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Journal Article
Multiple measures give a better picture of bank market concentration
anonymous (2001-01)
Financial Update , Volume 14 , Issue Jan , Pages 4

Working Paper
Market structure and quality: an application to the banking industry
Dick, Astrid A. (2003)
This paper presents empirical evidence consistent with the predictions of the endogenous sunk cost model of Sutton (1991), with an application to banks. In particular, banking markets remain concentrated regardless of market size. Given an asymmetric oligopoly where dominant and fringe firms coexist, the number of dominant banks remains unchanged with market size, with only the number of fringe banks varying across markets. Such structure is sustained by competitive investments in quality, with the level of quality increasing with market size and dominant banks providing higher quality than ...
Finance and Economics Discussion Series , Paper 2003-14

Working Paper
Does the structure of banking markets affect economic growth? evidence from U.S. state banking markets
Wheelock, David C.; Mitchener, Kris James (2010)
This paper examines the relationship between the structure of banking markets and economic growth using a new dataset on manufacturing industry-level growth rates and banking market concentration for U.S. states during 1899-1929 - a period when the manufacturing sector was expanding rapidly and restrictive branching laws segmented the U.S. banking system geographically. Unlike studies of modern developing and developed countries, we find that banking market concentration had a positive impact on manufacturing sector growth in the early twentieth century, with little variation across ...
Working Papers , Paper 2010-004

Conference Paper
Bank market power and SME financing constraints
Rodriguez-Fernandez, Francisco; Udell, Gregory F.; Carbo-Valverde, Santiago (2006)
Theoretical models of lending and industrial organization theory predict that firm access to credit depends critically on bank market structure. However, empirical studies offer mixed results. Some studies find that higher concentration is associated with higher credit availability consistent with the information hypothesis that less competitive banks have more incentive to invest in soft information. Other empirical studies, however, find support for the market power hypothesis that credit rationing is higher in less competitive bank markets. This study tests these two competing hypotheses ...
Proceedings , Paper 1022

Working Paper
What does the yield on subordinated bank debt measure?
Birchler, Urs W.; Hancock, Diana (2003)
We provide evidence that a bank's subordinated debt yield spread is not, by itself, a sufficient measure of default risk. We use a model in which subordinated debt is held by investors with superior knowledge ("informed investor hypothesis"). First, we show that in theory the yield spread on subordinated debt must compensate investors for expected loss plus give them an incentive not to prefer senior debt. Second we present strong empirical evidence in favor of the informed investor hypothesis and of the existence of the incentive premium predicted by the model. Using data on the timing and ...
Finance and Economics Discussion Series , Paper 2004-19

Conference Paper
Market structure and quality : an application to the banking industry
Dick, Astrid A. (2003)
Proceedings , Paper 844

Working Paper
Conduct in a banking duopoly
Shaffer, Sherrill; DiSalvo, James (1991)
Working Papers , Paper 91-12

Journal Article
Changes in Twelfth District local banking market structure during a period of industry consolidation
Laderman, Elizabeth (2005)
A main public policy concern regarding the massive consolidation of the banking industry between 1984 and 2003 is the consolidation's potential effect on competition in local banking markets. Examining this period for the Twelfth Federal Reserve District, I find, on the whole, moderate increases in concentration in urban markets and decreases in concentration in rural markets, although a number of local markets have shown large increases in concentration to high levels. However, consistent with antitrust enforcement and competition, I find negative and highly statistically significant ...
Economic Review

Conference Paper
Public policy and the evolution of banking markets
Gorton, Gary (1989)
Proceedings , Paper 237

Conference Paper
Swaps and systemic risk in interbank markets
Miller, Merton H. (1993)
Proceedings , Paper 399

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