Determinants of M&A Efficiency in Developing Capital Markets

Student: Vyguzov Gleb

Supervisor: Ilya Partin

Educational Programme: Strategic Corporate Finance (Master)

Final Grade: 7

Year of Graduation: 2016

This paper issues the problem of main determinants of transnational M&A deals performance on ASEAN markets. It analyzes the influence of culture and institutional development distance between countries, in which acquirer and target are represented. In addition, author uses index, which determines, whether acquirer and target are in one economic sector or not. For efficiency estimation market approach (Standardized CAR, which takes into account usual volatility of acquirer price) was used. The novelty of this paper can be described as the usage of unusual determinants and efficiency measure applied to ASEAN markets. During the research process literature review was conducted. Also regression model was built and then interpreted. Cross-section analysis indicates, that institutional and cultural differences as well as being at the same industry exert significant impact on acquirer abnormal returns

Full text (added May 15, 2016)

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