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AN EMPIRICAL ANALYSIS OF THE RELATIVE EFFICIENCY OF STOCK AND MUTUAL SAVINGS AND LOAN ASSOCIATIONS
Abstract
This study examines the relative efficiency of 210 mutual savings and loan associations (S&L's) and 165 stock S&L's located in five states during the 1974-83 time period. Since all mutual and most stock S&L's lack publicly traded stock, data for market return and market risk estimates are unavailable. Hence, this study employs accounting based measures of risk and return. Annual residual returns are calculated for both stock and mutual S&L's. The residual return is the difference between expected accounting returns adjusted for systematic or total risk and actual accounting returns. Mean difference t-tests are employed to test the research hypothesis of equal efficiency as measured by the average residuals between stock and mutual S&L's. The results indicate no significant difference in average residuals between stock and mutual S&L's. The null hypothesis of equal efficiency cannot be rejected. Hence, based upon accounting measures of risk and return both stock and mutual institutions earn returns consistent with their levels of risk.
Subject Area
Finance
Recommended Citation
VETTER, DANIEL EDWARD, "AN EMPIRICAL ANALYSIS OF THE RELATIVE EFFICIENCY OF STOCK AND MUTUAL SAVINGS AND LOAN ASSOCIATIONS" (1986). ETD collection for University of Nebraska-Lincoln. AAI8620824.
https://digitalcommons.unl.edu/dissertations/AAI8620824