The authors discuss research by Nihat Aktas and others concerning why chief executive officers (CEO) create less value with successive acquisitions. Although observers may think that CEO hubris or overconfidence is to blame, the study by Aktas suggests that CEOs are able to correctly assess...

This paper compares the mean and variance of cumulative abnormal returns following announcements of two types of information technology (IT) investments: those which entail the "exploitation" of firm's current capabilities vs. those which involve the exploration of new capabilities. The paper...

We compare market returns associated with firms' creation of new units focused on e-business. Two aspects of organization design - governance and leadership - are considered with regard to exploitation - and exploration-oriented organization learning. We find that exploitation in governance...