Year of Graduation
Target's Characteristics and M&A Deal Premium on Emerging Capital Markets
Strategic Corporate Finance
In this paper we explore the influence of different target's characteristics on M&A premiums on emerging capital markets. In particular, we looked at 98 M&A deals conducted on Russian capital market during 2000-2016 period. We discovered negative effect of target's size on deal premium while target's profitability and growth prospects increase the premium amount. Moreover, tax assets (both short-term and long-term) also expand the amount of premium paid.