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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Anna Baranovskaya
Impact of Capital Structure's Deviation from Target Level on Performance of M&A Deals in Emerging Markets
Strategic Corporate Finance
(Master’s programme)
2016
Rapidly growing market of M&A deals in emerging capital markets induces to research the performance of such deals. Authors investigated a problem of determinants of the performance of M&A deals. The master's thesis presents the results of empirical studies of impact of capital structure’s deviation from target level on performance of M&A deals in emerging capital markets in short term. This study was conducted on the sample of 216 M&A deals, carried out by acquirers from BRICS from 2000 to 2015.

The results showed that the market reacts negatively on the announcement of M&A deal of acquirer with capital structure deviation from target level in the direction of excess borrowing. In case of when acquirer has current financial leverage less than the target level, there is no special reaction of the market. Moreover, on the adjustment of capital structure to the target level in one year after deal will not considered by market in the reaction on the M&A deal announcement.

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