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

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  • Simon J. Evenett

Abstract

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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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 9663.

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Date of creation: May 2003
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Publication status: published as 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.
Handle: RePEc:nbr:nberwo:9663

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  1. Simon J. Evenett & Wolfgang Keller, 1996. "On Theories Explaining the Success of the Gravity Equation," International Trade 9608001, EconWPA, revised 13 Jun 1997.
  2. James E. Rauch & Alessandra Casella, 2003. "Overcoming Informational Barriers to International Resource Allocation: Prices and Ties," Economic Journal, Royal Economic Society, vol. 113(484), pages 21-42, January.
  3. Deardorff, A.V., 1995. "Determinants of Bilateral Trade : Does Gravity Work in a Neoclassical World?," Papers 95-05, Michigan - Center for Research on Economic & Social Theory.
  4. Eduardo Levy Yeyati & Christian Daude & Ernesto Stein, 2003. "Regional Integration and the Location of FDI," Business School Working Papers doce, Universidad Torcuato Di Tella.
  5. James E. Rauch & Vitor Trindade, 1999. "Ethnic Chinese Networks in International Trade," NBER Working Papers 7189, National Bureau of Economic Research, Inc.
  6. James E. Rauch, 2001. "Business and Social Networks in International Trade," Journal of Economic Literature, American Economic Association, vol. 39(4), pages 1177-1203, December.
  7. repec:idb:brikps:44298 is not listed on IDEAS
  8. Anderson, James E, 1979. "A Theoretical Foundation for the Gravity Equation," American Economic Review, American Economic Association, vol. 69(1), pages 106-16, March.
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Cited by:
  1. Harry Huizinga & Johannes Voget & Wolf Wagner, 2012. "International Taxation and Cross-Border Banking," NBER Working Papers 18483, National Bureau of Economic Research, Inc.
  2. Joan Ramón Borrell & Juan Luís Jiménez & Carmen García, 2012. "Evaluating antitrust leniency programs," Working Papers XREAP2012-01, Xarxa de Referència en Economia Aplicada (XREAP), revised Jan 2012.
  3. Simon J. Evenett, 2003. "The Cross Border Mergers and Acquisitions Wave of the Late 1990s," NBER Working Papers 9655, National Bureau of Economic Research, Inc.

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