title: Business cycles and acquisition policy: Analysis of M&A deals of metallurgical companies
metadata.name: dc.contributor.author
metadata.value: Fomin, M.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2017-06-05T10:49:58Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2017-06-05T10:49:58Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2016
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/6441
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: 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.
metadata.lang: en_GB
metadata.name: dc.description.sponsorship
metadata.value: Research has been conducted with financial support from the SPSU grant (project No. 16.23.1841.2015)
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: en
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: Graduate School of Management, St. Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: Working Papers;#6(E)-2016
metadata.lang: -
metadata.name: dc.subject
metadata.value: mergers and acquisitions
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: M&A
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: business cycle
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: metal prices
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: metallurgical industry
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: emerging markets
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Business cycles and acquisition policy: Analysis of M&A deals of metallurgical companies
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Working Paper
metadata.lang: en_GB
resources.filename: 6_WP 2016 Fomin.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/6441/1/6_WP%202016%20Fomin.pdf
resources.format: Adobe PDF
resources.size: 753,25 kB