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Cautious but effective: CEO elite education and the timeline of mergers and acquisitions

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  • Su, Xuan-Qi

Abstract

This study examines how CEOs’ elite education affects the timelines for completing M & A transactions. I analyzed Taiwanese firms’ M & A transactions during 2007−2020 and found that elite-educated CEOs, especially those holding master's or bachelor's degrees in business, generally take longer to complete deals. Female and older elite-educated CEOs extend completion timelines, while those with prior M & A experience or extensive tenure do not. Notably, acquiring firms led by elite-educated CEOs achieve better long-term post-M & A performance when they invest additional time in deal completion. My results support the prevention focus hypothesis.

Suggested Citation

  • Su, Xuan-Qi, 2025. "Cautious but effective: CEO elite education and the timeline of mergers and acquisitions," Finance Research Letters, Elsevier, vol. 79(C).
    • Handle: RePEc:eee:finlet:v:79:y:2025:i:c:s1544612325005318
    DOI: 10.1016/j.frl.2025.107268
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    Keywords

    Mergers & acquisitions; Elite education; Completion Time; Prevention focus;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • I25 - Health, Education, and Welfare - - Education - - - Education and Economic Development

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