We provide evidence that market concentration (HHI) based bank antitrust review can be improved by incorporating a determinant of substitutability between merging banks—the proximity of their branch networks. Using difference-in-differences to estimate the effects of bank mergers, we find that...

In 1910, Japan annexed Korea and integrated it into the Empire of Japan. According to its policy of assimilating colonies, the Japanese government intended to remove the tariffs between Japan and Korea, an aim which had almost been realized by 1923. The removal of the tariff barrier was supposed...