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The Determinants of the Valuation of European High Technology Start-Ups at Acquisition

Student: Danil Kopysov

Supervisor: Elena Rogova

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Management and Analytics for Business (Master)

Year of Graduation: 2020

Abstract: The work is dedicated to the effects of external (prior VC investment) and internal (Education, prior work experience, number of founders) signaling effects of high tech European startups on the value of the M&A. The Sample consists out of 170 European High tech startups, which were acquired in the period from 2002 till 2018. 3 hypotheses were developed: (1) Both external and internal signals affect the value of M&A positively (2) In different countries the effect of the signals are different. (3) When external and internal effects appear simultaneously, the effect is additive. The results show that (1) Some of the internal signals may have a negative effect on the value of M&A (2) In different countries the effect of the signals are different. (3) Such signals have a substantive effect

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