How Does Acquisition Experience Affect Managerial Career Outcomes?
利用收购新闻稿的手工数据，研究发现非CEO高级管理者的收购经验与薪酬、未来董事会席位及晋升CEO的可能性正相关，且经验效果随时间衰减、边际递减。
Abstract We use hand-collected data from acquisition press releases to investigate how acquisition experience affects the career outcomes of non-CEO senior managers. To address the non-random nature of gaining experience, we separately use manager and firm-year fixed effects, as well as an instrumental variable analysis. Acquisition experience is positively related to compensation, the likelihood of a future board seat, and the likelihood of promotion to chief executive officer. Further tests suggest that the effects of experience decay over time, have diminishing returns, and do not depend on deal quality. Finally, we search Securities and Exchange Commission filings to document novel information on managerial roles in mergers and acquisitions.