Berger, Allen N.; Dick, Astrid A. - Federal Reserve Bank of Chicago - 2004
Using a sample for 1972-2002 with over 8,000 bank entries into local markets, we find a market share advantage for … earlier entrants. In particular, the earlier a bank enters, the larger is its market share relative to other banks …, controlling for firm, market and time effects, with a market share advantage for early movers between 8 and 12 percentage points …