银行管理（第六版）教师手册 Chapter_19_IM_updates.docVIP

PAGE PAGE 264 CHAPTER 19 MERGERS AND ACQUISITIONS: MANAGING THE PROCESS Goal of This Chapter: The purpose of this chapter is to understand why the financial services industry undertakes so many mergers each year and to determine what legal, regulatory and economic factors should be considered when the management of a financial services provider wants to pursue a merger. Key Topics in This Chapter Merger Trends in the United States and Abroad Motives for Merger Selecting a Suitable Merger Partner U.S. and European Merger Rules Making a Merger Successful Research on Merger Motives and Outcomes Chapter Outline I. Introduction II. Mergers on the Rise III. The Motives behind the Rapid Growth of Banking and Financial Service Mergers A. Profit Potential B. Risk Reduction C. Rescue of Failing Institutions D. Tax and Market-Positioning Motives E. The Cost Savings or Efficiency Motive F. Mergers as a Device for Reducing Competition G. Other Merger Motives H. Merger Motives that Executives and Employees Identify IV. Selecting a Suitable Merger Partner A. Stock Price Effects B. Improving Operating Efficiency C. Diversification Effects and Opportunities D. Merger Premiums, P-E Ratios, and Exchange Ratios V. The Merger and Acquisition Route to Growth VI. Methods of Consummating Merger Transactions A. Purchase-of-Assets Method B. Purchase-of-Stock Method VII. Regulatory Rules for Bank Mergers in the United States A. Bank Merger Act of 1960 B. Competitive Effects of Mergers C. The Public Benefits Test D. Justice Department Guidelines and the Herfindahl - Hirschman Index VIII. The Merger Decision-Making Process by U.S. Federal Regulators IX. Merger Rules in Europe X. Making a Success of a Merger XI. Research Findings A. The Financial Impact B. The Public Benefits XII. Summary of the Chapter Concept Checks 19-1. Exactly what is a merger? Mergers result in the combining of the assets and liabilities of two or more firms. To affect a merger the shareholders of all the parties i