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Evaluation of the Effectiveness of Financial Sector M&A Deals

Student: Mutalova Diana

Supervisor: Andrey I. Stolyarov

Faculty: Faculty of Economic Sciences

Educational Programme: Financial Markets and Financial Institutions (Master)

Year of Graduation: 2021

This master’s thesis examines the effects of mergers and acquisitions on the banks and insurance companies’ efficiency in the postcrisis period using Data Envelopment Analysis. The analysis is based on the example of public companies of the BRICS countries. We made a comparison between two approaches (production and intermediation) in calculation of the bank’s efficiency. The results of these approaches that are completely different, demonstrate an importance of the input and output parameters choice. We show that the second year in the post-merger period has a significant impact on the banks’ efficiency. At the same time, we couldn’t find a statistical relationship between M&A deals and the insurance companies’ efficiency. We also made an analysis of separate M&A deals. The findings indicate that mergers and acquisitions on average do not influence the insurance companies’ efficiency. However, banking industry investigation show that there is a positive change in efficiency in most of observations.

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