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Larissa Lugacheva
Maria Musatova


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


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.


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

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