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Performance of Cross-Border Mergers and Acquisitions

Student: Ryabenko Artem

Supervisor: Aziza Erkinovna Ulugova

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: 2019

The goal of the paper is to evaluate the effectiveness of mergers and acquisitions deals between companies from developed and developing countries. The paper combines the data for 246 deals all over the world. Our model identified the effect of distinct financial factors on abnormal return. The motivation for the study comes from the actuality of globalization in today’s world. The period of sample gathered is from 2010 to 2017. The estimation is based on mixed of two techniques: the event study and regression analysis. The second technique evaluates the performance measures of acquirer. The model has shown unique characteristics that could increase the probability of successful mergers. One of the extra-ordinary results that will be explained is insignificance of relative size of bidder’s firm. Finally, the research paper suggests further analysis for several extensions.

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