NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Do all networks facilitate international commerce? US law firms and the international market for corporate control

Simon J. Evenett

NBER Working Paper No. 9663
Issued in May 2003
NBER Program(s):   ITI

This paper estimates the effects of several American law firms' international networks of offices on the total value of overseas mergers and acquisitions (M&A) by US corporations. Nowadays many nations can review proposed mergers and US law firms help clients overcome such regulatory hurdles, effectively greasing the market for corporate control. However, they can also oppose transactions that are inimical to their clients' interests. I present evidence that suggests that Baker & McKenzie the US law firm with the most overseas offices has facilitated such transactions, whereas the combined effect of the next five largest American law firms has tended to reduce such M&A.

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Document Object Identifier (DOI): 10.3386/w9663

Published: Evenett, Simon J., 2003. "Do all networks facilitate international commerce? US law firms and the international market for corporate control," Journal of the Japanese and International Economies, Elsevier, vol. 17(4), pages 520-537, December.

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