According to Gerard Baynham of Water Street Partners, there was a lot of negative press about joint ventures, but objective data suggests that they could actually overtake wholly owned and controlled subsidiaries. He writes: “Another account emerged from our latest analysis of U.S. Department of Commerce (DOC) data collected by more than 20,000 companies. According to doc data, foreign joint ventures of U.S. companies achieved an average return on investment (ROA) of 5.5 percent, while fully owned and controlled subsidiaries of these companies (the vast majority of which are wholly owned) achieved a slightly lower ROA of 5.2 percent. The same story applies to foreign business investment in the United States, but the difference is more pronounced. There are also additional documents (called “offsets” in the United States) that cover know-how and brand and supply contracts. This is a legal area and difficulties due to the diversity of national legislation, in particular as regards the applicability of heads of or shareholder agreements. . .