Discounting: Risk, Cash Flow, and Discount Rate

New York

May 3, 2023

New York International Arbitration Center (NYIAC) 2023 Series: “Working with a Damages/Quantum Expert”

Counsel and quantum experts discussed critical aspects of the discount rate estimation when calculating damages using the discounted cash flow (DCF) approach. Panelists provided:

  • foundations and intuition around concepts of risk
  • theoretical frameworks to estimate the discount rate and its components
  • practical examples and an overview of awards and court decisions in which tribunals have accepted the DCF method and ruled on different components of the discount rate, including issues relating to country risk


  • Amal Bouchenaki, Partner, Herbert Smith Freehills LLP
  • Nancy Cherashore, Associate Director, BRG
  • Santiago Dellepiane, Co-Chair and Managing Director of Global Economics, BRG
  • Kenneth Grant, Managing Director, BRG
  • Alexander C. Haden, Associate, Skadden Arps Slate Meagher & Flom LLP
  • Christian Leathley, Partner, Head of the Latin America Group and US Head of International Arbitration, Herbert Smith Freehills
  • Jennifer Permesly, Partner, Skadden Arps Slate Meagher & Flom LLP

Find out more.

BRG Experts

Related Professionals

Santiago Dellepiane

Managing Director

New York

Kenneth Grant

Managing Director


Nancy Cherashore

Associate Director

San Diego