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National Research University Higher School of EconomicsStudent ThesesStudy of Factors that Affect M&A Efficiency for Russian Public Companies

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Ekaterina Nazarova
Study of Factors that Affect M&A Efficiency for Russian Public Companies
Economics
(Bachelor’s programme)
2017
Various factors of M&A deals affect their performance. The purpose of this thesis is to investigate the relationship between M&A factors and their effectiveness for Russian public bidders. In accordance with the goals, following tasks were set:

• to analyze the nature, motivations of M&A and approaches to performance evaluation;

• to characterize the Russian M&A market in the context of the global and emerging markets;

• to select and justify a method for evaluation of M&A performance;

• to formulate hypotheses and variables of the study;

• to prepare a study sample;

• to carry out a statistical and econometric analysis of the sample;

• to formulate conclusions about the factors affecting the performance of M&A of Russian public bidders.

To test the thesis statement, seven hypotheses were put forward and an event analysis of long-term excess returns based on the BHAR (buy-and-hold-abnormal-returns) approach was used. The influence of various factors on performance was analyzed with the implementation of t-tests, multiple regression models, and binary-choice models (logit-regression). Data for the study was downloaded from the Zephyr and Bloomberg Terminal databases.

The empirical study shows the significant impact on BHAR of Russian bidders of the following factors: positive market reaction to deal announcement, M&A waves, deal size, payment with shares, experience and age of the bidder, telecommunication industry, bidder market capitalization to assets ratio, government participation, cross-border deal, public target, bidder market capitalization, bidder final stake, and investing in developed countries.

Practically the results can be used in further research and in making strategic decisions when initiating M&A ratio.

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