Presentation de "Mutual-to-Stock Conversions and Customer Welfare: Evidence from U.S. Savings Banks"

Mattia Girotti
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Mattia Girotti: DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique

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Abstract: We study the customer welfare implications of conversions from mutual to stock ownership in the banking industry. Using U.S. data and a structural 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 measure the effect of mutual-to-stock conversions on deposit account characteristics, and combine this with demand estimates to assess the impact on depositor welfare. If all mutuals convert to stock form, each depositor gains on average $4.69 annually, for a county-level annual gain of $1.73 million.

Date: 2025-05
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Published in 41st International Conference of the Association Française de Finance (AFFI), May 2025, Dijon, France

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05534619

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