R&D Intensity and Premium in M&A Deals in Technology Based Sector

Student: Samoletova Kseniia

Supervisor: Ilya Partin

Educational Programme: Strategic Corporate Finance (Master)

Year of Graduation: 2019

The aim of this paper is to test whether target’s R&D investment determines M&A deal premium and how shareholders react on acquisitions in high-tech sectors, what are the determinants for their positive or negative reaction. For these purposes, I examined the relations between target’s R&D intensity and M&A deal premiums for 449 acquisitions completed between 2009 and 2019 worldwide.

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