Research Seminar with Alexandra Scherf (The London School of Economics and Political Science (LSE)

We were delighted to host Alexandra Scherf for a research seminar at AccSus.

The presented paper, “Stealth Law: Legal Intermediaries and Antitrust Enforcement” by Pietro Ramella, Alexandra Scherf, and Carol Seregni, examines how certain law firms may help firms reduce exposure to antitrust scrutiny in M&A transactions.

Using U.S. merger reporting thresholds, the authors identify “Stealth” law firms that appear to specialize in structuring deals to avoid regulatory reporting requirements. The paper further documents that deals advised by these firms are less likely to be disclosed in SEC filings and are associated with higher post-merger industry markups, consistent with potential anticompetitive effects.