Financial Failure and Depositor Quality: Evidence from Building and Loan Associations in California
研究存款人对流动性需求的敏感度（即“易变性”）如何影响金融机构的财务困境，利用大萧条时期加州两类建房与贷款协会的差异，发现采用代顿计划的协会因吸引易变存款人而更易倒闭。
Flightiness, or depositor sensitivity to liquidity needs, can be an important determinant of financial distress. I leverage institutional differences—that attract depositors with varying flightiness—across building and loan associations in California during the Great Depression. A new type of plan, the Dayton plan, involved less restrictive savings plans and lower withdrawal penalties. Dayton plans in California were more likely to close during the Great Depression. Archival evidence on lending rates and returns supports the flightiness mechanism.