Comparative Analysis of Effectiveness of Mergers and Acquisitions in the Steel Industry

Student: Sargsyan Gombert

Educational Programme: Economics (Bachelor)

Year of Graduation: 2017

This study analyzes the impact of mergers and acquisitions in the Metals&Mining sector. The analysis was conducted on 119 transactions that were closed between 2009 and 2014. The results of the study are following: 1. CAAR is equal to -1,58% 2. ROA and EBITDA / Sales after the deal declined by an average of -5.06% and -2.16%, respectively 3. CAR value is greater if the target company is located in a developing market.

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