Jouy en Josas, France

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1 JIACHEN YANG 1 Rue de la Libération, Jouy en Josas, 78351, France Phone : jiachen.yang@hec.edu Website: EDUCATION Ph.D. in Management (expected June 2018) CEMS Master s in International Management Aalto University Master s in International Business Saint Petersburg State University Bachelor s in Economics (with honors) Novosibirsk State Technical University Jouy en Josas, France Jouy en Josas, France Helsinki, Finland Saint Petersburg, Russia Novosibirsk, Russia CURRENT RESEARCH INTERESTS Areas: agency theory, signaling theory, resource-based view, institutional theory. Topics: mergers and acquisitions, corporate governance, start-up exits: acquisitions v. IPO. DOCTORAL DISSERTATION Paths and Patterns to Acquirer Success in Mergers and Acquisitions: Three Essays My dissertation is focused on acquirer performance in mergers and acquisitions. I study how aspects of corporate governance, strategy, as well as countries formal institutions drive acquirer performance separately and jointly. I draw on agency and signaling theories, resource-based view, and institutional theory to build the theoretical framework of my dissertation. I apply techniques of meta-analysis, structural equation modeling, and fuzzy-set qualitative comparative analysis to derive the results. RESEARCH Yang J, Lander MW, Maas AJJ. Cracking the Trillion-Dollar Question: Understanding the Role of Acquisition Experience in Domestic and Cross-Border M&A. (Job Market Paper, Dissertation Chapter) Status: Reject and resubmit at Journal of International Business Studies (Resubmitted) Summary: The study examines the effect of acquisition experience on performance of acquirers. Current literature remains ambiguous on the direct effect of acquirers deal-making experience on their performance in later acquisitions. To resolve the inconsistency surrounding the Experience-Performance relationship, the study examines mediating

2 mechanisms that consist of pre- and post-acquisition factors across domestic and cross-border settings. The results suggest that experience drives acquirer performance through alternative pathways involving target selection, M&A strategy, and elements of post-acquisition implementation. Furthermore, due to the differences in opportunities and threats, cross-border and domestic acquirers have different pathways toward achieving performance improvement. Yang J, Lander MW, Van Essen M. The Trinity of M&A Success: Configurations of Acquirer Strategy, Governance, and Characteristics (Dissertation Chapter) Status: In preparation for submission to Strategic Management Journal Summary: Using set-theoretic approach, we establish configurations of acquirer strategy, governance, and characteristics that drive positive or negative investor reaction toward M&A announcements, e.g. short-term cumulative abnormal returns of acquirers stocks. The results suggest that investors do not discriminate against deals by acquirer strategy. Rather, given the well-balanced combinations of acquirer corporate governance and characteristics, investors may positively or negatively react to related v. diversifying as well as domestic v. international deals. Furthermore, the results strongly suggest that the structure of the configurations corresponding to positive and negative investor reaction depend on the macroeconomic environment surrounding the acquisitions in our case, the Great Recession of Yang J. The Impact of Institutional Bundles on M&A Premium (Dissertation Chapter) Status: Data collection, targeted at Journal of International Business Studies Summary: Research suggests that the level of premium paid by acquirers for target companies often make or break the success of an acquisition. Despite how important acquisition premium is to performance, our understanding about what drives its level remains limited at the organizational level. The impact of higher-level factors such as institutions remains less understood. In this study, I posit that institutional bundles of host countries will determine the attractiveness of potential targets, which will then drive the level of premium paid for them by foreign acquirers. Yang J. The Effect of Corporate Governance Configurations on Diversification through M&A Status: Data collection, targeted at Strategic Management Journal Summary: How do companies corporate governance influence their acquisition choices? The study s central proposition is that presence of managerial entrenchment coupled with absence of monitoring and strategic advisory by independent board members and institutional investors will collectively lead to higher levels of geographic and product diversification during acquisitions. On the one hand, entrenched management will be more interested in diversifying acquisitions because of the potentially higher returns that come with higher risks. On the other hand, since board members are required to be prudent and institutional investors can diversify their investments on their own, both would be less inclined to support diversifying acquisitions. Hence, the contention between the management and the board as well as investors will be resolved according to the configuration of corporate governance mechanisms of the acquirers. In other words, companies acquisition choices will depend on whether the balance of corporate governance power favors the one or the other side. Yang J, Lander MW. Animal Spirits and the News: The Impact of Business News Reports on Acquirer Short-Term Performance Status: Invited submission to Advances in Mergers and Acquisitions (Submitted) - 2 -

3 Summary: It is assumed that efficient markets can incorporate the latest news about significant corporate developments such as M&A, and as such investor reaction will be reflected in the stock returns accordingly. We aim to understand how the information content and sources cited in news reports impact immediate reaction of stock market participants toward M&A announcements. We claim that acquirers short-term stock returns will be determined both by the type of news (i.e. motives, projected synergies etc.) as well as by the sources cited in the news (i.e. insiders vs. outsiders). ACADEMIC CONFERENCES The Trinity of M&A Success: Configurations of Acquirer Strategy, Governance, and Characteristics Academy of Management Annual Meeting, Atlanta, GA, USA, 2017 Cracking the Trillion-Dollar Question: A Meta-Analytical Study of Domestic and Cross-Border M&A Academy of Management Annual Meeting, Anaheim, CA, USA, 2016 INVITED PARTICIPATION Dissertation Consortium, Business Policy & Strategy Division Doctoral Consortium, International Management Division Academy of Management Annual Meeting, Atlanta, GA, USA, 2017 TEACHING EXPERIENCE Course instructor. Leading Organizations, core course for Master of Science at. Language of instruction: English. Spring 2017 (18 hours, 50 students). Teaching qualities: 4.2/5 Fall 2016 (18 hours, 45 students). Teaching qualities: 3.34/5 Spring 2016 (18 hours, 50 students). Teaching qualities: 3.92/5 ACADEMIC SERVICE Ad-hoc reviewer for Emerging Markets Finance and Trade, 2017 Volunteer reviewer for Academy of Management Annual Meetings (BPS, IM, ENT divisions), Co-organizer of Research Day at Society and Organizations Center (SnO),, 2016 Organizer of Research Speakers Series at the Department of Management and Human Resources,, AWARDS AND SCHOLARSHIPS Outstanding Reviewer Award, Business Policy and Strategy Division, Academy of Management, 2016 Full Scholarship for Ph.D. Studies,,

4 The FIRST (Finnish-Russian Student and Teacher Exchange) Program Scholarship, Aalto University, th Drucker Awards, Management Studies Enthusiast, Graduate School of Management, Saint Petersburg State University, 2012 INDUSTRY EXPERIENCE Airbus, Paris-Toulouse, France Business Project Team-Member, Business Project in Innovative Learning and Organizational Benchmarking (February June 2013) Corinthia Hotels, Saint Petersburg, Russia Summer Assistant, Accounting Department (August 2012) Ministry of Life (LLC), Saint Petersburg, Russia Business Development Manager for Mobile Applications (May August 2012) Sberbank, Saint Petersburg, Russia Summer Intern, Department of Management Control and Business Efficiency (June July 2012) Aktiv-S (LLC), Novosibirsk, Russia Summer Intern, Accounting Department (July August 2010) LANGUAGE PROFICIENCY Native: Chinese, Russian Fluent: English Intermediate: French ANALYTICAL SOFTWARES AND PROGRAMMING LANGUAGES STATA, LISREL, Fs/QCA, Qualtrics. SQL, Python. SELECTED DOCTORAL COURSEWORK Methods Econometrics I (Linear) Econometrics II (Non-linear) Econometrics III (Advanced Methods) Multilevel Theory and Analysis Research Methods Theory Strategy I Strategy II The Economics of Strategy The Sociology of Strategy Theory of the Firm Organization Theory and Behavior Advanced Organization Theory Walid Alissa Bo Huang Michel Lander Amy Sommer Kristina Dahlin and Tina Lowrey Kristina Dahlin Gonçalo Pacheco de Almeida Giada Di Stefano and Tomasz Obloj Dahlia Mani and Pierre-Antoine Kremp Bertrand Quélin Joelle Evans and Kevyn Young Elie Matta - 4 -

5 Pedagogy Pedagogy Kristine De Valck and Caroline Meriaux REFERENCES Michel W. Lander (Dissertation Supervisor) 1, Rue de la Libération, Jouy en Josas, France Phone : lander@hec.fr Marc Van Essen Moore School of Business, University of South Carolina 1014 Greene Street, Columbia SC 29208, United States Phone : marc.vanessen@moore.sc.edu Giada Di Stefano 1, Rue de la Libération, Jouy en Josas, France Phone : di-stefano@hec.fr - 5 -