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Working Paper
Explaining the dramatic changes in performance of U.S. banks: technological change, deregulation, and dynamic changes in competition.
Berger, Allen N.; Mester, Loretta J. (2002)
The authors investigate the effects of technological change, deregulation, and dynamic changes in competition on the performance of U.S. banks. The authors' most striking result is that during 1991-1997, cost productivity worsened while profit productivity improved substantially, particularly for banks engaging in mergers. The data are consistent with the hypothesis that banks tried to maximize profits by raising revenues as well as reducing costs. Banks appeared to provide additional or higher quality services that raised costs but also raised revenues by more than the cost increases. The ...
Working Papers , Paper 01-6

Working Paper
Debt maturity, risk, and asymmetric information
Espinosa-Vega, Marco A.; Frame, W. Scott; Miller, Nathan H.; Berger, Allen N. (2004)
We test the implications of Flannery's (1986) and Diamond's (1991) models concerning the effects of risk and asymmetric information in determining debt maturity, and we examine the overall importance of informational asymmetries in debt maturity choices. We employ data on over 6,000 commercial loans from 53 large U.S. banks. Our results for low-risk firms are consistent with the predictions of both theoretical models, but our findings for high-risk firms conflict with the predictions of Diamond's model and with much of the empirical literature. Our findings also suggest a strong quantitative ...
Finance and Economics Discussion Series , Paper 2004-60

Working Paper
The effects of geographic expansion on bank efficiency
DeYoung, Robert; Berger, Allen N. (2000)
We assess the effects of geographic expansion on bank efficiency using cost and profit efficiency for over 7,000 U.S. banks, 1993-1998. We find that parent organizations exercise some control over the efficiency of their affiliates, although this control tends to dissipate with distance to the affiliate. However, on average, distance-related efficiency effects tend to be modest, suggesting that some efficient organizations can overcome any effects of distance. The results imply there may be no particular optimal geographic scope for banking organizations - some may operate efficiently within ...
Working Paper Series , Paper WP-00-14

Working Paper
The relationship between capital and earnings in banking
Berger, Allen N. (1994)
Finance and Economics Discussion Series , Paper 94-2

Working Paper
Why do borrowers pledge collateral? new empirical evidence on the role of asymmetric information
Espinosa-Vega, Marco A.; Frame, W. Scott; Miller, Nathan H.; Berger, Allen N. (2007)
An important theoretical literature motivates collateral as a mechanism that mitigates adverse selection, credit rationing, and other inefficiencies that arise when borrowers hold ex ante private information. There is no clear empirical evidence regarding the central implication of this literature?that a reduction in asymmetric information reduces the incidence of collateral. We exploit exogenous variation in lender information related to the adoption of an information technology that reduces ex ante private information, and compare collateral outcomes before and after adoption. Our results ...
FRB Atlanta Working Paper , Paper 2006-29

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

Report
The consolidation of the financial services industry: causes, consequences, and the implications for the future
Demsetz, Rebecca; Berger, Allen N.; Strahan, Philip E. (1998)
This article designs a framework for evaluating the causes, consequences, and future implications of financial services industry consolidation, reviews the extant research literature within the context of this framework (over 250 references), and suggests fruitful avenues for future research. The evidence is consistent with increases in market power from some types of consolidation; improvements in profit efficiency and diversification of risks, but little or no cost efficiency improvements on average; relatively little effect on the availability of services to small customers; potential ...
Staff Reports , Paper 55

Discussion Paper
Securitization with recourse: an instrument that offers uninsured bank depositors sequential claims
Benveniste, Lawrence M.; Berger, Allen N. (1987)
Research Papers in Banking and Financial Economics , Paper 97

Working Paper
Bank scale economies, mergers, concentration, and efficiency: the U.S. experience
Berger, Allen N.; Humphrey, David B. (1994)
Finance and Economics Discussion Series , Paper 94-23

Conference Paper
Do depositors discipline banks? an international perspective
Turk-Ariss, Rima; Berger, Allen N. (2011)
Proceedings , Paper 1121

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