论文笔记 |Generalist vs. specialist: Who are better acquirers?

Y Xu, Xu N , Chan K C , et al. Generalist vs. specialist: Who are better acquirers?[J]. Journal of Corporate Finance, 2021, 67(2):101915.

故事：
该文研究通用型高层管理人员（GTEs）与专业型高层管理人员（STEs）对并购的影响。follow closely the method in Cust´odio et al. (2013) ，构建了高层管理人员的通用能力指数。基于此，研究表明，GTEs比STEs进行了更多的并购，有GTE的收购者的并购公告和长期回报都比有STE的收购者的好。
良好的并购绩效归因于GTEs事先搜索目标的能力，使并购过程有效，并在并购后充分利用其社会网络。
此外，我们发现GTE企业并购活动的增加主要是由于GTE企业的并购经验而不是他们的才能。
最后，GTEs的并购活动提高了投资效率，并且在并购后剥离目标的可能性较小。
总而言之，GTEs进行了更多的并购活动，而且他们在这个过程中创造了价值。

1. Introduction

引言的写作布局适合中文背景的写作
研究背景（现实和学术）–> 使用中国数据的优势 --> 做了哪些具体工作 --> 发现 --> 贡献
We leverage this strand of literature on generalist top executives (hereafter, GTEs) vs. specialist top executives (hereafter, STEs) and examine the research questions of whether a top executive’s lifework experience impacts the frequency of M&As and the subsequent performance of these M&As.

We investigate our research questions using a sample of Chinese firms. The Chinese environment offers several advantages. 3点

Specifically, we focus on the lifework experience of chairmen of Chinese public firms .做了哪些工作及发现

We make several contributions. 4点

2. Hypothesis development

提出对立假说
two contrasting arguments on the tendency of GTEs or STEs to conduct more M&As than their counterparts.

H1A. When compared to STEs, GTEs conduct more M&As.
H1B. When compared to GTEs, STEs conduct more M&A

If H1A is valid, we expect that GTEs fully leverage their general ability to assess the risk-return of M&A opportunities and enhance M&A returns in two aspects.

H2. When compared to STEs, GTEs bring higher announcement and long-term M&A returns.

3.Research design

4. Results and discussions

4.1. Summary statistics and univariate analysis

4.2. The impact of top executive’s general ability on M&A and investment behavior

4.2.1. The impact of GAINDEX on M&A frequencies

4.3. The impact of GAINDEX on M&A performance

4.3.1. Summary statistics
present the summary statistics of M&A performance in Panel A of Table 4 by Acquirer, Target, and CCARs (combined CARs) and various BHARs. We note that the sample sizes vary for Acquirer CAR, Target CAR, and CCAR.
4.3.2. Announcement returns
report the multivariate analysis for the impact of GTEs on CARs in Panel B of Table 4.
4.3.3. Accounting- and market-based return
present the findings for the accounting- and market-based long-term return of M&As

4.4.The channel behind the impact of general ability index on M&A behavior

We examine the advantages of GTEs over STEs before, during, and after M&As and present the findings below.

4.4.1.Before M&As

before M&A, GTEs leverage their rich and diverse experience (different industries or work locations) to screen potential targets leading to lower M&A information asymmetry.
. We examine the impact of a top executive’s target searching tendency in M&A

• the M&A is in the industry in which the GTE had previous experience
• the M&A is in a province in which the GTE had previous experience

We examine how GTEs select distance targets.
FAR is an indicator equals 1 if the distance between bidder and target is further than median.

4.4.2.In the process of M&As

We conjecture that, in the process of M&A, GTEs contributes to a shorter duration, better completion rate and higher probability to get a performance commitment contract from a target for the M&A deal.

4.4.3. After the M&As

we expect that a GTE acquirer is able to run the merged firm smoothly and fully leverage the potential of the synergy of the acquirer and target.

4.5.Robustness checks

Heckman’s two step procedures \ Propensity score matching (PSM) \ Exogenous shock of top executive retirement \ Control firm and chairman fixed effects\Managerial ability and M&A frequency in bidder sample\Management team’s ability and M&A activities \ The impact of changing from GTE to STE or vice versa

4.6. Additional tests

4.6.1. Is it due to talent or experience?

It is possible that the high frequency of M&As is not due to the general ability of a top executive but rather comes from his or her talent.
To explore this possibility, we explicitly examine how four sources of talents from top executives may affect M&A frequency. (职业路径的快慢、教育水平（985）、来自贫困地区、是否有过并购经历)

4.6.2. The impact of GAINDEX on overinvestment and sustainability of M&A

5.Conclusions