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Keywords:Banking market 

Working Paper
What does the yield on subordinated bank debt measure?

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
Discussion of market information dissemination

Proceedings , Paper 53

Working Paper
The geographic scope of retail deposit markets

In the United States, antitrust authorities rely heavily on numerical measures of local banking market concentration such as the Herfindahl Hirschmann Index to assess the likely competitive effects of proposed bank mergers and acquisitions. This approach to antitrust enforcement relies on two important assumptions: (1) that markets for at least some types of banking products are local in scope, and (2) that market concentration measures can serve as effective proxies for banks' abilities to extract monopoly rents. This paper uses balance sheet data from most banks operating in the United ...
Finance and Economics Discussion Series , Paper 2002-49

Conference Paper
Changing financial industry structure and regulation: an antitrust perspective

Proceedings , Paper 694

Working Paper
Deposit pricing, bank market structure, and welfare with cost- minimizing consumers

Finance and Economics Discussion Series , Paper 48

Journal Article
The impact of geographic expansion in banking: some axioms to grind

Economic Perspectives , Volume 10 , Issue May , Pages 24-38

Working Paper
Life-cycle dynamics in industrial sectors. The role of banking market structure

This paper analyzes the role of bank competition on the life-cycle dynamics of non-financial industries. Using multi-dimensional data sets, which contain information on job creation and destruction for establishments in U.S. manufacturing sectors operating in different geographical regions and over time, I find evidence that bank competition accelerates the expansion of start-ups and helps them to thrive while young. Once these establishments are mature, however, less competitive banking markets are more propitious. Specifically, mature establishments expand at higher rates and exit the ...
Working Paper Series , Paper WP-02-26

Working Paper
Do consumers \"cluster\" their banking services? (An economic exegesis with evidence)

Working Papers in Banking, Finance and Microeconomics , Paper 86-4

Journal Article
Small business lending in New England

New England Banking Trends , Issue Sum , Pages 3-8

Journal Article
The Herfindahl-Hirschman index

Federal Reserve Bulletin , Issue Mar

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Berger, Allen N. 12 items

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