Major Department



College of Business


BBA (Bachelor of Business Administration)

Session and Year of Graduation

Fall 2017

Honors Major Advisor

Jennifer Blair

Thesis Mentor

Amrita Nain


This paper identifies and explains pervasive themes in existing research surrounding mergers and acquisitions (M&A) and posits potential topics for future research. A primary goal of M&A is to increase shareholder wealth. Thus, value creation lies at the heart of the debate surrounding the legitimacy of M&A as an avenue for corporate growth. Further, in order to generate positive returns for shareholders, the transaction must achieve synergies – either operational or financial. The sources and relative importance of these synergies will be explored. Historically, the M&A market has been cyclical. The paper aims to summarize causes for merger waves and their impact on shareholder returns through an extensive review of existing theoretical and empirical research on the transactions. Finally, because M&A transactions often include additional aspects (e.g. restructuring, bankruptcy, etc.), I suggest future research target the impact of any added complexities to an M&A transaction.


mergers, acquisitions, synergies, market cyclicality, value

Total Pages

22 pages


Copyright © 2017 Eric Hale