The playwright George Bernard Shaw once remarked, "We learn from experience that men never learn anything from experience." Whatever broader truth that observation might hold, it rings false in the world of mergers and acquisitions, where the advantages of experience are both measurable and large.

McKinsey research shows that capital markets are more likely to reward the acquisitions of companies that have long-tenured executives than those made by companies that lack them. In other words, the capital markets, in their collective wisdom, place a premium on deals made by executives with experience in planning, carrying out, and integrating mergers and acquisitions. Not the least important reason is that these seasoned executives bring deep knowledge of their own companies' culture, people, and capabilities—knowledge essential to making healthy, value-creating combinations.

At one level this comes as little surprise: experience is a big advantage in nearly any corporate endeavor. But as David G. Fubini, Colin Price, and Maurizio Zollo argue in "The elusive art of postmerger leadership," M&A experience is especially vital at the very top of an organization. That's because buying and integrating newly acquired companies brings to the fore critical issues that only the most senior executives can handle:...