efficient than small banks. Such scale economies, where average cost declines as bank output rises, would result from spreading … fixed costs over a greater volume of output. Scale economies are an important policy consideration in interstate bank …

In this paper we study how the complexity of a bank's business model is related to its returns. Our approach allows for … the possibility that bank returns may be retained in part by mobile and powerful bankers and that the amount of rent … extraction may vary across different lines of business. Using data on U.S. bank holding companies over the years 2003–12, we find …

international cost synergies, heightened competition, and improved bank performance resulting from the presence of FOBs justify … foreign bank expansion. This paper contrasts the production technologies and the cost characteristics of the FOBs and the …