New & Noteworthy

Dr. Lee Published in European Management Journal

September 13, 2016


Dr. Cheolwoo Lee, Associate Professor of Finance, recently published a paper titled “Do Marketing Activities Enhance Firm Value? Evidence from M&A Transactions” in the European Management Journal (EMJ).

Regarding his articles, Dr. Lee said “This paper is my first publication with an interdisciplinary topic—marketing-finance interface literature. It was fun to explore a marketing aspect in the financial event and to learn that there is a bridge between marketing and finance.”

The main findings of the paper are that marketing activities in general increase firm value, but such relationship is conditional on the level and change in the institutional ownership. Institutional investors cherry pick good targets with value-enhancing marketing activities; marketing spending tends to significant increase firm value only when institutional ownership is high and when institutional investors increase their ownership in the target firm.

The paper, which was written in conjunction with faculty from the Dongguk Business School in South Korea, paper is accessible online and can be read free of charge via the link below: