DISCUSSION.

George Benston's indefatigable pursuit of the truth about perennially troublesome questions involved in the market behavior of regulated financial institutions deserves a better fate than he met with the empirical results of this paper. In the relatively short time I have had to reflect on his paper, I have come to the conclusion that his problems arose mainly from deficiencies in his data, some heroic attempts to adjust the data to allow for vital considerations which could not be measured directly, and some problems of mis-specification or multi-collinearity which deprived him of results which would be more consistent with the theory he presents at the beginning of his paper. [ABSTRACT FROM AUTHOR]