Short-term Performance of Cross-border Mergers and Acquisitions

Student: Lobastova Daria

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2018

The main aim of this paper is to look at operating performance improvements across geographies and test whether the cross-border takeovers create more value than deals from one particular country. The model for operational performance calculation is proposed to be EBITDA/Revenue. The author tries to identify and test what are the determinants for the cross-border analysis, among which are: method of payment (cash, share buyback deal, minority stake purchases, etc.), relative target size, type of the country (emerging, developed). The researcher uses the empirical evidence as well to support the conclusion. The final sample of the research consists of 414 observations and using OLS she comes to the next result: when a target company is from emerged country and an acquirer from developing deals are the most profitable.

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