کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
9553919 | 1375682 | 2005 | 19 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The effect of UK building society conversion on pricing behaviour
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
The Building Society Act, 1986, allowed British building societies to convert from mutual to plc bank status - quoted on the stock market. Eight mutuals converted in the period 1995-2000. This study examines the pricing behaviour of the converted mutuals and remaining building societies to address the question of whether a change in ownership structure caused managers of the new stock banks to place profit/shareholder concerns ahead of the interests of the customer/owners of mutual building societies. Econometric tests using monthly interest rate data (1995-2001) on deposit products and mortgages confirm that managers began to set prices which would improve profits, at the expense of depositors and mortgagees. Deposit/mortgage rates were found to be permanently lower/higher post-conversion, the converts responded more rapidly to changes in the market rate of interest, and the new banks offered proportionately more rip-offs than the remaining building societies.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 29, Issue 3, March 2005, Pages 779-797
Journal: Journal of Banking & Finance - Volume 29, Issue 3, March 2005, Pages 779-797
نویسندگان
Shelagh Heffernan,