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37 Antitrust Bull. 541 (1992)
Megamergers in Banking and the Use of Cost Efficiency as an Antitrust Defense

handle is hein.journals/antibull37 and id is 549 raw text is: The Antitrust BulletinlFall 1992 Megamergers in banking and the use of cost efficiency as an antitrust defense BY ALLEN N. BERGER* and DAVID B. HUMPHREY** I. Introduction This study analyzes the cost efficiency implications of mega- mergers in the U.S. banking industry-mergers and acquisitions in which both organizations exceed $1 billion in assets. Such an analysis is important because the consolidated banks arising from these mergers may well dominate the industry of the future and help determine the overall level of intermediation in the economy. * Senior Economist, Board of Governors of the Federal Reserve System, Washington, DC. ** Fannie Wilson Smith Eminent Scholar in Banking, Florida State University, Tallahassee, FL. AUTHORS' NOTE: The opinions expressed do not necessarily reflect those of the Board of Governors or its staff. The authors would like to thank Dean Amel, Myron Kwast, Jane Linder, Steve Rhoades, Rich Rosen, Don Savage, Sherrill Shaffer, Aruna Srinivasan, Stephen Timme, and Larry Wall for helpful comments and Jalal Akhavein for outstanding research assistance. C 1993 by Federal Legal Publications, Inc.

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