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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Viacheslav Polnikov
Consolidation of Exchange Platforms
Financial Engineering
(Master’s programme)
2018
This paper discusses the effectiveness of global mergers and acquisitions in the exchange sector, and identifies factors that affect the performance of such transactions. The study analyzes the impact of country risk, the level of development of the markets in which the participants of the transaction operate. In addition, the author considers diversification of the product line as one of the determining factors of the efficiency of transactions. To assess the effectiveness of mergers and acquisitions, a market approach (event study) is used as part of the retrospective method of assessing the effectiveness. As a measure of the effectiveness of transactions made the indicator CAR. The novelty of this paper is that no one has yet used the variables chosen in this paper (both explained and explained) on data on global M&A transactions in the exchange platform sector. As part of the research work, a literature review was conducted, a model was developed and its interpretation was carried out. As a result of the study, it was found that the company's belonging to the target emerging markets, the acquisition of control, as well as the diversification of the product line have a significant impact on the efficiency of M&A transactions in the exchange sector.

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