An Examination of the Relative Efficiency of Mutual and Stock Life Insurance Companies

Michael J. McNamara

Journal of Insurance Issues, 1991, vol. 14, issue 1, 13-30

Abstract: This paper presents the results of an analysis of the relative efficiency of mutual and stock life insurance companies. "Efficiency" is defined in terms of accounting-based measures of risk and return. Following a review of previous comparisons of the performance of mutual and stock financial institutions and a discussion of potential agency and managerial incentive problems under each organizational form, a test of efficiency is developed and implemented. Significant differences in risk-adjusted returns for the entire sample of mutual and stock companies were not detected; however significant differences were found in comparisons by firm size and by time period.

Date: 1991
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.insuranceissues.org/PDFs/X.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wri:journl:v:14:y:1990:i:1:p:13-30

Access Statistics for this article

Journal of Insurance Issues is currently edited by James Barrese

More articles in Journal of Insurance Issues from Western Risk and Insurance Association
Bibliographic data for series maintained by James Barrese ().