We construct a measure of the pairwise relatedness of firms' human capital to examine whether human capital relatedness is a key factor in mergers and acquisitions. We find that mergers are more likely and merger returns and post-merger performance are higher when firms have related human...

This is the Online Appendix to accompany the paper "Human Capital Relatedness and Mergers and Acquisitions". This appendix contains additional results that are referred to but not contained in the paper.Original paper available at: 'https://ssrn.com/abstract=2996878'...

Demand complementarity emerges when the outputs of firms from distinct industries are used by similar end-users. This paper constructs a measure of the pairwise demand complementarity of firms and examines whether demand complementarity is a key determinant in mergers and acquisitions. Under our...

Acquirer CEOs with experience in the target's industry supply chain (‘supply chain CEOs') are associated with wealth effects of first-order importance: they earn 1% higher merger announcement returns. Conversely, their targets get a lower share of the merger gains. Acquisitions by supply chain...

We examine the role of delegation in predicting CEO successions. Using a novel proxy for delegation in mergers and acquisitions, we find that overall CEO turnover rates are about one third higher following deals where the CEO delegates to a senior manager versus deals with no observable...

The world of mergers and acquisitions are often fraught with change, loss of identity and uncertainty for the workers who remain. The consolidation of work-groups can result in new roles, unfamiliar faces, new social structure and the introduction of foreign processes. The need to quickly...