Batten Institute

Sayan Chatterjee

Background

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Bio: Sayan Chatterjee is Professor of Management Policy at Case Western Reserve University. His work involves furthering research on business policy and strategic management at the graduate and practicing manager levels. His special interest is combining the economic and financial perspective with that of a strategist and focusing on strategic choices that create economic value. Before starting his academic career, he worked for Calcutta Electric Supply Corporation, the Bank of India, and Price Waterhouse and Company. He was a Professor at Purdue University and the University of Windsor; he also served as a Research Assistant at the University of Michigan.

Professor Chatterjee received the best paper award for the Business Policy and Planning division of the Academy of Management Conference in 1992. He has authored or co-authored numerous articles, including, “Towards a Strategic Theory of Asset Pricing: Moving beyond CAPM,” “Value Enhancement through Acquisitions Versus Internal Restructuring: The Role of the Board and Large Shareholders,” and “Are Tradeoffs Inherent in Diversification Moves? A Simultaneous Model for Type of Diversification and Mode of Expansion Decisions.”

He received his Ph.D. in business administration from the University of Michigan, his post-graduate diploma in management from the Indian Institute of Management in Calcutta, and his bachelor of science from Jadavpur University in Calcutta.

Expertise: Post-Merger Integration 

Research

Fellowship Focus: A major focus of Sayan Chatterjee’s Batten Fellowship will be collaborating with his faculty host, Jay Bourgeois, on the design of a Batten Institute conference on the subject of post-merger integration. His work with Professor Bourgeois will include papers on creating a framework for acquisition success and post-acquisition resources. Working titles are: “Enron’s Asset- Light Strategy: Why It Went Astray,” “A Framework for Acquisition Success,” and “Resource Interactions and Merger Success.”

Professor Chatterjee and Professor Bourgeois say that most acquisitions fail, and the failures are usually attributed to integration problems or overpayment. Their paper “A Framework for Acquisition Success” will demonstrate that not all acquisitions are equally vulnerable to these impediments by identifying three primary sources of value: information advantage, acquisition process, and unique business models. By framing the sources of value this way, instead of using terms such as synergy, it becomes clear why some sources of acquisition value can mitigate the impediments better than others and which sources have the highest probability of success. They then identify five primary ways that the resources of the merging firms interact to create value. Using this resource-interaction lens, managers can identify the primary sources of value in any possible acquisition and anticipate impediments at the due-diligence stage. This framework will also enable managers to reconsider acquisition strategies that they have avoided because of the poor batting average of acquisitions in general.

While in residence, Professor Chatterjee will teach an elective on corporate strategy and the role of mergers and acquisitions.

Contact Info

Email:sxc14@po.cwru.edu             

Appointment: 2001

Publications & News

Cases:

“Cisco: Early If Not Elegant” by Gerry Yemen under the supervision of L. J. Bourgeois III and Sayan Chatterjee (2002)

Co-author, “Office Depot: e-Business”

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