The Impact of Mergers and Acquisitions to Bidder's Returns in Russian Capital Market

Nowadays the performance of M&A deals in financial sector is considered to be one of the topical issues in financial academic literature. A large and growing number of studies has investigated the performance of M&A deals in the European capital market. We contribute to existing literature by examining the impact of mergers and acquisitions on bidder’s value within the Russian capital market over 2009-2018. The following determinants of M&A performance are under consideration: expansion type, deal size, acquirer-company’s size and indicator of company’s performance in the same industry. Based on the sample of 31 deals obtained from Bloomberg database, the empirical study of the impact of mergers and acquisitions to the bidders’ returns in financial sector in the Russian capital market has been conducted. As the result, the suggested determinants have been estimated.