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Bank size and household financial sentiment : surprising evidence from University of Michigan Surveys of Consumers.

Berger, Allen N. and Irresberger, Felix and Roman, Raluca A. (2020) 'Bank size and household financial sentiment : surprising evidence from University of Michigan Surveys of Consumers.', Journal of money, credit and banking., 52 (S1). pp. 149-191.


We analyze comparative advantages/disadvantages of small and large banks in improving household financial sentiment. Matching University of Michigan Surveys of Consumers household sentiment data with local banking market data from 2000 to 2014, we find surprising results—large banks have significant comparative advantages in boosting such sentiment. The findings apply across demographic groups, market types, and time periods, and are robust to different measurements and econometric methods. We contribute to the literatures on bank specialness, benefits and costs of small and large banks, household sentiment, and real effects of banking. We conjecture about the drivers of the findings, and discuss policy implications.

Item Type:Article
Full text:Publisher-imposed embargo until 06 November 2022.
(AM) Accepted Manuscript
File format - PDF
Publisher Web site:
Publisher statement:This is the peer reviewed version of the following article: Berger, Allen N. Irresberger, Felix & Roman, Raluca A. (2020). Bank Size and Household Financial Sentiment: Surprising Evidence from University of Michigan Surveys of Consumers. Journal of Money, Credit and Banking 52(S1): 149-191 which has been published in final form at This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions.
Date accepted:21 August 2019
Date deposited:24 July 2020
Date of first online publication:06 November 2020
Date first made open access:06 November 2022

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