An Examination of the Relative Efficiency of Mutual and Stock Life Insurance Companies
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.
Volume (Year): 14 (1991)
Issue (Month): 1 ()
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