As the global economy becomes more integrated, there is a growing tension between the nature of economic activity and the measurement system that attempts to keep up with it. Many policies are still determined by measuring economic activity at the national level. Since the typical unit of...

We conceptualize the MNE as a portfolio of interdependent sub-units and examine its growth trajectory in relation to its existing portfolio. The empirical testing is based on a unique dataset that details all the location moves of US legal-services MNEs during 1949-2006. These MNEs evolve in...