Competence Center Mergers and Acquisitions

Mergers and acquisitions are an important engine of transformation in the global economy with significant influence on national and international production networks, market relations and competitive dynamics. Since they can trigger strong reactions in financial markets and can have far-reaching consequences for employees, suppliers and customers, they are often of great public interest. As a whole, mergers and acquisitions are associated with complexity and risk. In addition, the available research data suggest that acquisitions in many cases fall short of expectations. Competence Center for Mergers and Acquisitions analyzes and scrutinizes current developments in this area.

We examine various aspects of the transaction process in different research projects: from the strategic decision-making phase to the organizational implementation and long-term implications of non-organic growth. We try to identify dysfunctional behavior patterns and shed light on possible solutions. We use different methods like panel analysis, event study methodology, and case studies to explore interaction of different actors like internal strategy and M&A departments, boards of directors, supervisory boards, financial market participants, analysts and advisers. A particularly topical focus is on the analysis of acquisition programs and strategic processes of serial buyers, in particular with the development of digital tools for transaction process management.

Competence Center Management

Prof. Dr. Tomi Laamanen

He is chair holder and Professor of Strategic Management and a member of the Board of Directors of the Institute of Management at the University of St. Gallen. Tomi Laamanen holds PhDs in finance and strategy.

Dr. Xena Welch Guerra

She is doing her habilitation and works as a lecturer in strategic management at the Institute of Management of the University of St.Gallen. She has completed her doctorate at the University of St. Gallen with the highest honors and has received several national and international awards.

  • Bertrand, Olivier; Betschinger, Marie-Ann and Laamanen, Tomi (2018) Effects of subnational regional corruption on growth strategies in emerging economies: Evidence from Russian domestic and international M&A activity. Global Strategy Journal, Forthcoming
  • Girisch, Andreas. WelchGuerra, Xena., Laamanen, Tomi. Van den Boom, Michael., Samanta, Anna., Faddoul, Kristina. (2017). Value Capture: Unlocking the full Potential of M&A. Deloitte, Switzerland. A joint Study by Deloitte and the University of St.Gallen.
  • Düsterhoff, Henning; Pfeifle, Kathrin; Müller-Stewens, Günter & Ringlstetter, Max. (2017). ZF Friedrichshafen’s acquisition of TRW Automotive. Part A: Making the deal. Part B: Shaping the process between signing and closing. Part C: Post-merger integration. England : The Case Centre
  • WelchGuerra, Xena.(2016). Debiasing Attempts in M&A Departments. Working Paper. Best Paper Award, Behavioral Strategy Track, European Academy of Management Conference.
  • WelchGuerra, Xena., Laamanen, Tomi., Samanta, Anna., and Koller, Stefan. (2015). Serial Acquirers: Getting your ducks in a row. Deloitte, Switzerland. A joint Study by Deloitte and the University of St.Gallen.
  • Laamanen, Tomi; Brauer, Matthias and Junna, Olli (2014) Performance of acquirers of divested assets: Evidence from the U.S. software industry. Strategic Management Journal, 35 (6)
  • Teerikangas, Satu and Laamanen, Tomi (2014), Structure First! Temporal Dynamics of Structural and Cultural Integration in Cross-Border Acquisitions, in Sydney Finkelstein , Cary L. Cooper (ed.) Advances in Mergers and Acquisitions Emerald Group Publishing Limited, pp.109 – 152
  • WelchGuerra, Xena and Laamanen, Tomi. (2014) Performance Implications of Different Types of Serial Acquisition Strategies. Working Paper. Best PhD Paper Award, Strategic Management Society Conference.
  • Laamanen, Tomi, Keil, Thomas, McGrath, Rita (2013). Is A Counterattack The Best Defense? Competitive Dynamics Through Acquisitions. Long Range Planning, Volume 46, Issue 3,195-215
  • Keil, Thomas and Laamanen, Tomi (2011) When Rivals Merge, Think Before You Follow Suit. Harvard Business Review, 89 (12). 25-27.
  • Kunisch, Sven; Wahler, Caspar and Müller-Stewens, Günter (2011) Crucial: The State as an M&A Actor. Performance, (2). 14-26.
  • Müller-Stewens, Günter & Brauer, Matthias (2010) Synergies: Optimally Using Synergy Potential. io new management, 2010 (9). 30-33.
  • Laamanen, Tomi and Keil, Thomas (2008) Performance of serial acquirers: Toward an acquisition program perspective. Strategic Management Journal, 29 (6). 663-672.
  • Laamanen, Tomi (2007) On the Role of Acquisition Premium in Acquisition Research. Strategic Management Journal, 28 (13). 1359-1369
  • Deutsch, Yuval; Keil, Thomas & Laamanen, Tomi (2007) Decision-Making in Acquisitions: The Effect of Outside Directors’ Compensation on Acquisition Patterns. Journal of Management, 33 (1). 30-56.
  • Schildt, Henri and Laamanen, Tomi (2006) Who buys whom: information environments and organizational boundary spanning through acquisitions. Strategic Organization, 4 (2). 111-133.
  • Frankenberger, Sebastian; Kappler, Florian & Müller-Stewens, Günter (2006) Organizational Development in M&A Processes. Gruppendynamik und Organisationsberatung, 37 (1).

Bücher und Fachartikel

  • Müller-Stewens, Günter/Kunisch, Sven/Binder, Andreas (Hrsg., 2016): Mergers & Acquisitions. A Guide for Strategists, Analysts, Consultants and Lawyers, 2nd revised edition, Stuttgart: Schäffer-Poeschel Publishing.

Our partners

Günter Müller-Stewens

Prof. em. Dr.
Professor em. of Management

E-Mail
+41 71 224 27 61

Di Bian

M.Sc.
PhD student, Research Associate

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E-Mail
+41 71 224 27 56

Johannes Luger

Prof. Dr.
Affiliated researcher

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Alexander Wallot

M.Sc.
PhD Candidate, Research Associate

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