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The Effect of Mergers and Acquisitions on the Future Value of the Company

Student: Anastasiia Nevolina

Supervisor: Anna Novak

Faculty: Faculty of Economics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2020

Mergers and acquisitions are a way to grow a company. The question of the effectiveness of mergers and acquisitions, that is, increasing the value of the company-buyer, remains relevant, since all existing studies are carried out by various methods and get conflicting results. The Russian market of mergers and acquisitions is young relative to the world market and analysts point out the good potential for market development in Russia, which makes its research relevant. The aim of the paper was to assess the impact of mergers and acquisitions on the future value of Russian companies up to 45 days after the transaction. The paper considers a selection of 115 mergers and acquisitions using the event method and constructing a regression model. As a result, it was proved that mergers and acquisitions positively affect the future value of the company. In addition, a positive effect of industry similarity, cross-border focus and the size of the buyer company on the value of the company after an implementation of M&A deal was revealed.

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