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Working Paper
Measurement and efficiency issues in commercial banking
Berger, Allen N.; Humphrey, David B. (1990)
Finance and Economics Discussion Series , Paper 151

Conference Paper
Market discipline in banking
Berger, Allen N. (1991)
Proceedings , Paper 328

Working Paper
Capital structure and firm performance: a new approach to testing agency theory and an application to the banking industry
Berger, Allen N.; Bonaccorsi di Patti, Emilia (2002)
Corporate governance theory predicts that leverage affects agency costs and thereby influences firm performance. We propose a new approach to test this theory using profit efficiency, or how close a firm's profits are to the benchmark of a best-practice firm facing the same exogenous conditions. We are also the first to employ a simultaneous-equations model that accounts for reverse causality from performance to capital structure. We also control for measures of ownership structure in the tests. We find that data on the U.S. banking industry are consistent with the theory, and the results are ...
Finance and Economics Discussion Series , Paper 2002-54

Working Paper
The economics of small business finance: the roles of private equity and debt markets in the financial growth cycle.
Udell, Gregory F.; Berger, Allen N. (1998)
We examine the economics of financing small business in private equity and debt markets. Firms are viewed through a financial growth cycle paradigm in which different capital structures are optimal at different points in the cycle. We show the sources of small business finance,and how capital structure varies with firm size and age. The interconnectedness of small firm finance is discussed along with the impact of the macroeconomic environment. We also analyze a number of research and policy issues, review the literature, and suggest topics for future research.
Finance and Economics Discussion Series , Paper 1998-15

Discussion Paper
The role of interstate banking in the diffusion of electronic payments technology
Berger, Allen N.; Humphrey, David B. (1985)
Research Papers in Banking and Financial Economics , Paper 80

Working Paper
Globalization of financial institutions: evidence from cross-border banking performance
Udell, Gregory F.; Genay, Hesna; DeYoung, Robert; Berger, Allen N. (2000)
We address the causes, consequences, and implications of the cross-border consolidation of financial institutions by reviewing several hundred studies, providing comparative international data, and estimating cross-border banking efficiency in France, Germany, Spain, the U.K., and the U.S. during the 1990s. We find that, on average, domestic banks have higher profit efficiency than foreign banks. However, banks from at least one country (the U.S.) appear to operate with relatively high efficiency both at home and abroad. If these results continue to hold, they do not preclude successful ...
Finance and Economics Discussion Series , Paper 2000-04

Working Paper
Small business credit availability and relationship lending: the importance of bank organizational structure
Berger, Allen N.; Udell, Gregory F. (2001)
This paper models the inner workings of relationship lending, the implications for bank organizational structure, and the effects of shocks to the economic environment on the availability of relationship credit to small businesses. Relationship lending depends on the accumulation over time by the loan officer of "soft" information. Because the loan officer is the repository of this soft information, agency problems are created throughout the organization that are best resolved by structuring the bank as a small, closely-held organization with few managerial layers. The shocks analyzed include ...
Finance and Economics Discussion Series , Paper 2001-36

Working Paper
The effects of bank mergers and acquisitions on small business lending
Scalise, Joseph M.; Udell, Gregory F.; Saunders, Anthony; Berger, Allen N. (1997)
We examine the effects of over 6,000 M&As involving more than 10,000 banks on small business lending. We are the first to decompose the impact of M&As into static effects associated with a simple melding of the antecedent institutions and dynamic effects associated with post-M&A refocusing of the consolidated institution. We are also the first to estimate the reactions of other local banks to M&As. We find that the static effects that reduce small business lending are mostly offset by the reactions of other banks and, in some cases, also by the refocused efforts of the consolidating ...
Finance and Economics Discussion Series , Paper 1997-28

Working Paper
Problem loans and cost efficiency in commercial banks
DeYoung, Robert; Berger, Allen N. (1997)
This paper addresses a little-examined intersection between the problem-loan literature and the bank-efficiency literature. We employ Granger causality techniques to test four hypotheses regarding the relationships among loan quality, cost efficiency, and bank capital. The data suggest that problem loans precede reductions in measured cost efficiency; that measured cost efficiency precedes reductions in problem loans; and that reductions in capital at thinly capitalized banks precede increases in problem loans. Hence, cost efficiency may be an important indicator of future problem loans and ...
Finance and Economics Discussion Series , Paper 1997-8

Working Paper
Technological progress and the geographic expansion of the banking industry
DeYoung, Robert; Berger, Allen N. (2002)
We test some predictions about the effects of technological progress on geographic expansion using data on banks in U.S. multibank holding companies over 1985-1998. Specifically, we test whether over time (a) parental control over affiliate banks has increased, and (b) the agency costs associated with distance from the parent have decreased. The data suggest that banking organizations exercise significant control over affiliates that has been increasing over time, and that the agency costs associated with distance have decreased somewhat over time. The findings are consistent with the ...
Finance and Economics Discussion Series , Paper 2002-31

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