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Working Paper
Conglomeration versus strategic focus: evidence from the insurance industry
Zi, Hongmin; Cummins, J. David; Berger, Allen N.; Weiss, Mary A. (1999)
We use data on U.S. insurance companies to examine the validity of the conglomeration hypothesis versus the strategic focus hypothesis for financial institutions. We distinguish between the hypotheses using profit scope economies, which measures the relative efficiency of joint versus specialized production, taking both costs and revenues into account. The results suggest that the conglomeration hypothesis dominates for some types of financial service providers and the strategic focus hypothesis dominates for other types. This may explain the empirical puzzle of why joint producers and ...
Finance and Economics Discussion Series , Paper 1999-40

Working Paper
Did bank borrowers benefit from the TARP program : the effects of TARP on loan contract terms
Makaew, Tanakorn; Berger, Allen N.; Roman, Raluca (2015-09-01)
We study the effects of the Troubled Asset Relief Program (TARP) on loan contract terms to businesses borrowing from recipient banks. Using a difference-in-difference analysis, we find that TARP led to more favorable terms to these borrowers in all five contract terms studied ? loan amounts, spreads, maturities, collateral, and covenants. This suggests recipient banks' borrowers benefited from TARP. These findings are statistically and economically significant, and are robust to dealing with potential endogeneity issues and other checks. {{p}} The contract term improvements are concentrated ...
Research Working Paper , Paper RWP 15-11

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

Working Paper
Loan commitments and bank risk exposure
Berger, Allen N.; Avery, Robert B. (1988)
Finance and Economics Discussion Series , Paper 36

Working Paper
Further evidence on the link between finance and growth: an international analysis of community banking and economic performance
Berger, Allen N.; Klapper, Leora; Hasan, Iftekhar (2003)
We try to contribute to both the finance-growth literature and the community banking literature by testing the effects of the relative health of community banks on economic growth, and investigating potential transmission mechanisms for these effects using data from 1993-2000 on 49 nations. Data from both developed and developing nations suggest that greater market shares and efficiency ranks of small, private, domestically-owned banks are associated with better economic performance, and that the marginal benefits of higher shares are greater when the banks are more efficient. Only mixed ...
Finance and Economics Discussion Series , Paper 2003-47

Working Paper
The price-concentration relationship in banking
Berger, Allen N.; Hannan, Timothy H. (1988)
Finance and Economics Discussion Series , Paper 23

Conference Paper
Payment systems research and public policy risk, efficiency, and innovation: a conference sponsored by the Board of Governors of the Federal Reserve System, December 7-8, 1995
Hancock, Diana; Berger, Allen N.; Marquardt, Jeffrey C. (1996)
Proceedings

Working Paper
Loan commitments and bank risk exposure
Berger, Allen N.; Avery, Robert B. (1990)
Loan commitments increase a bank's risk by obligating it to issue future loans under terms that it might otherwise refuse. However, moral hazard and adverse selection problems potentially may result in these contracts being rationed or sorted. Depending on the relative risks of the borrowers who do and do not receive commitments, commitment loans could be safer or riskier on average than other loans. the empirical results indicate that commitment loans tend to have slightly better than average performance, suggesting that commitments generate little risk or that this risk is offset by the ...
Working Papers (Old Series) , Paper 9015

Working Paper
Tests of ex ante versus ex post theories of collateral using private and public information
Berger, Allen N.; Frame, W. Scott; Ioannidou, Vasso P. (2010)
Collateral is a widely used, but not well understood, debt-contracting feature. Two broad strands of theoretical literature explain collateral as arising from the existence of either ex ante private information or ex post incentive problems between borrowers and lenders. However, the extant empirical literature has been unable to isolate each of these effects. This paper attempts to do so using a credit registry that is unique in that it allows the researcher to have access to some private information about borrower risk that is unobserved by the lender. The data also include public ...
FRB Atlanta Working Paper , Paper 2010-06

Working Paper
The effects of dynamic changes in bank competition on the supply of small business credit
White, Lawrence J.; Berger, Allen N.; Goldberg, Lawrence G. (2001)
We study the effects of structural changes in banking markets on the supply of credit to small businesses. Specifically, we examine whether bank mergers and acquisitions (M&As) and entry have "external" effects on small business loans by other banks in the same local markets. The results suggest modest positive external effects from these dynamic changes in competition, except that large banks may reduce small business lending in reaction to entry. We confirm bank size and age as important determinants of this lending, and show that the measured age effect does not appear to be driven by ...
Finance and Economics Discussion Series , Paper 2001-35

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