enjoyed by eircom in connection with its obligation to provide universal services (2012)

  • Performed analysis in connection with the damages claim of a global high-tech company as a result of a global cartel (2012)

  • Assisted a large global investment fund with its due diligence in connection with the potential purchase of a telecoms company (2012)

  • Estimated cost of capital for BT in the context of a price control review, and helped to prepare the expert reports supporting BT’s appeal against Ofcom’s WACC determination for it (2011–12)

  • Conducted profitability analysis for a high-street retailer in relation to the OFT’s market investigation into extended warranties (2011)

  • Estimated damages to stockholders of a large French company in a class action lawsuit (2010)

  • Conducted risk model verification and evaluated portfolio risks of one of the largest custodian banks’ sub prime-related investment (2009)

  • Analysed large portfolio changes among major US investment funds (2008)

  • Estimated damages to equity holders in a security class action lawsuit involving a major consumer and business service company (2007)

  • Performed financial and solvency analysis in a litigation case involving a large trading/energy company (2006–07)

Selected publications

  • Niels, G., Noble, R. and Shi, M. (2014), ‘Economic experts on trial: Can courts rely on the evidence?’, Global Competition Review, 14 April.

  • Griffin, J., Shi, M. and Cox, R. (2011), ‘Estimating Damages in Class Action Securities Litigations’, chapter 10, in Securities Handbook.

  • Svensson, J. and Shi, M. (2006), ‘Political budget cycles: Do they differ across counties and why?’, Journal of Public Economics, 90:8–9, September, pp. 1367–89.

  • Svensson, J. and Shi, M. (2003), ‘Political Budget Cycles: A Review of Recent Development’, Nordic Journal of Political Economy, 29, pp. 67–76.


  • PhD and MA Economics, Harvard University

  • BA International Economics, Beijing University

  • Chartered Financial Analyst (CFA)