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Pricing and Dividend Policies in Open Credit Cooperatives

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Author Info
William R. Emmons
Frank A. Schmid

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Abstract

This paper develops a model of pricing and dividend policies in open credit cooperatives (i.e., those doing member and nonmember business). For a fixed distribution of member preferences, the larger the fraction of business done by members, the smaller the optimal dividend and the larger the optimal pricing subsidy. For a fixed fraction of member business, the greater the skewness of member preferences toward loan (deposit)business with the credit cooperative, the larger the optimal dividend and the higher (lower) the optimal loan (deposit) interest rate. Aggregate empirical evidence from the German cooperative banking sector supports a version of the latter prediction.

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Publisher Info
Article provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.

Volume (Year): 158 (2002)
Issue (Month): 2 (June)
Pages: 234-
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Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200206)158:2_234:padpio_2.0.tx_2-i

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Find related papers by JEL classification:
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
L31 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Nonprofit Institutions; NGOs

References listed on IDEAS
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  1. Besley, Timothy & Coate, Stephen & Loury, Glenn, 1993. "The Economics of Rotating Savings and Credit Associations," American Economic Review, American Economic Association, vol. 83(4), pages 792-810, September. [Downloadable!] (restricted)
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  2. David Canning & Clifford W. Jefferson & John E. Spencer, 2003. "Optimal Credit Rationing in Not-For-Profit Financial Institutions," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(1), pages 243-261, February. [Downloadable!] (restricted)
    Other versions:
  3. William R. Emmons & Frank A. Schmid, 1999. "Credit unions and the common bond," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 41-64. [Downloadable!]
  4. William R. Emmons & Willi Mueller, 1997. "Conflict of interest between borrowers and lenders in credit co- operatives: the case of German co-operative banks," Working Papers 1997-009, Federal Reserve Bank of St. Louis. [Downloadable!]
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