WorldCat Identities

Cho, Sam Yul 1974-

Overview
Works: 2 works in 2 publications in 1 language and 6 library holdings
Genres: Academic theses 
Roles: Author
Publication Timeline
.
Most widely held works by Sam Yul Cho
The interdependent relationships between strategic alliances and acquisitions : How acquirer's and target's strategic alliances experience influence acquisition performance, acquisition premiums and post-acquisition performance by Sam Yul Cho( )

1 edition published in 2014 in English and held by 5 WorldCat member libraries worldwide

This dissertation investigates the influence of interdependent relationships between strategic alliances and acquisitions on acquisitions outcomes and the impact of transcending relationships among investment banks on acquisitions premiums. The first essay examines the impact of acquirers' alliance experience on acquisition performance, measured as cumulative abnormal returns. We find that there exists an inverted U-shaped relationship between acquirers' alliance experience and acquisition performance, suggesting that prior alliance experience directly contributes to acquisition performance; however, the marginal benefit from the alliance experience to acquisition performance declines as acquirers' alliance experience increases. We also find a negative stock market response for acquirers with less alliance experience when they purchase target firms with a larger alliance portfolio. Overall, these results suggest that alliance experience helps acquirers develop organizational capabilities, and thus achieve better acquisition performance. The second essay investigates the influence of acquirers' alliance experience on acquisition premiums and post-acquisition accounting performance. We find that acquirers with substantial alliance experience pay higher acquisition premiums; however, we observe that the same acquirers with significant alliance experience achieve no better post-acquisition performance. More interestingly, we find that the acquirers pay lower acquisition premiums and achieve higher post-acquisition performance when the acquirers purchase target firms that also possess great levels of size and diversity in their alliance portfolios. These results suggest that alliance experience helps acquirers garner organizational capabilities, and, thereby, better evaluate in pre-acquisition and better manage targets in post-acquisition. While the first two essays focus on the interdependence between strategic alliances and acquisition outcomes, the third essay examines the impact of multiple agency conflict on acquisition premiums. We find that acquirers pay higher acquisition premiums when investment banks have significant transcending relationships. Additionally, we find that the same acquirers pay higher acquisition premiums when they have multiple transactions with the same banks and uncertainty concerning target valuation is high. Overall, these results suggest that the multiple agency conflict leads to overpayment for target firms and a bank's advantageous position vis-a-vis an acquirer further exacerbates such conflict of interests, inflating the amount of acquisition premiums paid by acquirers
Information asymmetry and underpricing: the impact of innovation strategy and underwriter mediation( )

1 edition published in 2013 in English and held by 1 WorldCat member library worldwide

 
Audience Level
0
Audience Level
1
  Kids General Special  
Audience level: 0.57 (from 0.49 for Informatio ... to 0.99 for Informatio ...)

Alternative Names
Cho, Sam Y.

Sam, Yul Cho

Yul Cho, Sam

Languages