Hostile Takeovers. Who Gains from Deals. Evidence from Russian Stock Market

Student: Furman Lev

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2016

The following work is dedicated to corporate takeovers which took place in Russia between 2000 and 2016 based on the list of Russia’s companies connected with hostile takeovers. The focus of the study is hostile takeovers announcements for event study and accounting returns analysis for the long-term investigation. The regression analysis of determinants for post-takeover performance is applied as well. The results show that on average hostile takeover brings small statistically significant returns at the date of announcement and long-term better performance compared to friendly bids. Besides a hostile bidder is able to consistently identify underperforming companies in order to have own gains introducing new management. Factors that drives post-performance are Percentage acquired, Cash payment, several target industry type and pre-performance of the company.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses