Bank Rates of Return and Entry Restrictions, 1869–1914
利用多种数据，通过简单回归检验1915年前美国各州银行回报率差异的原因，发现差异源于经济条件、跨州分行限制和资本要求，而非银行垄断。
This article uses a variety of data in a simple regression framework to test various hypotheses about the regional differences in U.S. bank rates of return existing before 1915. We find that the observed pattern in the return differences is a function of the measures of bank returns used in previous studies, regional differences in economic conditions, restrictions on interstate branch banking, and private bank minimum capital requirements. These results are inconsistent with most of the bank monopoly-power hypotheses in the literature.