After the crash of 1987, the Nasdaq composite index stayed below the precrash level for nearly two years. Takeover activity surged in this after-crash period. We compare the motives in the acquisitions of Nasdaq targets during the after-crash period with those in the ten-year period before the crash. We find that the announcement period return to acquirers and the proportion of acquirers with positive gains declines in the after-crash period. For both the periods, agency is the motive for takeovers that have negative total gains (acquirer + target), but synergy and hubris are comotives for takeovers that have positive total gains. The proportion of takeovers in which the managers of acquirers act against the interest of the shareholders increases after the crash.

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This research measures the relationship between the Altman Z-Score, a measure of a firm’s financial health, and the Return on Equity (ROE), a measure of a firm’s profitability for a sample of companies in the Energy industry.  The period of the study covers 2014 to 2020 and uses linear regression to examine the relationship between ROE (dependent variable) and the Z-Score (independent variable).  Our initial data set contains three hundred and twenty-nine (329) energy-related firms traded on fifty-one (51) world markets.  Our initial hypothesis is that a positive and statistically significant relationship exists between the two variables over the examined period.  Further research will look at the relationship in other sectors of the markets.