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Comparative performance of UK mutual building societies and stock retail banks: further evidence

Comparative performance of UK mutual building societies and stock retail banks: further evidence The purpose of this paper is to extend the literature on the comparative performance of mutual and stock retail banks by examining a unique episode in the history of financial services; namely, when four of the largest UK building societies (accounting for approximately 60 per cent of the industry's assets) demutualized to public limited company status in 1997. The episode allows us to consider the relative performance of the same businesses under different organizational forms. The results contrast starkly with previous findings and cast doubt on the hypothesis that mutuals generally outperform stock retail banks and indeed the idea that mutuals can be regarded as a homogeneous group of institutions. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Accounting & Finance Wiley

Comparative performance of UK mutual building societies and stock retail banks: further evidence

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References (23)

Publisher
Wiley
Copyright
© 2008 The Authors. Journal compilation © 2007 AFAANZ
ISSN
0810-5391
eISSN
1467-629X
DOI
10.1111/j.1467-629X.2007.00244.x
Publisher site
See Article on Publisher Site

Abstract

The purpose of this paper is to extend the literature on the comparative performance of mutual and stock retail banks by examining a unique episode in the history of financial services; namely, when four of the largest UK building societies (accounting for approximately 60 per cent of the industry's assets) demutualized to public limited company status in 1997. The episode allows us to consider the relative performance of the same businesses under different organizational forms. The results contrast starkly with previous findings and cast doubt on the hypothesis that mutuals generally outperform stock retail banks and indeed the idea that mutuals can be regarded as a homogeneous group of institutions.

Journal

Accounting & FinanceWiley

Published: Jun 1, 2008

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