TY - JOUR
T1 - The Differential Returns Offered by Mutually Owned and Proprietary UK Depository Institutions
T2 - 1993-2000
AU - Ashton, John K.
AU - Letza, Stephen
PY - 2003/6
Y1 - 2003/6
N2 - The study quantifies the differences in the level of return from investing in deposit (savings) accounts provided by depository institutions, which are either 'mutual' or 'proprietary'. It is shown that for most types of deposit accounts offered in the UK, mutual building societies provide higher returns than proprietary firms. Surprisingly, it is also shown that returns from deposit accounts issued by converted or non-mutual building societies are, generally, lower than either mutual building societies or proprietary firms. These findings are consistent for interest rate data adjusted for the effect of non-price product characteristics and for unadjusted interest rate data.
AB - The study quantifies the differences in the level of return from investing in deposit (savings) accounts provided by depository institutions, which are either 'mutual' or 'proprietary'. It is shown that for most types of deposit accounts offered in the UK, mutual building societies provide higher returns than proprietary firms. Surprisingly, it is also shown that returns from deposit accounts issued by converted or non-mutual building societies are, generally, lower than either mutual building societies or proprietary firms. These findings are consistent for interest rate data adjusted for the effect of non-price product characteristics and for unadjusted interest rate data.
UR - http://www.scopus.com/inward/record.url?scp=37148999241&partnerID=8YFLogxK
U2 - 10.1111/1467-8292.00221
DO - 10.1111/1467-8292.00221
M3 - Article
AN - SCOPUS:37148999241
SN - 1370-4788
VL - 74
SP - 183
EP - 204
JO - Annals of Public and Cooperative Economics
JF - Annals of Public and Cooperative Economics
IS - 2
ER -