Year of Graduation
Empirical Study of Russian Merger Control: Event Study Approach
The present study focuses on Russian merger control quality assessment using event study approach. Unlike existing Russian researches studying merger control quality on a qualitative level, we have presented an attempt to quantify the quality of Russian merger control. Event study approach allows obtaining abnormal returns that represent objective assessment of possible merger influence on competition. To assess the quality of merger control the relationship between announcement and decision abnormal returns is investigated. It is assumed that in the case of effective merger control the relationship should be negative. This study is based on a sample of 495 mergers with Russian listed companies during the period 2005-2016. Based on the results of the conducted research it does not seem possible to make an unambiguous conclusion about merger control quality in Russia. But still there is significant stock market reaction to the events connected with mergers.