Determinants of the Effectiveness of Mergers and Acquisitions in Emerging Capital Markets

Student: Palenova Kseniya

Educational Programme: Corporate Finance (Master)

Year of Graduation: 2017

The performance of M&A and determinants of the effectiveness M&A plays a significant role in academic literature studying business development methods. According with the most common efficiency factors from existing literature, in this paper also analyze the impact of the stock market conditional on M&A as one of the perspective area of analyzing. This research empirically analyze 125 deals of M&A initiated by bidders from BRICS over 2009 – 2016. Based on method of cumulative average abnormal return in short-run period, we find that M&A create value to bidder from Russia and China. The uncertainty of stock market has shown a significant impact on M&A result, through a comparative analysis of two possible measures - the coefficient of variation and entropy. In addition, was identified measure, which better explains the impact of market conditions on the effectiveness of M&A.

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