competition from large multimarket firms and the performance of small single market evidence banking industry allen n berger senior economist board governors federal reserve system washington dc 20551 usa wharton financial institutions center philadelphia pa 19104 aberger frb gov astrid a dick bank new york ny 10045 org lawrence g goldberg professor finance department university miami coral gables fl 33124 deceased j white economics stern school business 10012 1126 lwhite nyu edu jel classification numbers g21 g28 l11 o33 keywords banks community size technological progress 2 abstract we offer test two competing hypotheses for consolidation trend in using us data over period 1982 2000 under efficiency hypothesis improved relative to whereas hubris was largely driven by corporate our results are consistent with an empirical dominance on net allowed
