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George J. Benston, Clifford W. Smith, Jr., A Transactions Cost Approach to the Theory of Financial Intermediation, The Journal of Finance, Vol. 31, No. 2, Papers and Proceedings of the Thirty-Fourth Annual Meeting of the American Finance Association Dallas, Texas December 28-30, 1975 (May, 1976), pp. 215-231
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Benston et al. (Sat,) studied this question.
synapsesocial.com/papers/6a09b9e0e0bbc9c39a33f4bd — DOI: https://doi.org/10.2307/2326596
George J. Benston
Federal Reserve Bank of Atlanta
Clifford W. Smith
University of Rochester
The Journal of Finance
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