• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Alena Marina
The Analysis of the Acquisition Premiums Paid by Warren Buffett for Public Companies
Strategic Corporate Finance
(Master’s programme)
2017
Buffett is famous for his unwillingness to participate in M&A beauty contests and overpay for his investments. Aimed at unraveling of Warren Buffett phenomenon we examine what can affect low price paid by Warren Buffett in M&A deals. We studied four factors, which are control premium, P/E multiple, target companies performance and market conditions. We found out that control premiums paid by Warren Buffett are lower than market average as well as target company P/E paid in M&A deals. We revealed that Buffett is unwilling to buy companies from glamorous industries and that his ability of obtaining above average returns can’t be explained by market tracing.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses