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Empirical Study on the Performance of American Bank Industry Mergers&Acquisitions

Author: HuangXiaoJing
Tutor: LinJiHong
School: Xiamen University
Course:
Keywords: US Bank Industry M&A Empirical Study
CLC:
Type: Master's thesis
Year: 2014
Downloads: 12
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Abstract


During the1980s, with economic globalization and financial globalization, banks become a highly competitive industry, then the constraint on the cross-state and cross-industry has been removed, which gives rise to the surge of US bank mergers&acquisitions (M&A).For hundreds of years, US bank consolidation has attracted global vision, and resulted in the megabanks such as Citibank NA, J.P. Morgan Chase&Co., Bank of America NA and so on. As we have seen US bank M&A has always the hot spot in the world, not only the buyer but also the target it accounted for about55%of total value and total asset in the world. In1990s, consolidation has been an efficient way for US bank by operating in different states, reducing the cost, improving the market power and broadening the business to achieve the scale economics and scope economics. And in21century, information and financial innovation develops, technique arbitrage, knowledge arbitrage and regulation arbitrage bring the booming, which also stays in hide big crisis. From2000to2006, banks enjoy a profit in the world and bank M&A continues to surge. In2008, US financial crisis begun, large amount of US banks fail, but the bank M&A activities don’t decrease. In fact, banks are more decreased by consolidation than bankruptcy, all of which changes the structure of US bank industry again. And large deals occur, for example the consolidation between Bank of America and Merrill Lynch Bank&Trust Co., FSB and Wells Fargo Bank, NA acquiring Wachovia Bank NA.The increasing tension of bank M&A has aroused wide public concern among the academic community. Much research has been done from the bank M&A development, motivation and efficiency, which has resulted in many meaning conclusions. But there is still lacking a systematic theory and no consistence in empirical study. But as the case of US M&A, more tend to believe that the consolidations in US banks improve the performance.On the basis of the former study and empirical method, with the latest data, this paper measures the efficiency of86commercial banks which has taken M&A in financial crisis (between the year2007and2009) by DEA method, finding that85%has increased their efficiency after consolidation. Then we set up a Tobit model to test the factors which effect the efficiency after bank M&A, the result indicts that bank’s profit ratios and cost control play the most important role in improving the efficiency, finally we summarize the finding and give suggestion.

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