Knowledge that Transforms
To make high-quality research more accessible and easier to explore.
Fields:
900 results
✕ Clear filters
Are low interest rates firing back? Interest rate risk in the banking book and bank lending in a rising interest rate environment
Behavioral signals and credit pricing: Evidence from credit cards
Talent Attraction Policies, Corporate Innovation, and Spillover Effects
Who opts out of personal guarantees? Borrower selection and performance in small business lending
Labor turnover, information production, and bank risk
Debt misreporting and bank lending
Operational risks of financial innovation: Evidence from large U.S. BHCs
What do covenant violations reveal about lending relationships?
Mutual-to-stock conversions and depositor welfare: Evidence from U.S. savings banks
We empirically study how banks’ conversions from mutual to stock ownership affect depositor welfare. Using U.S. data and a discrete choice model of deposit account demand, we show that when a bank is mutual, depositors are less sensitive to price, and each unit of cash and liquidity services is valued more positively. We then examine how mutual-to-stock conversions affect deposit account characteristics and combine these changes with our demand estimates to assess conversions’ impact on depositor welfare. Our estimates indicate that conversions increase depositor welfare, challenging the premise that mutual banks operate for the benefit of their members.