Given the recent stock market volatility and price falls, it is perhaps difficult to recall that global equities enjoyed a stellar 2017, with robust returns and low volatility, set against a backdrop of a strong global economy and still-low interest rates.
These conditions usually spell good news for M&A activity. But this wasn't the case in 2016 or 2017, when share valuations continued to rise, while M&A activity declined.Why has M&A activity decoupled from the stock market? (PDF) – examines these issues in detail.
Prepared by Glenn Levine, associate director in Moody's Analytics' Credit Risk Analytics Group, the report covers:
- Why 2017 was a great year for stocks, but not so great for M&A
- Whether the M&A cycle points to an imminent decline in the stock market
- Evidence from other countries
- Which industries are most affected?
- The energy sector in more detail
Download the report (PDF) for free.
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