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National Research University Higher School of EconomicsStudent ThesesThe Effectiveness of the Company's Growth Model Based on Recurrent Mergers and Acquisitions

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Galina Sergienko
The Effectiveness of the Company's Growth Model Based on Recurrent Mergers and Acquisitions
Economics
(Bachelor’s programme)
2017
In recent years, M&A deals have become an important part of the existence of many companies in the constantly changing macroeconomic conditions and in the realities of high competition. In addition, more and more companies are choosing as the main growth instrument a strategy, that supposes the implementation of a large number of regular and frequent mergers and acquisitions. However, to date, there are no studies that examine the cumulative efficiency of the chain of regular and frequent M&A deals carried out by one acquirer over a long period of its existence.

In view of the up-to-dateness of such issue, this work evaluates the effectiveness of Amazon's mergers and acquisitions chain, one of the world's leaders in number of closed M&A deals. The evaluation is carried out by the method of event analysis, the choice of which to attain the work’s goal is explained in detail in the first chapter. Also, in the first chapter of this work, theoretical aspects of M&A transactions and classical approaches to assessing the effectiveness of these transactions are examined. The second chapter contains the methodology of event analysis, and the third chapter describes its direct application to the evaluation of the effectiveness of the Amazon M&A chain of deals and the results obtained on the basis of this.

As a result, the study conducted in this work showed that the cumulative effect of all the mergers and acquisitions carried out by Amazon was significant and positively affected the value of the company, increasing it by 94% and improving at the same time the well-being of its shareholders. Hence, it was concluded that the company's growth strategy, which involves conducting a large number of frequent M&A deals, within the Amazon company has shown itself to be effective.

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