The Cross-Section of Bank Value
研究了美国商业银行价值创造的决定因素，发现存款生产率解释了银行价值的大部分差异，且技术、客户人口结构和市场势力是生产率差异的主要驱动因素。
Abstract We study the determinants of value creation in U.S. commercial banks. We develop novel measures of individual banks’ productivities at collecting deposits and making loans that we relate to bank market values. We find that deposit productivity is responsible for two-thirds of the value of the median bank and most variation in value across banks. Variation in productivity is driven by differences across banks in technology, customer demographics, and market power. We also find evidence of synergies between deposit-taking and lending. Our findings suggest that there is significant heterogeneity in banks’ ability to capture value by manufacturing safe assets.