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Article
Author(s)

Larissa Lugacheva
Maria Musatova

Affiliation(s)

Siberian Branch of Russian Academy of Science, Novosibirsk, Russia
Novosibirsk National Research State University, Novosibirsk, Russia

ABSTRACT

We identify five phases in the formation of M&A from the beginning until the newest developments when economic sanctions were imposed. The paper summarizes the results of empirical analysis of mergers and acquisitions (M&A) of Russian companies over the period 1995-2013. To capture the time series behaviour of M&A processes, we fit an autoregressive integrated moving average (ARIMA) model. We further analysed co-integration of M&A processes in Russia and US, China, and Germany. The results indicate German and Chinese M&A series have a long-term influence on Russian series, while no significant causal links were evidenced in the dataset between US and Russian series.

KEYWORDS

mergers and acquisitions, cross-border deals, ARIMA, cointegration

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