Researchers have long tried to define the impact of corporate mergers and acquisitions on company performance. We contribute to the existing literature by examining the performance of M&A deals in emerging capital markets based on the economic profit model and comparing the results with ones obtained by means of traditional method-accounting studies. Examining a sample of 80 deals initiated by companies from emerging capital markets over 2003-2009, we find that M&As are value-destroying deals for the combined firms. Results from the long-run analysis prove the negative industry-adjusted differences between post-acquisition and preacquisition performance measures. The difference is equal to a significant −3.3 % for the EBITDA/sales ratio. The economic profit approach demonstrates a similar result. Economic profit has declined due to M&A deals by $4 million. We also analyze the determinants of M&A performance, such as method of payment, business similarity, and type of geographical expansion (cross-border versus local deals).

Cold is a common environmental factor for the population of the Russian North. The aim of the study was to assess the effect of cold stress on involuntary movements (tremor) in men with different levels of physical fitness. The paper presents a new method for calculation of quasiattractor parameters for estimation of biomechanical homeostasis in two dimensions. Biomechanical analysis according to quasiattractors parameters was realized as a numerical measure of neuro-muscular functional system parameters under the stress-perturbation. We calculate the quasiattractor's squares for men with different levels of physical fitness. We obtained the following results: calculation of quasiattractors square demonstrates the difference of homeostasis between before and after local exposure to cold. After the exposure we registered a 2.7 times- and 1.8 times increase of quasiattractors square among sportsmen and sportsmen, respectively. There were also differences between the distribution of quasiattractors across levels of physical training: for sportsmen we observed a normal distribution while and for non-sportsmen the distribution was not normal. The matrix of pairwise comparison of samples demonstrate the probability p < 0,01 for two identical samples of tremorograms. Conclusions. A local cold exposure results in a nearly 3-fold increase in the number of pairs of k coincidences of the tremorogram samples for men. We also found the dynamics of increasing areas of quasi-attractors after a local cold impact, which depends on the physical training of the subject.

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A substantial body of academic literature continues to investigate whether M&A deals create or destroy shareholdervalue and what are the main determinants of M&A performance, but the results are still inconclusive. In this paper, weinvestigate the impact of corporate life cycle on M&A performance from the perspective of acquiring firms.We shed additional light on the performance of M&A deals from the perspective of bidders’ life cycle stages and thedeal size . We single out mega deals, where activity remains upbeat, and compare their effects on M&A performancewith the effect of non-mega transactions. In contrast to previous studies in the area, we identify four life cycle stages(introduction, growth, maturity and decline), whereas the existing literature mostly focuses on three life cycle stages.Our sample includes 2413 US domestic M&A deals from 2003 to 2017, and consists of 386 mega deals and 2027 nonmega transactions. The data for analysis were obtained from Capital IQ, Bloomberg and Thomson Reuters Eikondatabases.Based on the event study method and regression analysis, we find that stock market reaction is positive for M&A deals inthe US and this reaction is more favourable for non-mega acquisitions than for mega M&A deals. We show that nonmega deals outperform mega transactions for acquirers at the introduction and growth stages of the business life cycle.Our results also indicate that benefits for shareholders from acquiring firms decrease on average with the lifecycle of anorganisation, but the returns for shareholders are positive in both cases. By contrast, in mega deals, shareholders receivenegative returns when the acquiring firm is at introductory life cycle stage.The scientific novelty of this paper is reflected in our contribution and expansion of the scope of research in this field.There is a relative scarcity of analysis examining M&A deals from the perspective of life cycle stage, and our addition of afourth category of analysis in this area, along with a focus on the value of the deal, expands the range of methodology forfuture research. This research is open to further expansion in different markets and our methodology is readily adaptablefor the addition of further analytical variables. Importantly, with the validation of our research hypotheses and theconfirmation of significant results, we provide a useful new tool for managers and professionals engaged in M&A dealsto actively gauge and forecast practical implications of their deals.