TM&A and Firm's Performance in Developed and Emerging Markets

Student: Naumov Nikolai

Educational Programme: Strategic Corporate Finance (Master)

Year of Graduation: 2018

This article is devoted to only such global M&A deals, in which R&D expenses or patents are involved at least in one counter party. The data are collected from Bloomberg system and the scope is from 1985 (1992) to 2017. The amount of deals starts from 30 mln $. To the extent of the author's knowledge, it is the first work to apply DEA (data envelopment analysis) to so-called technological M&As to determine the relative efficiency of a deal for each acquirer. Also, the factors of deals are revealed from the both sides: acquirer's and target's. The main finding of this work is a substitution effect (pushing out) of acquirer's technology with the one of target's. In big deals it is technological scale not intensity that prevails in determining the efficiency of a deal. Finally, it is shown that omitting either patents or R&D expenses (if their exist) may lead to a biased estimate of the efficiency of deal for an acquirer. Patents were collected from Patstat (EPO).

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