Where the money is: branch network structure and bank profitability in Switzerland
研究了瑞士银行分支网络的地理集中度对盈利能力的影响，发现只有在低税社区集中布局时，集中度才提升盈利，因为低税区吸引富裕客户。
This paper investigates the impact of the geographic concentration of branch networks on bank profitability in Switzerland. Leveraging Switzerland's distinctive federalist fiscal structure, where communes set their own income tax rates, we also explore whether the tax burden of branch locations moderates this relationship. Using a hand-collected dataset of branch networks of commercial banks, we find that geographic branch network concentration positively affects bank profitability but only when banks concentrate their branches in low-tax communes. This suggests that the proximity to wealthy clients, who are more likely to reside in low-tax areas, enhances bank profitability.