US Credit Unions: Survival, Consolidation and Growth
نویسندگان
چکیده
This paper uses hazard function estimations together with cross-sectional growth regressions to examine the impact of exit through merger and acquisition (M&A) or failure, and internally-generated growth, on the firm-size distribution of US credit unions. Consolidation through M&A was the principal cause of a reduction in the number of credit unions, but impact on concentration was small. A positive relationship between size and growth, and a pattern of positive persistence in growth, reflects a divergence in the population size distribution. Divergence between average internally-generated growth of smaller and larger credit unions was the principal driver of the rise in concentration. WP No 13-001 1st Quarter 2013 US Credit Unions: Survival, Consolidation and Growth John Goddard a , Donal McKillop b and John O.S. Wilson c+ RRH: GODDARD, MCKILLOP & WILSON: US CREDIT UNIONS
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