We use hand-collected data from acquisition press releases to investigate how acquisition experience affects the career outcomes of non-CEO senior managers. To address the non-random nature of gaining experience, we separately use manager and firm-year fixed effects, as well as an instrumental variable analysis. Acquisition experience is positively related to compensation, the likelihood of a future board seat, and the likelihood of promotion to chief executive officer. Further tests suggest that the effects of experience decay over time, have diminishing returns, and do not depend on deal quality. Finally, we search Securities and Exchange Commission filings to document novel information on managerial roles in mergers and acquisitions.

中文翻译：

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收购经验如何影响管理职业成果？

我们使用从收购新闻稿中手动收集的数据来调查收购经验如何影响非 CEO 高级管理人员的职业成果。为了解决获得经验的非随机性，我们分别使用经理和公司年度固定效应，以及工具变量分析。收购经验与薪酬、未来董事会席位的可能性以及晋升为首席执行官的可能性呈正相关。进一步的测试表明，经验的影响会随着时间的推移而衰减，收益会递减，并且不依赖于交易质量。最后，我们搜索证券交易委员会的文件，以记录有关并购中管理角色的新信息。