Learning‐by‐doing: the experience effect in mergers and acquisitions

Cai, Chen; Li, Huimin; Zhou, Haigang

doi:10.1111/acfi.12821

Cited by 18 publications

(2 citation statements)

References 38 publications

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“…In particular, for companies with successive acquisitions from 2013-2019, cumulative abnormal returns (CAR) are calculated for one trading day before and one trading day after the announcement of the first acquisition -in other words, using a [-1, 1] window. The use of this window reduces the influence of noise not correlated with the acquisition on its performance (Cai et al, 2022).…”

Section: Substitution Variable Testing: Use Of Car To Measure Manda P...mentioning

confidence: 99%

Asymmetric Learning in Successive Mergers and Acquisitions: Overconfidence and Loss Aversion

Tao,

Meng,

Huang

et al. 2024

IJBM

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Using data from 865 acquisition events launched by Chinese A-share listed companies between 2013 and 2019, we divide the dataset into two subsamples: first-time merger successes and first-time merger failures. For firms that experienced initial merger success, we find the outcomes of their subsequent merger activities to be negative, as managerial overconfidence hindered the assimilation of valuable insights from the initial successful experience. Conversely, in the case of firms that encountered initial merger failure, managerial loss aversion stimulated a learning process that led to improved performance in subsequent merger endeavors. Asymmetric learning effects are observed to significantly impact the merger outcomes of serial acquirers. Further analysis reveals that managerial age plays a role in optimizing this asymmetric learning effect.

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Section: Substitution Variable Testing: Use Of Car To Measure Manda P...mentioning

confidence: 99%

Asymmetric Learning in Successive Mergers and Acquisitions: Overconfidence and Loss Aversion

Tao,

Meng,

Huang

et al. 2024

IJBM

View full text Add to dashboard Cite

show abstract

“…Practical learning emphasizes practical application and problem-solving processes, where individuals can better comprehend concepts and principles and apply them to practice. Practical learning is often associated with interactivity, practicality, and feedback, which can facilitate individuals' active learning and autonomous development (Cai et al, 2022).…”

Section: Formation Mechanism Of Green Efficacy Perceptionmentioning

confidence: 99%

Exploring the potential impact of household photovoltaic systems on low-carbon production behavior in rural areas: unveiling the pro-environmental spillover effect

Wang,

Zhang

et al. 2024

Front. Energy Res.

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Introduction: China, as the world’s largest emitter of carbon dioxide, faces significant challenges in agricultural greenhouse gas emissions. The Chinese government has been actively promoting household photovoltaic (PV) power generation, which has great potential for application in rural areas. This study aims to explore whether the promotion of household PV systems in rural areas has a positive impact on farmers’ low-carbon production behavior and to analyze the influencing factors and mechanisms. This research fills the research gap in the analysis of the promotion of household PV systems and farmers’ low-carbon production behavior, providing scientific evidence to support policymakers in promoting widespread use of household PV systems and facilitating the transition of farmers to low-carbon production methods.Methods: This study adopts a qualitative research method and analyzes interview data and semi-structured questionnaire survey data from 48 farmers. By collecting, organizing, comparing, and extracting information and employing the research process of grounded theory, the researchers summarize the model of household PV-driven low-carbon production behavior.Results: The study finds that the installation of household PV systems indeed promotes farmers to adopt more low-carbon production behaviors. Farmers who install household PV systems show a greater willingness to reduce the use of fertilizers and pesticides, conserve water resources, and improve land utilization, among others. They perceive the positive effects of household PV systems and their own capacity for environmental protection, enhancing confidence and motivation to engage in low-carbon production behaviors.Discussion: Existing research methods have mainly relied on theoretical deduction combined with quantitative empirical approaches when exploring farmers’ pro-environmental spillover behaviors. However, these methods often start from the perspectives of either egoism or altruism, resulting in biased tendencies toward negative spillover or positive spillover. Nevertheless, neither egoism nor altruism fully captures the decision-making process when deeply understanding farmers’ production, life, and decision-making processes. The installation of household PV systems can change factors such as farmers’ knowledge, skills, cognition, and resources, enhancing their green self-efficacy and helping them acquire more knowledge and skills in renewable energy. Therefore, this research adopts a qualitative research method to more accurately reflect farmers’ decision-making process and provides practical recommendations to promote farmers’ active transition to pro-environmental spillover behaviors.Conclusion: This study fills the research gap in the analysis of the promotion of household PV systems and farmers’ low-carbon production behavior, providing practical recommendations for policymakers to facilitate farmers’ positive behavioral changes. Qualitative research methods enable a more realistic understanding and promotion of farmers’ pro-environmental spillover behaviors by deeply understanding their contexts. The study offers targeted suggestions to policymakers to drive farmers’ transition to low-carbon production methods.

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A different view on acquisition paradox: Empirical examination of international acquisitions from competitiveness perspective

Genc,

Luo

2024

Journal of Economics and Business

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Learning‐by‐doing: the experience effect in mergers and acquisitions

Cited by 18 publications

References 38 publications

Asymmetric Learning in Successive Mergers and Acquisitions: Overconfidence and Loss Aversion

Asymmetric Learning in Successive Mergers and Acquisitions: Overconfidence and Loss Aversion

Exploring the potential impact of household photovoltaic systems on low-carbon production behavior in rural areas: unveiling the pro-environmental spillover effect

A different view on acquisition paradox: Empirical examination of international acquisitions from competitiveness perspective

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