| Economic globalization,international competition and financial deregulation, all of these give rise to waves of mergers in global financial market, of which bank mergers are always the hot spot. During the 1990s, there were approximately 504 bank mergers annually in American banking industry; the quantity and the amount of money far exceed other countries. Due to collapse of internet bubble, corporate accounting scandals and terrorism, global economy was depressed, and bank mergers decreased in the following years. However, along with the growth rate of GDP of America keeping going up, bank mergers recovered in the second half year of 2003. According to Thomson Financial Securities Data, 215 mergers with amount of $66 billion occurred in American commercial banks and financial holding companies in 2003.The increasing tension of bank mergers aroused wide public concern among the academic community. Since 1990s, especially the last few years, the research on bank mergers came forward in great numbers. Many scholars discussed extensively concerning the background,motives and effects of bank mergers, and they came up with many striking thoughts. Most of them focused on the motives and effects of bank mergers. However, given the existing research results, there is still not an all-around and systematic theory to provide a convincing explanation.On the basis of a great number data and ideas of other essays, this paper analyzes the efficiency and shareholder values of American bank mergers, and studies the typical bank merger case of JP Morgan Chase and Bank One Corp. We hope the study may be beneficial to bank mergers in China. |
