Value-Effect of M&A Deals in Short-Term and Long-Term Period: Evidence from Emerging and Developed Capital Markets

Student: Obukhova Ksenia

Educational Programme: Strategic Corporate Finance (Master)

Year of Graduation: 2017

The aim of the research is to investigate the short-term and long-term value effect of M&A deals on the acquiring companies from emerging and developed capital markets and reveal significant determinants. The sample consists of 126 M&A deals initiated by firms from developed capital markets and 103 deals from emerging market over 2002 – 2013. On the basis of event-study and value-based approach, we point out that mergers and acquisitions, initiated by bidder from developed markets, increase the value of acquiring company in short-term and long-term period. As for emerging capital market – M&A deals on average destroy bidder value after announcement and negative impact on long-term fundamental value.

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