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Di Bian
Title
Dr.
Last Name
Bian
First name
Di
Email
di.bian@unisg.ch
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1 - 3 of 3
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PublicationDecision Making in the Pre-Deal Stage of Acquisitions: Toward an Improved Cognitive PerspectiveThis dissertation examines the influence of cognitive bias on decision-making in the pre-deal stage of acquisitions and consists of three empirical essays. The first essay investigates whether and how managers establish their synergy aspirations for their acquisitions. The findings in this essay indicate that managers tend to imitate their peers synergy targets to simplify their own decision-making and to particularly and strategically downward imitate peer aspirations to drive their stakeholders expectations downward. The second essay examines managerial biases that emerge from a high load of parallel acquisitions. Specifically, it analyses the effect of parallel acquisitions on forecasting errors in integration cost planning. The findings in this second essay indicate that parallel acquisitions result in managerial cognitive overload, which leads to a higher likelihood of cost underestimation. Finally, shifting focus from managerial bias to investor bias in acquisitions, the third essay explores whether investors may oversimplify their acquisition evaluations due to stereotypes. This essay focuses on gender bias against female CEOs and stereotypes regarding female facial attractiveness. The findings in this third essay indicate that investors tend to discriminate against more attractive female CEOs during their acquisition activities. Taken together, the findings in this dissertation contribute to the acquisition literature by underscoring the importance of managers and investors cognitive biases in decision-making in the pre-deal stage of acquisitions.Type: doctoral thesis
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PublicationTransformation Champions - Turning Opposites into Complements(Deloitte AG Germany, 2020-09)
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PublicationClarity on Performance - Some limited change. Not radical enough.(KPMG AG Schweiz, 2017-09)