We examine the efficiency effects of the integration of the
financial services industry and suggest directions for future
research. We also propose a relatively broad working definition of
integration and employ U.S. and European data on financial service
industry M&As to illustrate several types of integration. The
analysis suggests that there is a large potential for efficiency
gains from integration, but only a relatively small part of this
potential may be realized. Integration appears to bring about
larger revenue efficiency gains than cost efficiency gains, and
most of the gains appear to be linked to benefits from risk
diversification.
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