You need to answer both questions.

A) Given that debt is cheaper, and tax deductible, why do you think that some corporations continue to be entirely equity financed?

B) Are there any cultural implications that can be applied to mergers and acquisitions? Are they a Western phenomenon? In other words, did all of this M&A activity start out as a characteristic of Americas brand of capitalism and then spread to the rest of the world? Do we see these huge M&A transactions across Europe and in countries like Russia, China, Japan, etc.?