LOAN DEFAULT RISK, RETURN ON EQUITY AND SIZE EFFECTS AND OWNERSHIP CONTROL ‐ EMPIRICAL EVIDENCE ON SAVINGS AND LOANS ASSOCIATIONS IN THE USA
比较美国互助与股份制储蓄贷款协会，发现股份制协会在利用规模经济方面更高效，除最小规模外，其贷款违约风险和股本回报率均优于互助协会，对所有权转换和机构设立有政策启示。
This study examines how size interacts with the ownership factor in determin‐ ing which intermediary is more efficient in terms of loan default risk and return on equity when Mutual and Stock Savings and Loan Associations in the USA are compared. Economies of scale in the Savings and Loan Industry in the USA are suggested. Stock associations are found to be more efficient in utiliz‐ ing those economies and outperform mutuals at each size category except for the smallest associations. These findings have important policy implications for conversions from mutual stock ownership and for chartering new associations.