Efficiency in the Savings and Loan Industry
AbstractI modify the stochastic econometric cost frontier approach to investigate efficiency in mutual and stock S&L using 1991 data on U.S. S&Ls. My methodology allows both the cost frontier and error structures to differ between S&Ls of these two ownership forms. A likelihood ratio test indicates that the data support this unrestricted model, which implies efficient mutual and stock S&Ls use different production technologies. Various measures of inefficiency show that on average stock S&Ls are less efficient than mutual S&Ls. The second part of the article relates the inefficiency measures to several correlates.
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Bibliographic InfoPaper provided by Wharton School Rodney L. White Center for Financial Research in its series Rodney L. White Center for Financial Research Working Papers with number 26-92.
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