Why has M&A activity decoupled from the stock market?

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.

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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