Comparison of the Cross-border and Domestic Acquisitions in Emerging Markets

Student: Shishova Elena

Educational Programme: Economics (Bachelor)

Final Grade: 9

Year of Graduation: 2016

This paper examines the difference in effectiveness of international and domestic merger and acquisition deals on developing capital markets from 2000 to 2016. The results of the event study showed that the cumulative abnormal return is higher in case of an international deal in comparison to the domestic deal. The study reveals the key determinants that influence the effectiveness of M&A events, namely: the deal payment system, the relative deal size; accessory to the buyer's industry; the change in the value of the currency of the buyer company related to the currency of the target company; the accessory of the country of company-buyer to the group of high growth economies and the accessory of the buyer country to an innovative technologies industry.

Full text (added May 12, 2016)

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