The Impact of Mergers and Acquisitions on the Value of Companies

Student: Mamedov Ziiaretdin

Supervisor: Ekaterina Evgenievna Kuzmicheva

Educational Programme: Economics (Bachelor)

Year of Graduation: 2020

For many years, researchers have been trying to determine the impact of mergers and acquisitions on the value of the companies involved in the transaction. While the opinions of scientists are mostly similar regarding target companies, the conclusions for buyer companies are ambiguous. In this study, we attempted to determine how mergers and acquisitions affect the acquiring company. We are trying to achieve this goal due to an extensive sample of companies from the Thomas Reuters и Yahoo Finance database and a large time interval, namely 2005-2020. This time period was considered because it affects both pre-crisis mergers and post-crisis mergers. In addition, it should be noted that the article considers the influence of conglomerate type of mergers, along with horizontal and vertical ones. The paper also considers a number of hypotheses. There is a hypothesis that mergers and acquisitions do not destroy the value of the company. In addition, there is a hypothesis that all types of mergers and acquisitions affect the cost in the same way.

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