The Increased Number of Conversion from Mutual S&Ls to Stock

Multiple Choice

The increased number of conversion from mutual S&Ls to stock S&Ls in recent years can be attributed to...

A) an increase in competition as the stock S&Ls are more efficient than mutual S&Ls
B) managers of mutual S&Ls found it more costly to consume perks excessively
C) the deposit insurance eliminated the agency cost of debt advantage of the mutuals
D) all of the above
E) both a and c