Evaluation model of mergers and acquisitions market in the new member states of European Union

Annotation. Mergers and acquisitions market has been functioning for more than a century and transactions of this type have been a usual part of market economy for more than fifty years in North America and Western Europe. However, the number of mergers and acquisitions transactions in the new member states of European Union has only grown to significant levels in last decade of XXth century. Thus, mergers and acquisitions market is in the early phase of its’ development in the analyzed countries and in terms of both public and academic opinions is treated as controversial issue. The purpose of the dissertation is to design a model to evaluate mergers and acquisitions market in the new member states of European Union. The following methods have been employed to achieve the purpose: short and long term event studies, comparative analysis of financial ratios, as well as analysis of characteristics of mergers and acquisitions transactions in the new member states of European Union. Change model has been employed as a concluding research method. Based on the theoretical and empirical analysis presented in the dissertation, a model which enables evaluation of mergers and acquisitions market in the new member states of European Union has been designed. The model reflects a complex value creation determination process in the mergers and acquisitions market and integrates five separate methods aimed at analysing the object of the research