The 1994 Riegle Neal (RN) Act removed interstate banking restrictions in the US. The primary motivation was to permit geographic risk diversification (GRD). Using a factor model to measure banks' geographic risk, we show that RN expanded GRD possibilities in small states, but that few banks took advantage. Using our measure of geographic risk and a revealed preference approach, we identify preferences towards GRD separately from the contribution of other factors to branch network configuration. Risk has a negative effect on bank value, but this has been counterbalanced by economies of density/scale, reallocation/merging costs, and concerns for local market power.
The 1994 Riegle Neal (RN) Act removed interstate banking restrictions in the US. The primary motivation was to permit geographic risk diversification (GRD). Using a factor model to measure banks' geographic risk, we show that RN expanded GRD possibilities in small states, but that few banks took advantage. Using our measure of geographic risk and a revealed preference approach, we identify preferences towards GRD separately from the contribution of other factors to branch network configuration. Risk has a negative effect on bank value, but this has been counterbalanced by economies of density/scale, reallocation/merging costs, and concerns for local market power.
The development of irrigation is a politically important technology that enabled agricultural societies to intensify agricultural production. In the North China Plain, the historical record suggests a long tradition of irrigation, but archaeologists have found scant evidence of these technologies outside of urban areas. In 2012, 2015, and 2016, our excavations at the Anshang site, Neihuang County, Henan Province, China, revealed several archaeological features that we interpret as evidence of Late Shang dynasty (ca. 1200–1046 B.C.) canal construction in a nonurban context. By using a range of geological methods, including particle size, loss on ignition, magnetic susceptibility, and micromorphology, we suggest that these ancient canals and the subsequent construction phases found at Anshang not only influenced the development of local geomorphic conditions, but also were part of early dynastic attempts to restructure the natural landscape to facilitate agricultural productivity. These irrigation canals found at Anshang may be representative of broader trends of human‐environmental interactions in the North China Plain.
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