Capital Accumulation and Deposit Pricing in Mutual Financial Institutions

Sudhakar D. Deshmukh, Stuart I. Greenbaum and Anjan Thakor ()

Journal of Financial and Quantitative Analysis, 1982, vol. 17, issue 5, 705-725

Abstract: This paper presents a multiperiod model of a deposit-type mutual financial institution and analyzes the manager's capital accumulation and deposit pricing decisions under uncertainty. The model is meant to describe a mutual savings and loan association (SLA) or a credit union in which there are no stockholders and nominal ownership is widely diffused (see [12] and [14]). The resulting paucity of monitoring gives rise to an agency problem (see [13]) in which the manager maximizes his multiperiod expected discounted utility with minimal intervention from nominal owners.

Date: 1982
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jfinqa:v:17:y:1982:i:05:p:705-725_01

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