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....

[...]In this article, we explore the relationship betweenfranchise value and risk taking over the 1986-94 period.We extend Keeley’s empirical analysis by estimating theeffect of franchise value on a variety of measures of bankrisk. We find an inverse relationship between franchisevalue and an...

[...]This article investigates the relationshipbetween asset size and risk at bank holding companiesfrom 1987 to 1993.1 We find that for most of thisperiod, the level of risk at large bank holding companiesdid not differ significantly from that at small bankholding companies. However, we do find...