We document substantial time-series and cross-sectional variation in branch-level deposit account interest rates, maintenance fees, and fee thresholds, and examine whether variation in bank concentration helps explain variation in these prices. Herfindahl–Hirschman Index (HHI) alone is not correlated with any of the outcome variables. A “generalized HHI” (GHHI) capturing both common ownership (the degree to which banks are commonly owned by the same investors) and cross-ownership (the extent to which banks own shares in each other), is strongly correlated with all prices, even when we limit cross-sectional variation in bank ownership to only that predicted by the growth of index funds.

中文翻译：

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最终所有权和银行竞争

我们记录了分支机构级存款账户利率、维护费和费用门槛的大量时间序列和横截面变化，并检查银行集中度的变化是否有助于解释这些价格的变化。Herfindahl-Hirschman 指数 (HHI) 与任何结果变量均不相关。“广义 HHI”（GHHI）同时包含共同所有权（银行由同一投资者共同拥有的程度）和交叉所有权（银行相互拥有股份的程度），与所有价格密切相关，即使我们将银行所有权的横截面变化限制在指数基金增长所预测的范围内。