Allen N. Berger, Anil K Kashyap, Joseph M. Scalise, Mark Gertler, Benjamin M. Friedman, The Transformation of the U.S. Banking Industry: What a Long, Strange Trip It's Been, Brookings Papers on Economic Activity, Vol. 1995, No. 2 (1995), pp. 55-218
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Berger et al. (1995) studied this question.