Consistent with the research of Heath and Soll (1996) and Soman (2001), the significant main effect of Acquisition suggests that the more recently the prior acquisition liability was incurred, the greater an effect it would have on the pending spending decision and hence the lower the propensity to spend (PSearly acquisition = 5.32, PSlate acquisition = 4.34). Directionally, our results are also consistent with this logic for the effect of the location of the prior acquisitions on their perceived IMPACT. Specifically, the more recent acquisitions would have a larger impact than acquisitions incurred in the past (IMPACTearly acquisition = 5.39, PSlate acquisition = 5.96).