Table 5
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Instrumental variable regressions on depositor-borrower conversion

(1)(2)(3)(4)(5)(6)(7)(8)
I(Future loan)I(Future loan)I(Depositor)I(Future loan)I(Future loan)I(Future loan)I(Depositor)I(Future loan)
I(Existing depositor)0.080***0.205***0.030***0.110***
(0.000)(0.000)(0.000)(0.001)
Old dep market share0.244***1.189***0.019***0.176***
(0.000)(0.000)(0.000)(0.000)
Current dep market share0.205***0.226***1.020***0.114***
(0.000)(0.000)(0.000)(0.001)
Constant0.002***0.001***0.008***0.001***0.001***0.006***
(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)
Observations110,640,774110,640,774110,640,774110,640,774110,640,774110,640,774110,640,774110,640,774
R  2.067.080.223–.052.102.099.294.047
RegressionOLSRFFSIVOLSRFFSIV
ClusterM*A*S*EM*A*S*EM*A*S*EM*A*S*EM*A*S*EM*A*S*EM*A*S*EM*A*S*E
(1)(2)(3)(4)(5)(6)(7)(8)
I(Future loan)I(Future loan)I(Depositor)I(Future loan)I(Future loan)I(Future loan)I(Depositor)I(Future loan)
I(Existing depositor)0.080***0.205***0.030***0.110***
(0.000)(0.000)(0.000)(0.001)
Old dep market share0.244***1.189***0.019***0.176***
(0.000)(0.000)(0.000)(0.000)
Current dep market share0.205***0.226***1.020***0.114***
(0.000)(0.000)(0.000)(0.001)
Constant0.002***0.001***0.008***0.001***0.001***0.006***
(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)
Observations110,640,774110,640,774110,640,774110,640,774110,640,774110,640,774110,640,774110,640,774
R  2.067.080.223–.052.102.099.294.047
RegressionOLSRFFSIVOLSRFFSIV
ClusterM*A*S*EM*A*S*EM*A*S*EM*A*S*EM*A*S*EM*A*S*EM*A*S*EM*A*S*E

This table restricts attention to a subsample of movers and shows the results from an IV regression where I(Existing depositor) is instrumented using the market share of the bank in the old municipality. The sample is filled in to include for each household also potential relationships with all banks doing business in that household’s current municipality, as explained in the main text. “RF” corresponds to reduced form, that is, regressing the key dependent variable directly on the instrument, while “FS” corresponds to the first stage. All six columns control for municipality × age group × salary group × education group fixed effects. Columns 1–4 do not, while columns 5–8 do control for the bank’s market share in the household’s current municipality. Standard errors clustered by bank × year are in parentheses.

*

p < .1;

**

p < .05;

***

p < .01.

Table 5
Open in new tab

Instrumental variable regressions on depositor-borrower conversion

(1)(2)(3)(4)(5)(6)(7)(8)
I(Future loan)I(Future loan)I(Depositor)I(Future loan)I(Future loan)I(Future loan)I(Depositor)I(Future loan)
I(Existing depositor)0.080***0.205***0.030***0.110***
(0.000)(0.000)(0.000)(0.001)
Old dep market share0.244***1.189***0.019***0.176***
(0.000)(0.000)(0.000)(0.000)
Current dep market share0.205***0.226***1.020***0.114***
(0.000)(0.000)(0.000)(0.001)
Constant0.002***0.001***0.008***0.001***0.001***0.006***
(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)
Observations110,640,774110,640,774110,640,774110,640,774110,640,774110,640,774110,640,774110,640,774
R  2.067.080.223–.052.102.099.294.047
RegressionOLSRFFSIVOLSRFFSIV
ClusterM*A*S*EM*A*S*EM*A*S*EM*A*S*EM*A*S*EM*A*S*EM*A*S*EM*A*S*E
(1)(2)(3)(4)(5)(6)(7)(8)
I(Future loan)I(Future loan)I(Depositor)I(Future loan)I(Future loan)I(Future loan)I(Depositor)I(Future loan)
I(Existing depositor)0.080***0.205***0.030***0.110***
(0.000)(0.000)(0.000)(0.001)
Old dep market share0.244***1.189***0.019***0.176***
(0.000)(0.000)(0.000)(0.000)
Current dep market share0.205***0.226***1.020***0.114***
(0.000)(0.000)(0.000)(0.001)
Constant0.002***0.001***0.008***0.001***0.001***0.006***
(0.000)(0.000)(0.000)(0.000)(0.000)(0.000)
Observations110,640,774110,640,774110,640,774110,640,774110,640,774110,640,774110,640,774110,640,774
R  2.067.080.223–.052.102.099.294.047
RegressionOLSRFFSIVOLSRFFSIV
ClusterM*A*S*EM*A*S*EM*A*S*EM*A*S*EM*A*S*EM*A*S*EM*A*S*EM*A*S*E

This table restricts attention to a subsample of movers and shows the results from an IV regression where I(Existing depositor) is instrumented using the market share of the bank in the old municipality. The sample is filled in to include for each household also potential relationships with all banks doing business in that household’s current municipality, as explained in the main text. “RF” corresponds to reduced form, that is, regressing the key dependent variable directly on the instrument, while “FS” corresponds to the first stage. All six columns control for municipality × age group × salary group × education group fixed effects. Columns 1–4 do not, while columns 5–8 do control for the bank’s market share in the household’s current municipality. Standard errors clustered by bank × year are in parentheses.

*

p < .1;

**

p < .05;

***

p < .01.

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