Research by Scholes and Wolfson on M&As before 1981, between 1981 and 1986, and after 1986 found: a. No differences in M&A activity over the 19811986 period compared the pre-1981 b. Intensified level of merger activity to tax motives that were put in place with the 1981 Act and eliminated by the 1986 Act c. No clear trends in data d. None of the ab ove