• Publications
  • Influence
Why do Banks Disappear? The Determinants of U.S. Bank Failures and Acquisitions
This paper seeks to identify the characteristics that make individual U.S. banks more likely to fail or be acquired. We use bank-specific information to estimate competing-risks hazard models withExpand
  • 553
  • 53
  • PDF
Technical Progress, Inefficiency, and Productivity Change in U.S. Banking, 1984-1993
Studies often find that, on average, U.S. commercial banks are quite inefficient, and the authors find that banks became more technically inefficient between 1984 and 1993. From a new decompositionExpand
  • 405
  • 33
  • PDF
Do Large Banks have Lower Costs? New Estimates of Returns to Scale for U.S. Banks
The number of commercial banks in the United States has fallen by more than 50 percent since 1984. This consolidation of the U.S. banking industry and the accompanying large increase in average (andExpand
  • 222
  • 14
  • PDF
Aggregate Price Shocks and Financial Instability: An Historical Analysis
This paper presents empirical evidence on the hypothesis that aggregate price disturbances cause or worsen financial instability. We construct two annual indexes of financial conditions for theExpand
  • 128
  • 13
  • PDF
Are Credit Unions Too Small?
U.S. credit unions serve 93 million members, hold 10% of U.S. savings deposits, and make 13.2% of all nonrevolving consumer loans. Since 1985, the share of U.S. depository institution assets held byExpand
  • 51
  • 13
  • PDF
New evidence on returns to scale and product mix among U.S. commercial banks
Numerous studies have found that banks exhaust scale economies at low levels of output, but most are based on the estimation of parametric cost functions which misrepresent bank cost. Here we avoidExpand
  • 144
  • 11
  • PDF
Explaining Bank Failures: Deposit Insurance, Regulation, and Efficiency
This paper uses micro-level historical data to examine the causes of bank failure. For state-chartered Kansas banks during 1910-28, time-to-failure is explicitly modeled using a proportional hazardsExpand
  • 298
  • 10
Non-Parametric, Unconditional Quantile Estimation for Efficiency Analysis With an Application to Federal Reserve Check Processing Operations
This paper examines the technical efficiency of U.S. Federal Reserve check processing offices over 1980–2003. We extend results from Park et al. (2000) and Daouia and Simar (2007) to develop anExpand
  • 72
  • 8
  • PDF
Robust Non-Parametric Quantile Estimation of Efficiency and Productivity Change in U.S. Commercial Banking, 1985-2004
This paper describes a non-parametric, unconditional, hyperbolic quantile estimator that unlike traditional non-parametric frontier estimators is both robust to data outliers and has a root-nExpand
  • 65
  • 8
  • PDF
Can the Term Spread Predict Output Growth and Recessions? A Survey of the Literature
This article surveys recent research on the usefulness of the term spread (i.e., the difference between the yields on long-term and short-term Treasury securities) for predicting changes in economicExpand
  • 177
  • 8
  • PDF