Bente Villadsen

Dr. Bente Villadsen’s work concentrates in the areas of regulatory finance and accounting. Her recentwork has focused on accounting issues, damages, cost of capital and regulatory finance. Dr. Villadsen has testified on cost of capital and accounting, analyzed credit issues in the utility industry, risk managementpractices as well the impact of regulatory initiatives such as energy efficiency and de-coupling on cost ofcapital and earnings. Among her recent advisory work is assisting entities in the acquisition of regulated utilities regarding issues such the return on equity, capital structure, recovery of costs and capital expenditures, growth opportunities, and regulatory environments as well as the precedence for regulatory approval in mergers or acquisitions. Dr. Villadsen’s accounting work has pertained to disclosure issues and principles including impairment testing, fair value accounting, leases, accounting for hybrid securities, accounting for equity investments, cash flow estimation as well as overhead allocation. Dr. Villadsen has estimated damages in the U.S. as well as internationally for companies in the construction, telecommunications, energy, cement, and rail road industry. She has filed testimony and testified in federal and state court, in international and U.S. arbitrations and before state and federal regulatory commissions on accounting issues, damages, discount rates and cost of capital for regulated entities. Dr. Villadsen holds a Ph.D. from Yale University’s School of Management with a concentration in accounting. She has a joint degree in mathematics and economics (BS and MS) from University of Aarhus in Denmark. Prior to joining The Brattle Group, Dr. Villadsen was a faculty member at Washington University in St. Louis, University of Michigan, and University of Iowa. She has taught financial and managerial accounting as well as econometrics, quantitative methods, and economics of information to undergraduate or graduate students. Dr. Villadsen serves as the president of the Society of Utility Regulatory Financial Analysts for 2016-2018.

Education

• MS, BS Aarhus University
• Ph.D. Yale University

Companies

• Principal The Brattle Group (2008)
• Senior Associate The Brattle Group (2004 — 2007)
• Associate The Brattle Group (2000 — 2004)
• Assistant Professor The University of Iowa (1998 — 2000)
• Visiting Professor University of Michigan Ross School of Business (1997 — 1998)

Skills

• Management Consulting
• Economics