The 1980 enactment of legislation extending authority to offer interest-bearing checking instruments to all depository institutions has brought intensified competition for consumers' transaction balances

Two well-known mechanisms for enhancing managers' accountability are yardstick competition and internal monitoring. Yardstick competition puts managers in direct competition when firms make decisions for re-appointment (Tirole, 2006). Monitoring is used by firms to detect managers' rent-seeking...