The Influence of the Stock Market Conditions on the Efficiency of M&A Deals in the Developed and Developing Capital Markets

Student: Vasin Alexey

Supervisor: Ilya Partin

Educational Programme: Strategic Corporate Finance (Master)

Final Grade: 9

Year of Graduation: 2016

Stock market conditions are an important factor that can significantly influence the efficiency of M&A deals. Nevertheless, for today in academic literature the impact of this factor has not been taken into account while researching M&A efficiency, or separate characteristics of stock market have been analyzed. The principal originality of this research is the fundamental view on the stock market conjecture that supposes the analysis from its two main characteristics: extent of overvaluation and volatility. The research is separately conducted for USA market and BRICS countries, due to significant differences between stock markets in these countries. According to the results it was identified that stock market conditions are an important factor that influence the efficiency of M&A deals. It needs to be taken into account estimating M&A efficiency. Moreover, the impact of this factor significantly differs for developed and developing stock markets.

Full text (added May 15, 2016)

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