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M&A Efficiency Valuation: the Relation Between the Results of Different Measurement Approaches
The paper is devoted to the consideration of the results, determinants and ratios of certain aspects of the different approaches of evaluating the effectiveness of M&A for the acquiring company on the Russian market. According to the objective of the paper the following aspects were considered: systematization of the empirical researches using different approaches; selection of the characteristics which affect the efficiency of M&A deal; the adaptation of the methodology for the Russian market; evaluation of the effectiveness of M&A for Russian acquirer.Empirical results of the paper provide several important findings. First of all, the assumption of the destruction of the value for the acquiring company is rejected. Cross-border deals, the type of payment with shares and the relatively large size of the transaction from the capitalization of the acquirer are significant determinants for negative CAR for the Russian acquirer. Secondly, no significant correlation for the acquiring company on the Russian market on the proposed methods has been identified , which creates prospects for further design of the integrated methodology of the evaluating of M&A effeciency.