Bank Mergers in Late Nineteenth-Century New England: The Contingent Nature of Structural Change
1991 ◽
Vol 51
(3)
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pp. 537-557
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Keyword(s):
Although New England's unit banking system was declining in profitability during the late nineteenth century, the existing competitive environment prevented large institutions from outperforming their smaller rivals. As a result, there was little change in the structure of the banking system during this period. At the turn of the century, however, a wave of mergers radically transformed the banking sectors of Boston and Providence. Although the greater profitability of the mergers indicates they were a better fit to the economic environment than their smaller predecessors, their creation was only made possible by a special combination of historical circumstances.
Keyword(s):
2009 ◽
Vol 45
(2)
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pp. 59-80
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