Assessment of Influence of Russian Companies’ Mergers on Competition using Event Study

The paper analyzes the M&A bargains impact on the competition on the example of data transactions that have taken place in various sectors of the Russian economy. As the evaluation method, the method of financial analysis of events (event study), due to the fact that it is the most suitable for carrying out such an analysis on a cross-industry sample. The study follows to result that the majority of Russian transactions do not affect the state of competition, but leads to an increase in production efficiency within the companies that enter into the transaction. It was also found that in most cases the market has insider information about a possible deal. The paper analyzed the excess return of shares of companies entering into the transaction and of their competitors on the various windows events audited results are robust to changes in the prerequisites of the economic model used, carried out the test for the presence of endogeneity.