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The Valuation of Synergy Effects in Banking Mergers and Acquisitions in Russia

Student: Pavel Suzdaltsev

Supervisor: Ekaterina O. Suchkova

Faculty: Faculty of Economics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2017

The research analyses synergy effect that arises during M&A transactions in the russian banking segment. To achieve this goal, author analyzed the nature of M&A deals and conducted a retrospective analysis of Russian mergers and acquisitions market evolution. Also there is a classification of the motivational M&A theories and an empirical study, which was conducted to evaluate emerging M&A synergies with a use of cumulative abnormal return methodology with a sample of 145 transactions in the russian banking sector between 2006 and 2015 years. An empirical study revealed that a synergy effect occurs on a long-term window of events, but is negative on short and medium-term windows of analysis, and also confirmed hypotheses about short-term and long-term negative impact of the crisis on M&A characteristics in the banking segment.

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