The Impact of the Stock Market Conditions on the Efficiency of Mergers and Acquisitions in the Developed Capital Markets

Student: Paytyan Taron

Educational Programme: Financial Markets and Financial Institutions (Master)

Year of Graduation: 2017

This master's thesis examines the impact of stock market conditions on the effectiveness of mergers and acquisitions. The conjuncture of the stock market is undoubtedly an important factor that can affect the effectiveness of mergers and acquisitions. Nevertheless, it should be noted that the research subject is underestimated. The conjuncture of the stock market, in our opinion, requires more research. More importantly, in this paper, we found confirmation of the importance of considering the impact of the stock market as a fundamental characteristic of the analysis of the efficiency of mergers and acquisitions. The main focus of our work is a short-term and long-term analysis of the impact of the stock market conjuncture in terms of two main characteristics: the degree of valuation and volatility. The study was conducted in the US market, between 2006 and 2016.

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