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Efficiency in the savings and loan industry

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  • Loretta J. Mester
Abstract
I modify the stochastic econometric cost frontier approach to investigate efficiency in mutual and stock S&L using 1991 data on U.S. S&Ls. My methodology allows both the cost frontier and error structures to differ between S&Ls of these two ownership forms. A likelihood ratio test indicates that the data support this unrestricted model, which implies efficient mutual and stock S&Ls use different production technologies. Various measures of inefficiency show that on average stock S&Ls are less efficient than mutual S&Ls. The second part of the article relates the inefficiency measures to several correlates.
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Suggested Citation

  • Loretta J. Mester, 1992. "Efficiency in the savings and loan industry," Working Papers 92-14, Federal Reserve Bank of Philadelphia.
    • Handle: RePEc:fip:fedpwp:92-14
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    Keywords

    Savings and loan associations;

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