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BUS Seminar by Hyeongsop Shim

Writer Administrator Date Created 2023.05.25 Hits209

Dear All,

We are happy to inform you that the BUS department will hold the last seminar of the Spring semester on Thursday, June 1st, at 5:30 PM.

Hyeongsop Shim, Associate Professor at Gachon University, will present a paper titled 'Value Creation of Independent Directors with STEM PhD: Evidence from Target Shareholder Gain'.

Event details: 

  • Date: June 1st (Thu), 2023
  • Time: 5:30 - 7:00 (KST)
  • Venue: SUNY Korea Academic Building B, Room 103

Please RSVP using the following link: https://forms.gle/s6iMeTDEBRfTcQxV6

Please refer to the attached seminar poster for more details about the topic and speaker.

Business Management Seminar Series. Hyeongsop Shim Associate Professor of Finance Gachon University Thursday, June 1, 2023, 5:30p.m.-7:00p.m. KST Venue: Academic Building B103 [Value Creation of Independent Directors with STEM PhD: Evidence from Target Shareholder Gain] Abstract: This paper examines whether independent outside directors who hold a PhD in science, technology, engineering, and mathematics(i.e., STEM directors) enhance shareholder wealth in mergers and acquisitions. Using 772 mergers completed in U.S. between 2005 and 2014, we find that the market responds more favorably to M&A announcements when target firms have STEM directors, but not when their independent directors hold PhDs in other disciplines (e.g., business or law). In subsample tests, we find that the short-term announcement day premium from STEM directors is particularly pronounced for firms with higher R&D intensity, firms in high-tech industries, and firms located in high-tech cities. Further, we find that the short-term premium exists only when STEM directors' academic discipline is in line with the target firm's premium exists only when STEM directors' academic discipline is in line with the target firm's primary operation. Last, we find that target firms are more likely to be acquired by bidders in the same industry than in other industries and by public bidders than private bidders if target firms have STEM directors. Overall, our findings suggest that independent directors with STEM expertise enhance sharehoder wealth owing to their technical advisory role in corporate innovation. Bio: Dr. Hyeongsop Shim is currently an Associate Professor of Finance at Gachon university, Korea. He received his undergraduate and master's degree from Pohang University of Science and Technology(POSTECH) and his doctoral degree in Business Administration from the University of Wisconsin-Milwaukee. Prior to joining Gachon University, Dr. Shim worked as an Assiatant Professor for five years at Ulsan National Institute of Science and Technology. SUNY Korea. History Makers. We Change the World!

 

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