Managerial efficiency and failure of U.S. commercial banks during the 2007-2009 financial crisis: was this time different?

Compared with previous crises few banks failed as a result of the U.S. financial crisis of 2007-2009. We investigate the role played by managerial efficiency in the non-systemic bank failures during the crisis. During previous waves of bank failures, cost-inefficient banks and banks with relatively...