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The author is Professor of Finance, Wharton School of Finance and Commerce, University of Pennsylvania. The information used in this paper was collected for a study of banking structure and performance conducted by the author for the National Bureau of Economic Research and supported by the American Bankers Association. This study has not yet been submitted to the National Bureau's Board of Directors for the review and approval required prior to publication by the Bureau.
The author is indebted to Victor R. Fuchs, Edward S. Herman and Robert W. Johnson for comments on an earlier draft of this paper and to many others for their help on the larger study on which this paper is based.