Following the 1988 banking reform in Russia there was an enormous increase in the number of (registered) commercial banks. The Russian savings bank sector went through a period of shakeout after the August 1995 interbank crisis. Large banks were able to expand their market shares in the deposits...

This study develops a new bias-corrected estimator for the fixed-effects dynamic panel data model and derives its limiting distribution for fixed T and N large. The bias-corrected estimator is derived as a bias correction of the least-squares dummy variable (within) estimator. It does not share...

Several noted surveys on intra-industry dynamics have recently reached the conclusion from a large body of evidence that Gibrat's Law does not hold. However, almost all of these studies have been based on manufacturing. There are compelling reasons to doubt whether these findings hold for the...