ERHEMJAMTS, OTGONTSETSEG; LEVERTY, J. TYLER - In: Journal of Money, Credit and Banking 42 (2010) 6, pp. 1011-1036
We investigate the role of organizational structure in financial services markets by examining the U.S. life insurance industry. Traditionally, stock and mutual life insurers were equally represented, but now the industry is mainly composed of stock firms. We find operational efficiency, access...