Bank holding company diversification and production efficiency

References

• Alam , I-MS . 2001 . A nonparametric approach for assessing productivity dynamics of large US banks . Journal of Money, Credit, and Banking , 33 : 121 – 39 .
   Web of Science ®Google Scholar
• Baele , L , Jonghe , OD and Vennet , RV . 2007 . Does the stock market value bank diversification? . Journal of Banking and Finance , 31 : 1999 – 2023 .
   Web of Science ®Google Scholar
• Banker , RD , Chang , H and Cooper , WW . 1996 . Equivalence and implementation of alternative methods for determining returns to scale in data envelopment analysis . European Journal of Operational Research , 89 : 473 – 81 .
   Web of Science ®Google Scholar
• Barth , JR , Brumbaugh Jr , RD and Wilcox , JA . 2000 . The repeal of Glass–Steagall and the advent of broad banking . Journal of Economic Perspectives , 14 : 191 – 204 .
   Web of Science ®Google Scholar
• Bauer , PW , Berger , AN and Humphrey , DB . 1993 . “ Efficiency and productivity growth in US banking ” . In The Measurement of Productive Efficiency: Techniques and Applications , Edited by: Fried , HO , Lovell , CAK and Schmidt , SS . 386 – 413 . Oxford : Oxford University Press .
   Google Scholar
• Berger , AN . 1993 . ‘Distribution-free’ estimates of efficiency in the US banking industry and tests of the standard distributional assumptions . Journal of Productivity Analysis , 4 : 261 – 92 .
   Google Scholar
• Berger , AN . 1995 . The relationship between capital and earnings in banking . Journal of Money, Credit and Banking , 27 : 432 – 56 .
   Web of Science ®Google Scholar
• Berger , AN . 2003 . The economic effects of technological progress: evidence from the banking industry . Journal of Money, Credit and Banking , 35 : 141 – 76 .
   Web of Science ®Google Scholar
• Berger , AN , Demsetz , RS and Strahan , PE . 1999 . The consolidation of the financial services industry: causes, consequences, and implications for the future . Journal of Banking and Finance , 23 : 135 – 94 .
   Web of Science ®Google Scholar
• Berger , AN and DeYoung , R . 1997 . Problem loans and cost efficiency in commercial banks . Journal of Banking and Finance , 21 : 849 – 70 .
   Web of Science ®Google Scholar
• Berger , AN , Diana , H and Humphrey , DB . 1993 . Bank efficiency derived from the profit function . Journal of Banking and Finance , 17 : 317 – 47 .
   Web of Science ®Google Scholar
• Berger , AN and Humphrey , DB . 1991 . The dominance of inefficiencies over scale and product mix economies in banking . Journal of Monetary Economics , 28 : 117 – 48 .
   Web of Science ®Google Scholar
• Berger , AN and Humphrey , DB . 1992 . Megamergers in banking and the use of cost efficiency as an antitrust defense Finance and Economics Discussion Series 203, Board of Governors of the Federal Reserve System (US)
   Google Scholar
• Berger , AN and Humphrey , DB . 1997 . Efficiency of financial institutions: international survey and directions for future research . European Journal of Operational Research , 98 : 175 – 212 .
   Web of Science ®Google Scholar
• Berger , AN and Mester , LJ . 1997 . Inside the black box: what explains differences in the efficiencies of financial institutions? . Journal of Banking and Finance , 21 : 895 – 947 .
   Web of Science ®Google Scholar
• Canhoto , A and Dermine , J . 2003 . A note on banking efficiency in Portugal, new versus old banks . Journal of Banking and Finance , 27 : 2087 – 98 .
   Web of Science ®Google Scholar
• Capon , N , Hulbert , JM , Farley , JU and Martin , LE . 1988 . Corporate diversity and economic performance: the impact of market specialization . Strategic Management Journal , 9 : 61 – 74 .
   Web of Science ®Google Scholar
• Casu , B , Cirardone , C and Molyneus , P . 2004 . Productivity change in European banking: a comparison of parametric and non-parametric approaches . Journal of Banking and Finance , 28 : 2521 – 40 .
   Web of Science ®Google Scholar
• Caves , DW , Christensen , LR and Diewert , WE . 1982 . The economic theory of index numbers and the measurement of input, output, and productivity . Econometrica , 50 : 1393 – 414 .
   Web of Science ®Google Scholar
• Coelli , TJ . 1996 . A guide to DEAP version 2.1: a data envelopment analysis (computer) program Centre for Efficiency and Productivity Analysis (CEPA) Working Papers, University of New England, Australia
   Google Scholar
• Colwell , RJ and Davis , EP . 1992 . Output and productivity in banking . Scandinavian Journal of Economics , 94 : 111 – 29 .
   Web of Science ®Google Scholar
• Cooper , WW , Seiford , LM and Tone , K . 2000 . Data Envelopment Analysis: A Comprehensive Text with Models, Applications, References and DEA-solver Software , Boston : Kluwer Academic Publishers .
   Google Scholar
• Cummins , JD and Xie , X . 2008 . Mergers and acquisitions in the US property-liability insurance industry: productivity and efficiency effects . Journal of Banking and Finance , 32 : 30 – 55 .
   Web of Science ®Google Scholar
• Deng , S , Elyasiani , E and Mao , CX . 2007 . Diversification and the cost of debt of bank holding companies . Journal of Banking and Finance , 31 : 2453 – 73 .
   Web of Science ®Google Scholar
• Denis , DJ and Mihov , VT . 2003 . The choice among bank debt, non-bank private debt, and public debt: evidence from new corporate borrowings . Journal of Financial Economics , 70 : 3 – 28 .
   Web of Science ®Google Scholar
• DeYoung , R , Evanoff , DD and Molyneux , P . 2009 . Mergers and acquisitions of financial institutions: a review of the post-2000 literature . Journal of Financial Services Research , 36 : 87 – 110 .
   Web of Science ®Google Scholar
• Diamond , DW . 1984 . Financial intermediation and delegated monitoring . Review of Financial Studies , 51 : 393 – 414 .
   Web of Science ®Google Scholar
• Elyasiani , E and Mehdian , SM . 1990 . A nonparametric approach to measurement of efficiency and technological change: the case of large US commercial banks . Journal of Financial Services Research , 4 : 157 – 68 .
   Web of Science ®Google Scholar
• Elyasiani , E and Wang , Y . 2008 . Non-interest income diversification and information asymmetry of bank holding companies Working Paper, Temple University, Philadelphia, PA
   Google Scholar
• Färe , R , Grosskopf , S and Lovell , CAK . 1985 . The Measurement of Efficiency of Production , Boston : Kluwer-Nijhoff Publishing .
   Google Scholar
• Färe , R , Grosskopf , S , Norris , M and Zhang , Z . 1994 . Productivity growth, technical progress, and efficiency change in industrialized countries . American Economic Review , 84 : 66 – 83 .
   Web of Science ®Google Scholar
• Farrell , MJ . 1957 . The measurement of productive efficiency . Journal of Royal Statistical Society , 120 : 253 – 90 .
   Web of Science ®Google Scholar
• Fein , ML . 1997 . Securities Activities of Banks, , 2nd , New York : Aspen Publishers, Inc. .
   Google Scholar
• Fried , HO and Lovell , CAK . 1994 . Enhancing the performance of credit unions: the evolution of a methodology . Recherches Economiques de Louvain , 60 : 431 – 47 .
   Google Scholar
• Fried , HO , Lovell , CAK and Eeckaut , PV . 1993 . Evaluating the performance of US credit unions . Journal of Banking and Finance , 17 : 251 – 65 .
   Web of Science ®Google Scholar
• Hughes , JP , Lang , W , Mester , LJ and Moon , C-G . 1999 . The dollars and sense of bank consolidation . Journal of Banking and Finance , 23 : 291 – 324 .
   Web of Science ®Google Scholar
• Hughes , JP , Lang , W , Mester , LJ , Moon , C-G and Pagano , MS . 2003 . Do bankers sacrifice value to build empires? Managerial incentives, industry consolidation, and financial performance . Journal of Banking and Finance , 27 : 417 – 47 .
   Web of Science ®Google Scholar
• Hughes , JP and Mester , LJ . 1993 . A quality and risk adjusted cost function for banks: evidence on the ‘too-big-to-fail’ doctrine . Journal of Productivity Analysis , 4 : 293 – 315 .
   Google Scholar
• Hughes , JP , Mester , LJ and Moon , C-G . 2001 . Are scale economies in banking elusive or illusive? Incorporating capital structure and risk into models of bank production . Journal of Banking and Finance , 25 : 2169 – 208 .
   Web of Science ®Google Scholar
• Humphrey , DB . 1985 . “ Cost and scale economies in bank intermediation ” . In Handbook for Banking Strategy , Edited by: Aspinwall , RC and Eisenbeis , RA . 745 – 83 . New York : John Wiley and Sons .
   Google Scholar
• Humphrey , DB . 1990 . Why do estimates of bank scale economies differ? . Economic Review, Federal Reserve Bank of Richmond , 76 : 38 – 50 .
   Google Scholar
• Isik , I and Hassan , KM . 2003 . Financial deregulation and total factor productivity change: an empirical study of Turkish commercial banks . Journal of Banking and Finance , 27 : 1455 – 85 .
   Web of Science ®Google Scholar
• Jayaratne , J and Strahan , PE . 1998 . Entry restrictions, industry evolution, and dynamic efficiency: evidence from commercial banking . Journal of Law and Economics , 41 : 239 – 73 .
   Web of Science ®Google Scholar
• Kashyap , AK , Rajan , R and Stein , JC . 2002 . Banks as liquidity providers: an explanation for the coexistence of lending and deposit-taking . Journal of Finance , 57 : 33 – 73 .
   Web of Science ®Google Scholar
• Laeven , L and Levine , R . 2007 . Is there a diversification discount in financial conglomerates? . Journal of Financial Economics , 85 : 331 – 67 .
   Web of Science ®Google Scholar
• Lieberman , MB and Montgomery , D . 1998 . First-mover advantages: retrospective and link with the resource-based view . Strategic Management Journal , 19 : 1111 – 25 .
   Web of Science ®Google Scholar
• Malmquist , S . 1953 . Index numbers and indifference surfaces . Trabajos de Estatistica , 4 : 209 – 42 .
   Google Scholar
• Mamun , A , Hassan , MK and Maroney , N . 2005 . The wealth and risk effects of the Gramm–Leach–Bliley Act (GLBA) on the US banking industry . Journal of Business Finance and Accounting , 32 : 351 – 88 .
   Web of Science ®Google Scholar
• Markides , CC and Williamson , PJ . 1994 . Related diversification, core competences and corporate performance . Strategic Management Journal , 15 : 149 – 65 .
   Web of Science ®Google Scholar
• Mester , LJ . 1989 . Owners versus managers: who controls the bank? . Business Review , May/June : 13 – 23 . (Federal Reserve Bank of Philadelphia)
   Google Scholar
• Mester , LJ . 2007 . Some thoughts on the evolution of the banking system and the process of financial intermediation . Economic Review , 92 : 67 – 75 .
   Google Scholar
• Mukherjee , K , Ray , SC and Miller , SM . 2001 . Productivity growth in large US commercial banks: the initial post-deregulation experience . Journal of Banking and Finance , 25 : 913 – 39 .
   Web of Science ®Google Scholar
• Palich , LE , Cardinal , LB and Miller , CC . 2000 . Curvilinearity in the diversification-performance linkage: an examination of over three decades . Strategic Management Journal , 21 : 155 – 74 .
   Web of Science ®Google Scholar
• Prahalad , CK and Hamel , G . 1990 . The core competence of the corporation . Harvard Business Review , 68 : 79 – 91 .
   Web of Science ®Google Scholar
• Prowse , S . 1997 . Corporate control in banking . Journal of Financial Research , 20 : 509 – 27 .
   Google Scholar
• Ray , SC and Desli , E . 1997 . Productivity growth, technical progress, and efficiency change in industrialized countries: comment . American Economic Review , 87 : 1033 – 9 .
   Web of Science ®Google Scholar
• Reichert , A and Wall , L . 2000 . The potential for portfolio diversification in financial services . Economic Review , 85 : 35 – 51 .
   Google Scholar
• Saunders , A and Walter , I . 1994 . Universal Banking in the United States: What could we Gain? What could we Lose? , New York and Oxford : Oxford University Press .
   Google Scholar
• Schoar , A . 2002 . Effects of corporate diversification on productivity . Journal of Finance , 57 : 2379 – 403 .
   Web of Science ®Google Scholar
• Shephard , RW . 1970 . Theory of Cost and Production Functions , Princeton , NJ : Princeton University Press .
   Google Scholar
• Stiroh , KJ . 2000 . How did bank holding companies prosper in the 1990s? . Journal of Banking and Finance , 24 : 1703 – 45 .
   Web of Science ®Google Scholar
• Stiroh , KJ and Rumble , A . 2006 . The dark side of diversification: the case of US financial holding companies . Journal of Banking and Finance , 30 : 2131 – 61 .
   Web of Science ®Google Scholar
• Wheelock , DC and Wilson , PW . 2001 . New evidence on returns to scale and product mix among US commercial banks . Journal of Monetary Economics , 47 : 653 – 74 .
   Web of Science ®Google Scholar
• Yeager , TJ , Yeager , FC and Harshman , E . 2007 . The financial services modernization act: evolution or revolution? . Journal of Economics and Business , 59 : 313 – 39 .
   Google Scholar