We investigate the sources of recent changes in the performance of
U.S. banks using concepts and techniques borrowed from the
cross-section efficiency literature. Our most striking result is
that during 1991-1997, cost productivity worsened while profit
productivity improved substantially, particularly for banks
engaging in mergers. The data are consistent with the hypothesis
that banks tried to maximize profits by raising revenues as well as
reducing costs, and that banks provided additional services or
higher service quality that raised costs but also raised revenues
by more than the cost increases. The results suggest that methods
that exclude revenues may be misleading.
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