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

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  • Michael J. McNamara
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    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.

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    Bibliographic Info

    Article provided by Western Risk and Insurance Association in its journal Journal of Insurance Issues.

    Volume (Year): 14 (1991)
    Issue (Month): 1 ()
    Pages: 13-30

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    Handle: RePEc:wri:journl:v:14:y:1990:i:1:p:13-30

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