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Capital Accumulation and Deposit Pricing in Mutual Financial Institutions

Author

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  • Deshmukh, Sudhakar D.
  • Greenbaum, Stuart I.
  • Thakor, Anjan V.

Abstract

This paper presents a multiperiod model of a deposit-type mutual financial institution and analyzes the manager's capital accumulation and deposit pricing decisions under uncertainty. The model is meant to describe a mutual savings and loan association (SLA) or a credit union in which there are no stockholders and nominal ownership is widely diffused (see [12] and [14]). The resulting paucity of monitoring gives rise to an agency problem (see [13]) in which the manager maximizes his multiperiod expected discounted utility with minimal intervention from nominal owners.

Suggested Citation

  • Deshmukh, Sudhakar D. & Greenbaum, Stuart I. & Thakor, Anjan V., 1982. "Capital Accumulation and Deposit Pricing in Mutual Financial Institutions," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 17(5), pages 705-725, December.
    • Handle: RePEc:cup:jfinqa:v:17:y:1982:i:05:p:705-725_01
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    Cited by:

    1. Forker, John & Ward, Anne Marie, 2012. "Prudence and financial self-regulation in credit unions in Northern Ireland," The British Accounting Review, Elsevier, vol. 44(4), pages 221-234.
    2. Goddard, John & McKillop, Donal G. & Wilson, John O.S., 2023. "Who consumes the credit union subsidies?," Journal of Financial Stability, Elsevier, vol. 69(C).
    3. Mr. Wim Fonteyne, 2007. "Cooperative Banks in Europe—Policy Issues," IMF Working Papers 2007/159, International Monetary Fund.
    4. Kevin Davis, 1994. "Prudential Regulation and Australian Credit Unions," Australian Journal of Management, Australian School of Business, vol. 19(1), pages 31-46, June.
    5. Brown, Christine & Davis, Kevin, 2009. "Capital management in mutual financial institutions," Journal of Banking & Finance, Elsevier, vol. 33(3), pages 443-455, March.
    6. Butzbach Olivier & von Mettenheim Kurt E., 2015. "Alternative Banking and Theory," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 5(2), pages 105-171, July.
    7. Mireille Jaeger, 2000. "Vente à perte dans le secteur bancaire et avantage concurrentiel des banques mutuelles et coopératives," Revue d'Économie Financière, Programme National Persée, vol. 56(1), pages 195-216.

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