Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Murat Binay


This paper studies the impacts of economic crises on mergers and acquisitions (M&A) by looking at three different types of economic downturns—Dotcom burst (technology), housing market crash (financial), and Covid-19 pandemic (healthcare)—and examining their absolute and relative effects on the volume of M&A transactions and the total capital per M&A deal. It highlights the unique influence of each crisis on how market players engage in deal-making. The research underscores disruptions to the typical M&A cycle during crises, diminishing its role as a market discipline tool. In crises rooted in financial decisions, winners capitalize on acquiring weaker targets, fostering a positive isolated impact (e.g., Dotcom, Housing crises). Conversely, external events like the Covid crisis universally impair M&A activity, disallowing for the emergence of any winners amid shared adversity.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.