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http://hdl.handle.net/11701/6441
Полная запись метаданных
Поле DC | Значение | Язык |
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dc.contributor.author | Fomin, M. | - |
dc.date.accessioned | 2017-06-05T10:49:58Z | - |
dc.date.available | 2017-06-05T10:49:58Z | - |
dc.date.issued | 2016 | - |
dc.identifier.uri | http://hdl.handle.net/11701/6441 | - |
dc.description.abstract | Business and management literature pointed out on the existence of business cycles and on the importance of conducting countercyclical mergers and acquisition policy. However, according to the merger wave theory in practice acquisitions are likely to be procyclical because of real and behavioral factors. The majority of empirical papers finds positive link between M&A activity and state of the cycle, suggesting that acquisitions are procyclical. This paper tests whether M&A deals of metallurgical companies in China, Russia and India are procyclical. The results show that deals are indeed procyclical, but only at a glance. Introducing intermediate state of valuation in the metal market indicates that the majority of acquisitions were made when prices where close to the neutral state. As the result, acquisition policy can be characterized as neutral to the state of the cycle. | en_GB |
dc.description.sponsorship | Research has been conducted with financial support from the SPSU grant (project No. 16.23.1841.2015) | en_GB |
dc.language.iso | en | en_GB |
dc.publisher | Graduate School of Management, St. Petersburg State University | en_GB |
dc.relation.ispartofseries | Working Papers;#6(E)-2016 | - |
dc.subject | mergers and acquisitions | en_GB |
dc.subject | M&A | en_GB |
dc.subject | business cycle | en_GB |
dc.subject | metal prices | en_GB |
dc.subject | metallurgical industry | en_GB |
dc.subject | emerging markets | en_GB |
dc.title | Business cycles and acquisition policy: Analysis of M&A deals of metallurgical companies | en_GB |
dc.type | Working Paper | en_GB |
Располагается в коллекциях: | Working Papers |
Файлы этого ресурса:
Файл | Описание | Размер | Формат | |
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6_WP 2016 Fomin.pdf | 753,25 kB | Adobe PDF | Просмотреть/Открыть |
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