Efficiency grows, in production and in operations, as size increases. This incentive has led to recent record levels of mergers, acquisitions, and global consolidation in such diverse industries as railroads, oil and gas refining, cement, steel, and brewing. The consolidation of the banking...

We test whether consolidation leads to increased profits through increased operating economies of scale. For a sample of apartment REITs, we find that economies of scale with respect to portfolio acquisitions existed in 1994 and 1995, however, this advantage has declined over time. While growth...

This paper introduces a more detailed specification of the default process on single family residential mortgages: the borrower’s ability to reinstate the mortgage out of default prior to foreclosure. Inclusion of this detail allows for a more thorough analysis of lender loss mitigation...