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Xena Welch Guerra
Title
Prof. Dr.
Last Name
Welch Guerra
First name
Xena
Email
xena.welchguerra@unisg.ch
Phone
+41 71 224 2795
Now showing
1 - 5 of 5
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PublicationType: journal articleJournal: Journal of Management
Scopus© Citations 78 -
PublicationValue Creation of M&A Advisors: A Bargaining Perspective( 2023-06-16)Financial advisors are hired by both buyers and sellers and play an important role in the M&A process. However, our understanding of the extent to which they can help their clients achieve better acquisition outcomes is limited. In this study, we adopt a bargaining perspective to analyze the acquirers’ advisory team composition vis-à-vis the advisory team composition of the target company. To do so, we examine the impact of a quantity advantage (larger advisory team size) and quality advantage (larger amount of prior advisor experiences) on the negotiated acquisition premium and the resulting stock-market reactions upon M&A announcement. Our findings indicate that a quality advantage is associated with a lower acquisition premium and thus positive outcomes for the buyer, while a quantity advantage is linked to lower cumulative abnormal returns and thus negative outcomes for the acquiring firm.Type: conference paper
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PublicationMitigation of Overcommitment in M&A Decision-Making: Explorations from the Lab and the Field( 2020-10-30)The prevalence of managerial biases is well documented in strategy research. Yet, we know relatively little about their potential mitigation. In this study, we explore the mitigation of managerial overcommitment in the M&A decision-making process. Drawing on the psychology literature we propose two distinct mitigation approaches: Oppositive reasoning, which actuates the consideration of outcomes that are diametrically opposed to currently hold assumptions, and disclosive reasoning, where the anticipation of justification requests prompts a more careful evaluation of information. In an experimental study, we find significant evidence for the effectiveness of both debiasing strategies. We then examine these approaches outside of the lab. Drawing on qualitative field data of 32 M&A departments, we explore the adoption and perceived impediments of these approaches in organizations with different organizational structures.Type: conference paper
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PublicationType: conference paper
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