Performance of Business-alliances in Developed and Emerging Capital Markets

Student: Pisarenkova Mariya

Educational Programme: Corporate Finance (Master)

Year of Graduation: 2018

The thesis considers the determinants of business-alliance’s efficiency in high-tech industries of developed and developing countries. The results of using events study method show that alliances are generally effective for initiating companies from BRICS countries, the countries of the European Union and the United States. Moreover, with the increase of event windows, CAAR for alliances from BRICS country is also increasing, while it shows decrease with the expansion of event windows for EU countries and USA. This fact indicates the presence of an increasing positive effect on the value of the initiator company.

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