Working Paper
The effects of competition from large, multimarket firms on the performance of small, single-market firms: evidence from the banking industry
White, Lawrence J.; Berger, Allen N.; Goldberg, Lawrence G.; Dick, Astrid A. (2005)
We offer and test two competing hypotheses for the consolidation trend in banking using U.S. banking industry data over the period 1982-2000. Under the efficiency hypothesis, technological progress improved the performance of large, multimarket firms relative to small, single-market firms, whereas under the hubris hypothesis, consolidation was largely driven by corporate hubris. Our results are consistent with an empirical dominance of the efficiency hypothesis over the hubris hypothesis-on net, technological progress allowed large, multimarket banks to compete more effectively against small, ...
Finance and Economics Discussion Series , Paper 2005-15

Conference Paper
Economies of scale and scope in the securities industry: a model using survey data from New York securities firms
Kennan, Michael; Hanweck, Gerald A.; Young, Allan; Goldberg, Lawrence G. (1988)
Proceedings , Paper 208

Conference Paper
The dynamics of market entry: the effects of mergers and acquisitions on de novo entry in banking
Bonime, Seth D.; White, Lawrence J.; Berger, Allen N.; Goldberg, Lawrence G. (1999)
Proceedings , Paper 612

Working Paper
The dynamics of market entry: the effects of mergers and acquisitions on do novo entry and small business lending in the banking industry
Bonime, Seth D.; White, Lawrence J.; Berger, Allen N.; Goldberg, Lawrence G. (1999)
We study the dynamics of market entry following mergers and acquisitions (M&As) and the behavior of recent entrants in supplying output that might be withdrawn by the consolidating firms. The data, drawn from the banking industry, suggest that M&As are associated with subsequent increases in the probability of entry. The estimates suggest that M&As explain more than 20% of entry in metropolitan markets and more than 10% of entry in rural markets. Additional results suggest that bank age has a strong negative effect on the small business lending of small banks but that M&As have little ...
Finance and Economics Discussion Series , Paper 1999-41

Conference Paper
Cookie-cutter versus character: the micro structure of small business lending by large and small banks
White, Lawrence J.; Cole, Rebel A.; Goldberg, Lawrence G. (1999)
Proceedings , Paper 777

Conference Paper
The competitive impact of foreign commercial banks in the United States
Anderson, Gary S.; Goldberg, Lawrence G. (1992)
Proceedings

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