The Impact of Indebtedness on Companies' Activity in Mergers and Acquisitions in Russia

Student: Zaytsev Konstantin

Educational Programme: Financial Markets and Financial Institutions (Master)

Year of Graduation: 2020

The research is dedicated to the evaluation of effect of firms' deviation from target leverage levels on probability of them making a merger or acquisition. Target leverage is estimated as a multi-factor model from firms' key characteristics. Probabilities are estimated using Probit model. The findings suggest that overleveraged firms are less likely to make mergers or acquisitions and to offer all-cash payment method in case a transaction occurs.

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