America’s CEOs believe stocks are cheap and M&A action says they’re right

America’s CEOs believe the U.S. stock market is undervalued. We know this because the majority of M&A deals this year have been paid for with cash rather than company shares.

Corporate executives wouldn’t be so eager to finance M&A deals in this way if they didn’t believe their shares are better bets than the interest they could otherwise earn with cash or must pay on bank loans.

But…