Determinants of Premium of Mergers and Acquisitions in Russian Capital Market

Student: Yanchenko Natalia

Educational Programme: Corporate Finance (Master)

Year of Graduation: 2016

This work is devoted to identifying the determinants of premiums of mergers and acquisitions in Russian Capital Market. There were evaluated premiums of mergers and acquisitions in Russian Capital Market by event study methodology on a sample of 115 transactions during the period 2000-2015 in this study. The results of the study indicate that premiums paid by strategic investors are more than the premiums paid by financial investors, it should also be noted that the target company, whose transactions were carried out during the global financial crisis, received smaller premiums than the target company, whose transactions weren’t carried out during the global financial. In addition to the impact of the type of investor and the crisis on the value of premiums it has found a significant negative correlation between the size of the acquired stake and the premium.

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