Capital Accumulation and Deposit Pricing in Mutual Financial Institutions
构建了一个存款型互助金融机构的多期模型，分析经理在不确定性下的资本积累与存款定价决策，适用于储蓄贷款协会或信用合作社等无股东机构。
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.