Performance of M&A Deals of High-tech and Low-tech Companies in Emerging Capital Markets

Student: Tevosova Anna

Educational Programme: Economics (Bachelor)

Year of Graduation: 2017

Nowadays, high technology is the driving force of economic development. The technological progress has led to the growth of high-tech transactions initiated by companies from rapidly developing countries. However, the question of their performance remains open. Thus, the purpose of this study is to assess the effectiveness of high and low-tech M & A transactions for companies-buyers from developing countries. Based on the empirical analysis of 390 high-tech and 259 low-tech transactions initiated by companies from the EAGLEs countries in the period from 2010 to 2016, a comparative analysis of the efficiency of high-tech and low-tech transactions was conducted. The main conclusion of this paper is that high-tech M & A transactions initiated by companies from developing countries create higher accumulated excess returns for the company-buyer’s shareholders compared to the low-tech ones.

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