Measuring input substitution in thrifts: Morishima, Allen-Uzawa, and cross-price elasticities
Article Abstract:
A study analyzed the activities of the thrift industry in the 1990s for the purpose of comparing the alternative measures of substitution elasticity between inputs and examining the alterations in the production behavior of companies reacting to changing markets and economic trends. The two estimates of substitution elasticities compared were the Morishima (MES) and the Allen-Uzawa (AES) derived from a three-input cost function analysis. It was observed that MES estimates revealed asymmetric substitution in all inputs while AES estimates showed substitution between capital and labor.
Publication Name: Journal of Economics and Business
Subject: Economics
ISSN: 0148-6195
Year: 1999
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Mutual-to-stock conversions in the thrift industry in the 1990s
Article Abstract:
Mutual-to-stock conversions by thrifts in the 1990s were spurred by varying financial circumstances than in the 1980s. In the 1980s, conversions were made primarily to raise the level of investment returns and minimize the social and administrative cost of government agencies. However, the period ensuing the crisis saw the increased volume of business transactions and conversion mutuals were associated with low ex ante equity capital and inferior investment performance.
Publication Name: Journal of Economics and Business
Subject: Economics
ISSN: 0148-6195
Year: 1997
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