Lester Barenbaum, Ph.D.

Professor Emeritus

Dr. Barenbaum is a Professor Emeritus 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