The Economics of Organization Structure Changes: A US perspective on demutualization

Annals of Public and Cooperative Economics

Volumn 75, Issue 4, 2004, Pages 575-594

  Chaddad, Fabio R ^a   Cook, Michael L ^b  

^a IBMEC Business School   (Brazil)

^b UNIVERSITY OF MISSOURI   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 33750963667     PISSN: 13704788     EISSN: 14678292     Source Type: Journal    
DOI: 10.1111/j.1467-8292.2004.00263.x     Document Type: Article

References (42)

1. ADKINS J.B., 1997, 'The policyholder perspective on mutual holding company conversions', Journal of Insurance Regulation, 16, 5-15.
2. BIRCHALL J., 2001, ed., The New Mutualism in Public Policy, Routledge, London.
3. BLACK K. and SKIPPER H.D, 1994, Life Insurance, Prentice Hall, Englewood Cliffs.
4. CAGLE J.A.B., LIPPERT R.L. and MOORE W.T., 1996, 'Demutualization in the property-liability insurance industry', Journal of Insurance Regulation, 14, 343-369.
5. CARSON J.M., FORSTER M.D. and MCNAMARA, M.J., 1998, 'Changes in ownership structure: theory and evidence from life insurer demutualizations', Journal of Insurance Issues, 21, 1-22.
6. CHADDAD F.R. and COOK M.L., 2004, 'Understanding new cooperative models: an ownership-control rights typology', Review of Agricultural Economics, 26, 348-360.
7. COLE R.A. and MEHRAN H., 1998, 'The effect of changes in ownership structure on performance: evidence from the thrift industry', Journal of Financial Economics, 50, 291-317.
8. CORDELL L.R., MACDONALD G.D. and WOHAR M.E., 1993, 'Corporate ownership and the thrift crisis', Journal of Law and Economics, 36, 719-756.
9. DRAKE L. and LLEWELLYN D., 2001, 'The economics of mutuality: a perspective on UK building societies', in Birchall J., ed., The New Mutualism in Public Policy, Routledge, London, 14-40.
10. ESTY B.C., 1997, 'Organizational form and risk taking in the savings and loan industry', Journal of Financial Economics, 44, 25-55.
11. FAMA E.F., 1980, 'Agency problems and the theory of the firm', Journal of Political Economy, 88, 288-307.
12. FAMA E.F. and JENSEN M.C., 1983, 'Separation of ownership and control', Journal of Law and Economics, 26, 301-325.
13. FAMA E.F. and JENSEN M.C., 1985, 'Organizational forms and investment decisions', Journal of Financial Economics, 14, 101-119.
14. FISHER F. M. and MCGOWAN J. J., 1983, 'On the misuse of accounting rates of return to infer monopoly profits', American Economic Review, 73, 82-97.
15. GORSKI L. and COHEN M.A., 2002, 'Life in the public eye', Best's Review - Life/Health, 103, 22-29.
16. GREENE M.R. and JOHNSON R.E., 1980, 'Stocks vs. mutuals: who controls?' Journal of Risk and Insurance, 47, 165-174.
17. HADAWAY B.L. and HADAWAY S.C., 1981, 'An analysis of the performance characteristics of converted savings and loan associations', Journal of Financial Research, 4, 195-206.
18. HANSMANN H., 1996, The Ownership of Enterprise, The Belknap Press of Harvard University Press, Cambridge.
19. HETHERINGTON J.A.C., 1969, 'Fact vs. fiction: who owns mutual life insurance companies?' Wisconsin Law Review, 4, 1068-1103.
20. JENSEN M.C. and MECKLING W.H., 1976, 'Theory of the firm: managerial behavior, agency costs, and ownership structure', Journal of Financial Economics, 3, 305-360.
21. JENSEN M.C. and MECKLING W.H., 1979, 'Rights and production functions: an application to labor-managed firms and codetermination', Journal of Business, 52(4), 460-506.
22. KROLL M., WRIGHT P. and THEERATHORN P., 1993, 'Whose interests do hired top managers pursue? An examination of select mutual and stock life insurers', Journal of Business Research, 26, 133-148.
23. LEVINSOHN A., 2000, 'Insurers go public', Strategic Finance, 68-73.
24. MASULIS R.W., 1987, 'Changes in ownership structure: conversions of mutual savings and loans to stock charter', Journal of Financial Economics, 18, 29-59.
25. MAYERS D. and SMITH C.W., 1986, 'Ownership structure and control: the mutualization of stock life insurance companies', Journal of Financial Economics, 16, 73-98.
26. MAYERS D. and SMITH C.W., 1988, 'Ownership structure across lines of property-casualty insurance', Journal of Law and Economics, 31, 351-378.
27. MAYERS D. and SMITH C.W., 2000, 'Ownership structure and control: property-casualty insurer conversion to stock charter', Working Paper No.FR00-15, The Bradley Policy Research Center, University of Rochester.
28. MCDONALD L., SAUCER C. and WINANS C., 1997, 'Taking stock', Best's Review - Property/Liability, 76-80.
29. MCNAMARA M. and RHEE S.G., 1992, 'Ownership structure and performance: the demutualization of life insurers', Journal of Risk and Insurance, 59, 221-238.
30. NICOLS A., 1967, 'Stock versus mutual savings and loan associations: some evidence of differences in behavior', American Economic Review, 57, 337-346.
31. NILSSON J., 2001, 'Farmer cooperatives: organizational models and their business environment', in Birchall J., ed., The New Mutualism in Public Policy, Routledge, London.
32. O'HARA M., 1981, 'Property rights and the financial firm', Journal of Law and Economics, 24, 317-332.
33. POTTIER S. and SOMMER D., 1997, 'Agency theory and life insurer ownership structure', Journal of Risk and Insurance, 64, 529-543.
34. SCHRADER L.F., 1989, 'Equity capital and restructuring of cooperatives as investor-oriented firms', Journal of Agricultural Cooperation, 4, 41-53.
35. SCHWERT G. W., 1981, 'Using financial data to measure effects of regulation', Journal of Law and Economics, 24, 121-158.
36. SEXTON R. J. and ISKOW J., 1993, 'What do we know about the economic efficiency of cooperatives: an evaluative survey', Journal of Agricultural Cooperation, 8, 15-27.
37. SMALLENBERGER J.A., 1997, 'A reply to critics of mutual insurance holding companies', Journal of Insurance Regulation, 16, 16-27.
38. SMITH B.D. and STUTZER M., 1995, 'A theory of mutual formation and moral hazard with evidence from the history of the insurance industry', Review of Financial Studies, 8, 545-577.
39. SMITH D.C. and UNDERWOOD J.H., 1997, Mutual Savings Associations and Conversion to Stock Form, Office of Thrift Supervision, Washington DC.
40. SUBRAMANIAN K. and CUMMINS J.D., 2001, 'Ownership structure changes in the insurance industry: an analysis of demutualization', Working Paper, Temple University.
41. VADER R.A. and CLARK A.M., 1999, 'Compensating policyholders', Best's Review - Life/Health, 62-63.
42. WATTS R. L. and ZIMMERMAN J. L., 1983, 'Agency problems, auditing, and the theory of the firm: some evidence', Journal of Law and Economics, 26, 613-633.