Short-term and Long-term Company's Performance After Divestiture: Evidence from Russia and China

Student: Eliseeva Polina

Educational Programme: Financial Markets and Financial Institutions (Master)

Final Grade: 8

Year of Graduation: 2017

The study looks at short-term and long-term performance of the Russian and Chinese companies after divestiture. The final sample includes 244 deals completed between 01/01/2005 and 31/12/2016 on the Russian and Chinese markets. The results of event study show that average CAR is positive during all the chosen event windows. The results of regression analysis demonstrate significance of such variables as company value, deal value, intra-industry divestiture and previous experience in asset sales. The analysis of companys' long-term performance after divestiture shows that operating performance improves for Chinese companies, but not for Russian firms.

Full text (added May 13, 2017)

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