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The Economics of Organization Structure Changes: a US perspective on demutualization

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  • Fabio R. Chaddad
  • Michael L. Cook

Abstract

The objective of this study is to contribute to the current debate on demutualization from a US perspective. We document waves of demutualization and review the empirical literature examining the economics of organizational structure changes that have occurred in the US savings and loan and insurance industries since the 1980s. Based on the review of the literature on the economics of conversions, we generate a set of general observations that might inform private and public policy perspectives on the future role of user owned and controlled organizations in market economies. In doing so, the paper may serve as a platform for further discussion among scholars, policymakers, practitioners, and cooperative leaders in their quest to understand and affect the ongoing process of demutualization. Copyright CIRIEC, 2004.

Suggested Citation

  • Fabio R. Chaddad & Michael L. Cook, 2004. "The Economics of Organization Structure Changes: a US perspective on demutualization," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 75(4), pages 575-594, December.
  • Handle: RePEc:bla:annpce:v:75:y:2004:i:4:p:575-594
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    Citations

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    Cited by:

    1. Wim Fonteyne, 2007. "Cooperative Banks in Europe—Policy Issues," IMF Working Papers 07/159, International Monetary Fund.
    2. Lind, Lena Westerlund, 2011. "Market orientation of the Swedish pork sector," Department of Economics publications 8119, Swedish University of Agricultural Sciences, Department of Economics.
    3. M.J. Keneley, 2014. "The Decision To Demutualize: An Exploration Of The Drivers Of Organizational Change Within The Australian Life Insurance Market," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 85(3), pages 409-425, September.
    4. Patrick HERBST & Jens PRUFER, 2016. "Firms, Nonprofits, And Cooperatives: A Theory Of Organizational Choice," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 87(3), pages 315-343, December.
    5. Mattia Girotti & Richard Meade, 2017. "U.S. Savings Banks' Demutualization and Depositor Welfare," Working Papers 2017-08 JEL Classificatio, Auckland University of Technology, Department of Economics.
    6. repec:spr:amsrev:v:6:y:2016:i:3:d:10.1007_s13162-016-0083-2 is not listed on IDEAS
    7. Francesc Relano, 2015. "Disambiguating the concept of social banking," Post-Print hal-01507875, HAL.
    8. Kenkel, Phil, 2015. "Profit Distribution Alternatives for Agricultural Cooperatives," Journal of Cooperatives, NCERA-210, vol. 30.
    9. Martin Cihak & Heiko Hesse, 2007. "Cooperative Banks and Financial Stability," IMF Working Papers 07/2, International Monetary Fund.
    10. Friesen, Geoffrey C. & Swift, Christopher, 2009. "Overreaction in the thrift IPO aftermarket," Journal of Banking & Finance, Elsevier, vol. 33(7), pages 1285-1298, July.
    11. Gabriel J. Power & Victoria Salin & John L. Park, 2012. "Strategic options associated with cooperative members' equity," Agricultural Finance Review, Emerald Group Publishing, vol. 72(1), pages 48-67, March.
    12. Otchere, Isaac, 2006. "Stock exchange self-listing and value effects," Journal of Corporate Finance, Elsevier, vol. 12(5), pages 926-953, December.

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