Ara Stepanyan, PhD

Ara Stepanyan - Headshot
Ara Stepanyan, PhD
Sr. Principal, Economist

Ara joined Keystone in 2019 and works as a Principal in the Boston office. Over the course of his nearly two-decades-long career, Ara has advised Fortune 500 companies, law firms, and government agencies on matters related to transfer pricing controversy and risk management, valuation of intangible assets and financial instruments, M&A due diligence, business economics, and econometrics.

Before joining Keystone, Ara was a director at AlixPartners where he consulted on matters related to transfer pricing disputes and forensic economics. Ara holds a Ph.D. in economics from Rice University. At Keystone, Ara enjoys the opportunities to work on cutting-edge problems at the intersection of law, business, economics, and technology.

In his free time, Ara enjoys playing and coaching tennis, downhill skiing, and traveling with his family.


  • Ph.D. in Economics from Rice University
  • M.P.A. from the Harvard Kennedy School
  • M.A. in Economics from Central European University