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Lester Barenbaum, Ph.D.

Lester Barenbaum, Ph.D.

Professor of Finance


Dr. Barenbaum is a Professor of Finance. He teaches Financial Management and Financial Statement Analysis at both the undergraduate and graduate levels. Dr. Barenbaum is a recipient of the Lindback Award for Distinguished Teaching.

Dr. Barenbaum is also a Managing Director of Financial Research Associates, a litigation support firm. He has been qualified and has testified in the following states:  Pennsylvania, New Jersey, Delaware, New York, Connecticut, Florida, Virginia, California, and Massachusetts.

Areas of Expertise

  • Valuation of closely-held businesses
  • Valuation and analysis of employee stock options
  • Determination & measurement of economic damages


  • Ph. D., Economics, Rutgers University
  • M. A., Economics, Rutgers University
  • BBA, Economics, Bernard M. Baruch College, CUNY


  • Financial Management
  • Financial Statement Analysis

Executive Training

  • Crown Holdings
  • Janssen Pharmaceutical
  • McNeil Pharmaceutical

Recent Publications

“Allocation of Equity Value Within Complex Capital Structures, PPC Guide to Business Valuation, Chapter 16, 2019. (with Sheila Gorman)

“Not-For-Profit and Public Sector Cost of Capital”, Journal of Applied Business and Economics, Vol.21(5) 2019. (with Walt Schubert)

“Interpreting the Impact of Share Based Compensation on Firm Performance, Strategic Finance,December 2017, (with Bonnie O’Rourke & Walt Schubert.)

“Determining an Alimony Buyout”, American Journal of Family Law, Winter 2017, (with Jeremy Smith.)

“Determining Lack of Marketability Discounts: Employing an Equity Collar”, Journal of Entrepreneurial Finance” Spring 2015, (with Walt Schubert and Kyle Garcia.)


Family Lawyer’s Guide to Employee Stock Options, American Bar Association, 2007 with Walter Schubert and Robert Feder Esq.


Dr. Barenbaum has addressed the following professional and academic organizations on valuation of businesses, professional practices, and intangible assets:

  • American Bar Association
  • American Society of Certified Public Accountants
  • American Society of Appraisers
  • Pennsylvania Bar Institute
  • New Jersey Institute for Continuing Professional Education
  • Pennsylvania Institute of Certified Public Accountants