期刊名称：Journal of Case Research in Business and Economics
印刷版ISSN：1941-3378
出版年度：2011
卷号：3
出版社：Academic and Business Research Institute
摘要：This case explores the two recent acquisitions and their responses to offers. While the managements at Bank of America and Merrill Lynch fail to exercise fiduciary prudence in their merger, the managements at Wells Fargo and Wachovia exercise fiduciary duty in their merger. This case also compares the performance of the two banks, Bank of America and Wells Fargo, in terms of how corporate governance had an impact on their stock performance after their respective acquisitions. Wells Fargo's effort in adhering to proper corporate governance, such as, no irregularities in executive compensation during and after merger, conservative credit practices, transparency of information, and proper due diligence in Wells Fargo - Wachovia merger, are relatively quite ethical and transparent. This case further suggest that Wells Fargo's effective governance leads to better Wells Fargo's stock performance than those of Bank of America and Philadelphia Banking Index, a benchmark used in the banking industry.
关键词：Corporate governance; bank acquisition; agency problem; stock performance
