Acharya, Viral V.; Imbs, Jean; Sturgess, Jason - In: Review of Finance 15 (2011) 1, pp. 135-172
We document that the deregulation of bank branching restrictions in the United States triggered a reallocation across sectors, with end effects on state-level volatility. The change cannot be explained simply by shifts in sector-level returns and volatility. A reallocation effect is at play,...