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

Evaluation of M&A Efficiency in the Energy Sector of Economy

Student: Suleimanova Aisuluu

Supervisor: Elena Fedorova

Faculty: Faculty of Economic Sciences

Educational Programme: Strategic Corporate Finance (Master)

Year of Graduation: 2017

This research paper analyzes effectiveness of M&A in Oil & Gas sector of Russia during the 2005-2016 period. The results of the research confirmed that effectiveness of transactions is influenced not only by the characteristics of the company-buyer, but also the general state of the financial market and other internal factors such as legal forms, industries and transnationality. We found that Mergers and Acquisitions by companies Oil & Gas sector of Russia, has negative CAR. It was confirmed that the general condition of the financial market, namely the currency and main indexes, influences the activity of M&A market. We applied event study methodology to analyze efficiency of the M&A deals in energy sector, also was applied Hodrick-Prescott filter and Granger Causality test to determine the cause and effect. To test our hypotheses the linear regression was built.

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