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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Vladislav Kim
Mergers and Acquisitions of Knowledge-Intensive Firms
Corporate Finance
(Master’s programme)
2018
In this paper, a study was conducted in which the author analyzed the impact of M&A transactions on the further operational and innovative activities of high-tech companies. The study was conducted on the basis of data on transactions conducted during the period from 2013-2015 in the developed markets of Western Europe. To analyze the effectiveness of transactions, two classic methods of studying of the effectiveness of M&A transactions were used: the method of accounting studies, in which operational efficiency indicators such as EBITDA / Sales, (EBITDA-dltWC) / Sales, EBITDA / Total Assets, (EBITDA-dltWC) / Total Assets were calculated; the method of economic profit (economic profit), which takes into account the opportunity cost for capital. As an indicator of innovation, the indicator R&D-intensity (R&D/Sales) was used. Also, a regression was constructed that determines the determinants of R&D-intensity after the transaction. Based on the obtained results, it was concluded that M&A transactions can influence the operating activities and economic profit of companies, while the innovation activity before and after the transaction remained at the same level.

Key words: knowledge-intensive companies, M&A deals, efficiency of transactions, economic profit, R&D-intensity.

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