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Chairman – Dr. Joseph J. Penbera


Chairman, Penbera Paris, LLC. 1983-present. www.penberaparis.com

Our firm is headed by Dr. Joseph Penbera who has been recognized as one of the best economists in the nation.  Dr. Penbera was appointed Senior Fulbright Scholar in Economics by the Council for the International Exchange of Scholars, Washington, D.C., and is a member of the National Association of Forensic Economists, the Financial Executives Institute, and the National Forensic Center.  A graduate of American U., CUNY, and Rutgers, he did postgraduate work at the MIT/Bowdoin New England Computation Center.  Dr. Penbera served as a university business dean in California and Ohio, and lead a pioneering project with the cooperation of the U. of Waterloo, Apple, and IBM aimed at comprehensively integrating information technology into business school curriculum. Dr. Penbera published one of the first refereed articles on the economics of e-commerce and co-authored a Bookwatch Bestseller. He  completed the Harvard Senior Finance Program and the NASD Series 7, and was designated as a financial expert by the SEC and NY Stock Exchange under Sarbanes Oxley.  Dr. Penbera has served on the board of directors and audit committee chairman of several major U.S. corporations, including Rug Doctor (ACAS-N.Y. Stock Exchange), and Vendo (Sanden, Japan). Dr. Penbera is a past recipient of the Seckler Hudson, Baruch, and Eaton fellowships, as well as professional and meritorious civic service awards, including the ORMASZ Medal (Poland), Presidential Secretariat Citation (Brazil), and the Paul Harris Medal (Rotary).   


Current Employment and Leadership

  • Chairman - PenberaParis, LLC
    •  Firm incorporated several predecessor research and consulting companies founded by Dr. Penbera, including EconomistUSA, Inc., The Consortium for Economic Research, Baruch Investment Advisors, and Joseph J. Penbera, Ph.D. & Associates.Cited by Knight Kiplinger, editor/publisher, The Kiplinger Magazine, as “one of the best forecast economists in the U.S.”  Provided more than 300 consultancies, professional opinions, and economic analyses accepted in Federal, State, local and international jurisdictions.  Conducted presentations on the role, responsibilities, and best practices of the economic loss expert in providing assistance to attorneys, judges, and arbitrators/mediators. Apply sophisticated economic and forensic modeling approaches and latest software and data sources, and analyze relevant documentation, testimony, and other collateral expert opinion (including from accountants, appraisers, technical experts, other forensic economists, etc.) in order to calculate economic loss estimates, prepare reports, and testify (whenever needed) to assist the judicial process in making a fair determination of losses.  Adhere to the code of conduct of the NAFE. Prior cases are almost evenly divided between plaintiff and defense work. Cases include securities, real estate, business income, personal income, business dissolution, household services, medical, wrongful death, wrongful termination, contract violation, insurance, property, and other losses.  Prepare EB-5 regional investment center applications, comprehensive business plans, job creation studies, and economic analyses employing sophisticated econometric modeling techniques – including IMPLAN (MIG) and RIMS II (BEA) analyses- for approval by the U.S. Department of Homeland Security/USCIS for a variety of projects. Serve as Senior Economist to the CCAE EB-5 Center owned by Harris Construction/Spencer Enterprises, one of the largest real estate development firms in California.
  • Chairman – California Energy Investment Center (CEIC)
    • The CEIC’s projects include the recently funded Genesis project in Riverside, CA, and the AEB project in Keyes, CA.  New operational projects for 2016 include the McCoy (CA) and the Silver State (NV) projects to be constructed by NextEra, and the Brightlights Technologies/InHome  (CA) project. Recently approved projects include AEB II (CA) and the HAEE (HI).
  • Chairman – Greater Houston Investment Center (GHIC)
    • The GHIC is located proximate to the new ExxonMobil headquarters campus in The Woodlands, Texas.  The Woodlands Gate retail, hotel, and office project has undergone site demolition and is commencing construction in 2016.   The property for two other real estate projects and a manufacturing plant (all sponsored by Lukiven, one of the largest companies in South America) have been purchased and are in the plan development/approval stage.
  • Professor, former Dean, Eaton Fellow of Economics, and Senior Fulbright Scholar in Economics – Craig School of Business, California State U., Fresno, California, 1985-present.
    • Appointed Senior Fulbright Fellow in Economics by the Council for the International Exchange of Scholars, Washington, D.C. in 2004. The Senior Fulbright appointment is one of the most highly regarded scholarly distinctions in the U.S  Teach/conduct research in the MBA, Executive MBA and undergraduate programs in the areas of strategic management, including stage 1 and 2 single line, diversification (concentric and conglomerate) strategies; stage 2 and 3 rapid growth and acquisition/merger strategies; stage 3 and 4 consolidation, retrenchment, and divestiture strategies; and stage 4 and 5 asset harvesting/liquidation, bankruptcy, and salvage/rebirth strategies.  Business and asset (including property) valuation methods utilized in graduate courses include discounted cash flow analysis and  market value approaches (including sales comparison, income capitalization, replacement cost), as well as hybrid analysis factoring of scope of uses, size and complexity, industry factors, and local, regional, and economic trend analysis indicators, among others.   Cases in the last five years have included Target, Walmart, Costco, Starbucks, Hillshire, Vornado, Store Capital, Southwest, Apple, Google, Nike, Under Armour, Exxon Mobil, and Disney.   Samples of research and publications, include: “A Comparative Analysis of IMPLAN and RIMS II Econometric Modeling”,  Global Finance Association Innovative Capital Track, May 2012; “What Lead Directors Do”, MIT/Sloan Management Review, Volume 50, No. 4, 2009 (comprehensive survey of S&P 500 companies).

Education/Earned Degrees and Postgraduate Education


Ph.D., The American University, Washington, D.C. 1973. Seckler Hudson Fellow. University’s Nominee for The Leonard D. White Award in Economics and Policy.


MPA, Baruch School of Business and Public Administration, City U. of New York. New York, N.Y. 1970. Bernard Baruch Fellow.


BA, Rutgers U., New Brunswick, N.J. 1969. Scholarship in Athletics. Sophomore Class President.


Audit and Governance Program, Harvard Business School. 2003


Senior Finance Officers Program, Harvard Business School. 1998


Investment Institute, Passed NASD, Series 7 Exam. Georgia. 1983


Registered Public Accountant, State of Ohio. 1982


Computer Programming, Regional Computer Center, MIT/Bowdoin. 1981


Language and Culture, Universidad Ibero-Americana. Mexico City DF. 1978


Tech Forecasting and Demographic Analysis Methods, USDA, Grad. School. 1973-5.


Economic Analysis and Business and Project Planning, EDI, World Bank. 1973-4.

Past Employment Experience

  • Director and Audit Committee Chairman, Rug Doctor, Inc.
    • Appointed by the Superior Court in 1987 to help value the company, settle legal and financial disputes among shareholders, and protect creditor interests during a period of financial distress and serious control issues.  Served as the Chairman of the Audit Committee.  Help settle management and control issues.  Worked closely with new management to help turn the company around.  The company emerged as the leading cleaning machine and related chemicals company in the U.S with more than 33,000 locations, including in the major chain stores (Lowe’s, Walmart, Home Depot, Costco). Served as the sole independent director through the company’s sale to American Capital, Ltd., Bethesda, MD. (ACAS-NASDAQ) in 2008.
  • Director and Audit Committee Chairman, Gottschalks, Inc. (GOT-NYSE)
    • Served as a Director from the company’s inception as a public company in 1987 and through its major expansion as a regional department store chain. Served as Chairman of the Audit Committee and on the site location and acquisitions teams.  Worked closely with the Chairman, President and Chief Financial Officer on a variety of issues, including relationships with banks, factors, and the overseas partner/lender. Represented the company in various matters, including with the SEC as its designated board financial expert, Deloitte and Touche and other stakeholders.In 2007, appointed as Lead Director in the midst of the Great Recession and the relatively sudden withdrawal of the company’s major bank lender from California real estate.   Contracts to refinance and to sell the company were nearly achieved several times, but were not executed as the recession deepened, and, ultimately, the company’s ending, like many others during that time, could not be avoided.  
  • Senior Economist. Bank of Fresno, Valliwide Bank, Westamerica, Regency, and California Bank and Trust.
    • Served through several mergers and acquisitions, assisted in customer business and real estate loan  workouts, and presented many economic forecasts for the banks customers and in public forums from 1994-2000.
  • Chairman, TheAgZone.com (NASDAQ-TAZ)
    • Founded the company with the cooperation of The World Ag Expo (the largest trade show in the U.S.) as the first agricultural internet portal in the world. Sold the company in 2002 to  BergMcAfee Companies, Cupertino, CA.
  • Consultant to Government
    • Served as a consultant to government agencies, including The White House Consortium of Cabinet-Level Agencies, U.S. Department of  Commerce, U.S. Office of Education, and the Federal Executives Institute.Worked on the Polish Business Transformation Team valuing properties and assets of state-owned properties following the fall of the Berlin Wall and withdrawal of the Soviets in order to identify businesses that could survive as private entities. Served as the Chairman of the Council of Economic Advisors for Fresno from 2000-2008, and continue to assist government entities, primarily, at the State and local level.
  • Director, Vendo, Intl, Inc. (VEN-NYSE)
    • In 1986, asked to serve on the Board by the President who was attempting to turn the company around. Served on the Audit Committee.  Member of the Strategy Committee which negotiated the sale of the company to the Sanden of Japan in 1988.
  • Founding Member Group, Fresno Grizzlies
    • Houston Astros (Previously San Francisco Giants) AAA Baseball Team.
  • Dean and Professor, Franklin College of Business and Public Administration, Columbus, Ohio.
    • From 1981 to 1985, under grants and assistance of IBM, Apple, Nationwide, Cleveland Foundation, U. of Waterloo, Harvard, and others, lead the first comprehensive program to train business faculties in the full integration of computer technology.Sponsored by The Ohio Company to obtain NASD Series 7.  Consultant to the Ohio Securities Commissioner during the Ohio state banking crisis.
  • Assistant to the Provost and Dean of Faculties, Associate Professor,  U. of Miami, Fla. Miami, FL.
    • From 1978-1981, worked closely with the deans, Provost and President to acquire contracts from Washington and foreign institutions.  Served on the SALT II Treaty Advisory Committee of the United Nation’s Association. Obtained a trademark (shared with the U. of Miami) for URBEX—a property development growth simulator.
  • Chairman, The Baruch Company, and Senior Consultant, Planning Secretariat, Office of the President of Brasil. Scranton, PA, and Porto Alegre and Rio de Janeiro, Brasil.
    • Under contract sponsorship of The World Bank and USAID, provided training and technical support services in order to properly value small and medium sized enterprises, define their financing needs, and  improve their management. Worked on-site for most of 1976 to develop the first satellite transmitted btraining programs.
  • DirectorInternational Programs Department, U.S. Department of Agriculture, Graduate School, Washington, D.C.
    • From 1972-1975, managed the Asia, Latin America and Africa agro-industrial redevelopment programs for foreign countries.Served as official liaison to the Economic Development Institute of The World Bank, USAID, OAS, and UNDP. Lead a World Bank/USAID sponsored 9 country on-site evaluation of management development needs in Latin America. From offices in the National Press Club Building, served as program leader for the Critical Issues, Technology and Forecasting Programs for public agency and private business leaders which included presentations by major scholars and organizations such as SRI, NASA, NSF, and others.  Created the Embassy Institute, a Washington, D.C.-based training program for personnel from more than 40 diplomatic missions to help them transition quickly from their home country to the U.S.
  • Other Work
    • Co-Founder, Intravenous Access Technology, Inc., which recently received its patents for a revolutionary catheter technology and is in the process of co-venturing licensing and production.
    • KMJ Radio.  Appear as a featured commentator for KMJ-580 Radio one of the largest talk-listening stations in the U.S.

Professional Listings and Affiliations


Council for International Exchange of Scholars, Fulbright Scholar, Washington, DC


Financial Executives Institute, Morristown, NJ


National Association of Forensic Economists, Mount Union, PA


International Directory of Scholars, Harvard U. Press, Boston, MA


California State University, Faculty Directory, Craig School of Business, California State University, Fresno, CA

Public Service Recognition

  • President’s Medal, ORMASZ, Warsaw, Poland.
  • National Program Chairman, AACSB (accreditor of University Business Schools worldwide).
  • Recipient, Paul Harris Medal for Meritorious Civic Service, Rotary International.
  • Emeritus Director, San Joaquin River Parkway and Conservation Trust.
  • Emeritus Director and Co-Founder, Fresno Tomorrow Foundation for At-Risk Youth.


Military Service


U.S. Navel Academy, U.S. Naval Reserve, 1964-1970. Honorably Discharged


“Dr. Penbera is one of the best forecast economists in the nation.”...
Knight Kiplinger Editor/Publisher, The Kiplinger Magazine

Court Case Listing-Confidential

Provided as required upon formal request of court or competent jurisdiction.

Sample Client List

  • Amtrak
  • American Planning Association
  • Baker, Manoch, & Jensen Law Firm
  • California Eye     
  • Cholakian Law Firm (San Francisco)
  • City and County of Fresno
  • Commercial Realty Associates            
  • Community Hospitals of Central California   
  • County of San Luis Obispo
  • Davis and Winston Law Firm (Los Angeles)
  • Deloitte and Touche
  • Dunavant
  • Federal Executives Institute
  • Federated/Macy’s Stores
  • National Assn of Manufacturers
  • NBC Universal
  • Overstreet & Associates Law Firm
  • Port of San Diego
  • Producer’s Dairy            
  • Provident
  • Prudential
  • Ruiz Foods
  • San Francisco Law Center Spencer Enterprises
  • State Labor Commissioner Strickland, AG (Switzerland)
  • U.S. Department of Commerce U.S. Department of Education
  • U.S. Department of Labor White House Consortium of Cabinet-Level Agencies

Sampling of Research and Publications

“Digital Reach – The Economics of Job Creation in a Digital World”, (in progress).  

“A Comparative Analysis of Implan and RIMS II Econometric Modeling of Job Creation and Capital Investment As Applied to EB5 Investment Projects”, Global Finance Association, Innovative Capital Track, May 2012.

“What Lead Directors Do”, MIT/Sloan Management Review, Vol 50, No. 4, 2009

Evaluating Economic Progress”, Journal, Warsaw School of Economics/Social Science, 2005

Contributor to “Sox-Pox”, published by Jay Lorsch, Harvard Business Review, October, 2004

Population Forecast for Fresno County to the Year 2025, Council of Governments, Apr 2000

“E-Commerce: Economics and Regulation”,  Advanced Management Journal, Aut 99, p 39-47

Labor Market Information Survey.(co-author) Economic Development Corporation, Workforce Development Board, Revitalization Corporation, AMS. 1998.

Economic Forecasts for Central California to the Year 2010.  Central California Futures Institute, 1998. 60 pages

 “Job Multipliers Effects, Job-Related Purchase Power and Tax Value of One Job”, Study Commissioned by the Economic Development Corporation.  1998. 12 pages

The Economic Map: A Statistical Abstract of the Central Valley.  CSU Press/Central California Futures Institute. 1996. 288 pages.

“The Consumer Price Index (CPI-F)”, Published quarterly in The Fresno Bee under a grant from The Business Council. 1995-2000.

“The Business Sentiment Survey”  Published annually through the support of  The Business Council and The Fresno Bee.  1994-1999.

“The Value of Life and Life Enjoyment”, Proceedings, Global Finance Journal), Apr 96.

Overcoming the Reengineering Blindspots. Study Commission by the U.S. Dept. of Education. Washington, D.C. October 1994.  36 pages.

 Advisory Board, Advanced Management Journal. 1992-6.

Editorial Advisory Board, The Global Finance Journal. 1989-92.

Editorial Advisory Board, Review of Business Studies. 1990-2.

Associate Editorial Board, Journal of Small Business Finance. 1991-2.

A Guide to 100 Publishing Opportunities for Business Faculty.  Co-authored with Chris A. Betts. University .Press. 1990. Recommended bestseller by Bookwatch as the authoritative guide in the field

“The Director’s Role in A Takeover Bid”.  Co-authored with Charles Bonner. Journal of  Business Strategy. 1990.

The Computer Simplification Project: A Flow State Approach. Cleveland Foundation. 1985.

“Microcomputers and Accounting Applications”.  Co-author with Martha O’Laughlin. Kent-Bentley Review. February 1985, p 67-73.

 ”Bayview Civic Center”, Public Personnel Management: Special Issue-Ethics, Vol. 10, No. 1, 1981. pp. 157-160

URBEX, Economic Development Simulation. Trademark #872-142 with the U. of Miami. 1980.

Management and Executive Development in Brasil. National Press of Brasil/Center for the Development