The effect of a switch of management company on pension plan fees

Figures & data

Table 1. Number of credit institutions registered in Spain during the period 2007–2014

	2008	2009	2010	2011	2012	2013	2014
Domestic Banks	48	47	52	58	54	50	46
Of which: Heads of IPSs of Savings Banks	-	-	5	5	3	-	-
Savings Banks	46	46	36	6	2	2	2
Of which: Savings Banks participating in IPSs	-	-	22	-	-	-	-
Credit Cooperatives	81	80	78	74	68	65	63
Of which: Heads of IPSs of Cooperatives	-	1	2	4	3	3	1
Of which: Cooperatives partici-pating in IPSs	-	2	18	26	28	25	24
Financial credit establishments	75	66	59	58	53	46	47

IPS: Institutional Protection Scheme. Year-end data. Source: Bank of Spain.

Table 2. Descriptive statistics

Panel A: Fees Descriptive Statistics
	Employer sponsored			Individual
	CdFee	MgFee	TotFee	CdFee	MgFee	TotFee
Avg	0.083	0.506	0.589	0.182	1.382	1.564
Median	0.070	0.400	0.480	0.100	1.490	1.600
MAX	0.500	2.000	2.500	0.500	2.000	2.500
% change	−7.90%	−2.42%	−3.19%	−15.80%	−5.31%	−6.54%
	Average fee by investment style
Style 1	0.182	0.604	0.786	0.132	1.036	1.168
Style 2	0.069	0.566	0.635	0.176	1.312	1.488
Style 3	0.078	0.526	0.604	0.202	1.433	1.635
Style 4	0.087	0.506	0.593	0.198	1.529	1.727
Style 5	0.087	0.392	0.479	0.184	1.481	1.666
Panel B: Sample Descriptive Statistics
	Employer	Individual		Employer	Individual
Funds	274	692	Changes by year
Plans	1332	1203	Manag. company	24.17	29.33
Style 1	2.39%	18.96%	Restructuring	15.17	29.17
Style 2	1.76%	10.04%	Family	75.50	52.67
Style 3	61.35%	30.11%	% changes by year
			Manag. company	2.36%	3.09%
Style 4	22.00%	20.22%	Restructuring	1.48%	3.12%
Style 5	12.51%	20.67%	Family	7.36%	6.23%
Number of Plans per Fund			Number of Management companies
Avg	5.21	1.94	Avg	50.00	75.29
SD	8.04	2.63	SD	3.87	7.43
Number of Funds per Management company			Number of Plans per Management company
Avg	4.37	7.62	Avg	20.53	11.57
SD	7.25	8.63	SD	35.51	20.94

CdFee Custody Fees; MgFee Management Fees; TotFee Total Fees. Style 1 short-term Fixed Income plans; Style 2 long-term Fixed Income plans; Style 3 (Balanced) mixed fixed income plans; Style 4 (Balanced) mixed equity plans; Style 5: Equity plans.

Table 3. Change in management fees

	(1)		(2)		(3)		(4)
Panel A: Employer-sponsored
	Coef	pvalue	Coef	pvalue	Coef	pvalue	Coef	pvalue
Constant	0.010	0.02	0.010	0.02	0.010	0.02	0.010	0.02
Mg.FirmChg	−0.130	0.01	−0.130	0.01	−0.130	0.01	−0.136	0.01
MgFee	−0.021	0.00	−0.021	0.00	−0.021	0.00	−0.021	0.00
FeeChange −1	0.258	0.00	0.257	0.00	0.257	0.00	0.257	0.00
BRestr			−0.005	0.80	−0.008	0.69	−0.014	0.51
FamChg					0.004	0.71	0.004	0.68
MgFirmChg.BR							0.143	0.01
D2010	0.001	0.90	0.001	0.89	0.001	0.90	0.001	0.89
D2011	−0.006	0.34	−0.006	0.34	−0.006	0.33	−0.006	0.34
D2012	−0.003	0.55	−0.003	0.56	−0.003	0.52	−0.003	0.49
D2013	0.011	0.08	0.011	0.08	0.011	0.08	0.012	0.07
D2014	−0.003	0.57	−0.003	0.57	−0.004	0.51	−0.004	0.51
AdjR2	0.079		0.078		0.077		0.077
DW	1.748		1.748		1.748		1.749
Panel B: Individual
	Coef	pvalue	Coef	pvalue	Coef	pvalue	Coef	pvalue
Constant	0.057	0.00	0.057	0.00	0.058	0.00	0.058	0.00
Mg.FirmChg	0.086	0.01	0.083	0.02	0.099	0.01	0.113	0.03
MgFee	−0.033	0.00	−0.033	0.00	−0.032	0.00	−0.032	0.00
FeeChange −1	−0.044	0.32	−0.044	0.33	−0.048	0.32	−0.048	0.32
BRestr			0.010	0.59	0.027	0.24	0.041	0.07
FamChg					−0.021	0.12	−0.022	0.12
MgFirmChg.BR							−0.053	0.39
D2010	−0.060	0.00	−0.060	0.00	−0.065	0.00	−0.066	0.00
D2011	0.046	0.00	0.045	0.00	0.048	0.00	0.047	0.00
D2012	−0.013	0.27	−0.013	0.27	−0.017	0.18	−0.017	0.19
D2013	−0.011	0.24	−0.011	0.22	−0.014	0.17	−0.014	0.17
D2014	−0.104	0.00	−0.104	0.00	−0.109	0.00	−0.109	0.00
AdjR2	0.047		0.047		0.051		0.051
DW	1.988		1.988		1.887		1.886

Results of models (1) to (4). FeeChg is the change in management fees. The dummy variable MgFirmChg is the change of management company, MgFee is the Management fee, BRestr is the dummy variable that takes a value of 1 if the financial group to which the management company is affiliated has been involved in a merger or takeover and 0 otherwise, and FamChg is the dummy variable that takes a value of 1 if the management company has passed into the hands of a different financial group and 0 otherwise. Finally, D2010, D2011, D2012, D2013 and D2014 are year dummy variables. p-values are computed using the Huber-White robust standard errors.$\begin{array}{rl}& FeeCh{g}_{it}=\alpha +\beta .MgFirmCh{g}_{it}+\gamma .MgFe{e}_{it}\ast \\ & +\delta .FeeCh{g}_{it}-1+\lambda .BRest{r}_{it}+\phi .FamCh{g}_{it}\\ & +\omega .MgFirmCh{g}_{it}.BRest{r}_{i}t+\sum _j={2010}^{2014}{\theta }_j{D}_j+u_{it}\end{array}$

Table 4. Change in total fees

	(1)		(2)		(3)		(4)
Panel A:Employer-sponsored
	Coef	pvalue	Coef	pvalue	Coef	pvalue	Coef	pvalue
Constant	0.011	0.24	0.011	0.24	0.011	0.22	0.011	0.23
Mg.FirmChg	−0.201	0.00	−0.202	0.00	−0.200	0.00	−0.212	0.00
TotFee	−0.058	0.00	−0.058	0.00	−0.058	0.00	−0.058	0.00
FeeChange −1	0.101	0.00	0.101	0.00	0.101	0.00	0.102	0.00
BRestr			0.030	0.14	0.028	0.28	0.007	0.76
FamChg					0.002	0.90	0.004	0.79
MgFirmChg.BR							0.224	0.00
D2010	−0.002	0.79	−0.003	0.76	−0.003	0.73	−0.003	0.77
D2011	−0.014	0.16	−0.014	0.16	−0.015	0.15	−0.014	0.16
D2012	−0.015	0.10	−0.015	0.09	−0.016	0.07	−0.016	0.07
D2013	−0.002	0.88	−0.002	0.83	−0.003	0.80	−0.002	0.82
D2014	−0.020	0.05	−0.020	0.06	−0.021	0.07	−0.021	0.07
AdjR2	0.054		0.054		0.053		0.054
DW	1.819		1.819		1.819		1.820
Panel B: Individual
	Coef	pvalue	Coef	pvalue	Coef	pvalue	Coef	pvalue
Constant	0.045	0.00	0.045	0.00	0.044	0.01	0.045	0.01
Mg.FirmChg	0.101	0.00	0.093	0.01	0.111	0.01	0.119	0.03
TotFee	−0.022	0.00	−0.022	0.00	−0.020	0.01	−0.020	0.01
FeeChange −1	−0.023	0.60	−0.023	0.60	−0.024	0.60	−0.024	0.60
BRestr			0.027	0.22	0.035	0.17	0.043	0.08
FamChg					−0.013	0.40	−0.013	0.39
MgFirmChg.BR							−0.031	0.66
D2010	−0.062	0.00	−0.064	0.00	−0.069	0.00	−0.070	0.00
D2011	0.040	0.00	0.039	0.00	0.041	0.01	0.041	0.01
D2012	−0.022	0.07	−0.022	0.07	−0.029	0.04	−0.028	0.04
D2013	−0.010	0.30	−0.010	0.27	−0.013	0.22	−0.013	0.22
D2014	−0.128	0.00	−0.128	0.00	−0.134	0.00	−0.134	0.00
AdjR2	0.048		0.048		0.051		0.051
DW	1.987		1.986		1.893		1.892

Results of models (1) to (4). FeeChg is the change in total fees. The dummy variable MgFirmChg is the change of management company, TotFee is Total fees (management fee + custody fee), BRestr is the dummy variable that takes a value of 1 if the financial group to which the management company is affiliated has been involved in a merger or takeover and 0 otherwise, and FamChg is the dummy variable that takes a value of 1 if the management company has passed into the hands of a different financial group and 0 otherwise. Finally, D2010, D2011, D2012, D2013 and D2014 are year dummies. p-values are computed using Huber-White robust standard errors.$\begin{array}{rl}& \mathrm{F}\mathrm{e}\mathrm{e}\mathrm{C}\mathrm{h}{\mathrm{g}}_{\mathrm{i}\mathrm{t}}=\alpha +\beta .\mathrm{M}\mathrm{g}\mathrm{F}\mathrm{i}\mathrm{r}\mathrm{m}\mathrm{C}\mathrm{h}{\mathrm{g}}_{\mathrm{i}\mathrm{t}}+\gamma .\mathrm{T}\mathrm{o}\mathrm{t}\mathrm{F}\mathrm{e}{\mathrm{e}}_{\mathrm{i}\mathrm{t}\ast }+\delta .\mathrm{F}\mathrm{e}\mathrm{e}\mathrm{C}\mathrm{h}{\mathrm{g}}_{\mathrm{i}\mathrm{t}-1}\\ & +\lambda .\mathrm{B}\mathrm{R}\mathrm{e}\mathrm{s}\mathrm{t}{\mathrm{r}}_{\mathrm{i}\mathrm{t}}+\phi .\mathrm{F}\mathrm{a}\mathrm{m}\mathrm{C}\mathrm{h}{\mathrm{g}}_{\mathrm{i}\mathrm{t}}+\omega .\mathrm{M}\mathrm{g}\mathrm{F}\mathrm{i}\mathrm{r}\mathrm{m}\mathrm{C}\mathrm{h}{\mathrm{g}}_{\mathrm{i}\mathrm{t}}.\mathrm{B}\mathrm{R}\mathrm{e}\mathrm{s}\mathrm{t}{\mathrm{r}}_{\mathrm{i}\mathrm{t}}\\ & +\sum _{\mathrm{j}=2010}^{2014}{\theta }_{\mathrm{j}}{\mathrm{D}}_{\mathrm{j}}+{\mathrm{u}}_{\mathrm{i}\mathrm{t}}\end{array}$

Table 5. Change in management fees

	Coef	pvalue	Coef	pvalue	Coef	pvalue	Coef	pvalue
Constant_E	0.010	0.05	0.010	0.05	0.010	0.05	0.010	0.05
Mg.FirmChg_E	−0.130	0.00	−0.130	0.00	−0.130	0.00	−0.136	0.00
MgFee_E	−0.021	0.00	−0.021	0.00	−0.021	0.00	−0.021	0.00
FeeChange_E − 1	0.258	0.00	0.257	0.00	0.257	0.00	0.257	0.00
BRestr_E			−0.005	0.77	−0.008	0.65	−0.014	0.45
FamChg_E					0.004	0.67	0.004	0.64
MgFirmChg.BR_E							0.143	0.09
D2010E	0.001	0.91	0.001	0.90	0.001	0.92	0.001	0.90
D2011E	−0.006	0.29	−0.006	0.29	−0.007	0.28	−0.006	0.29
D2012E	−0.003	0.64	−0.003	0.65	−0.003	0.63	−0.003	0.60
D2013E	0.011	0.06	0.011	0.06	0.011	0.06	0.012	0.06
D2014E	−0.003	0.66	−0.003	0.65	−0.004	0.58	−0.004	0.58
Constant_I	0.057	0.00	0.057	0.00	0.057	0.00	0.058	0.00
Mg.FirmChg_I	0.086	0.00	0.083	0.00	0.099	0.00	0.113	0.00
MgFee_I	−0.033	0.00	−0.033	0.00	−0.032	0.00	−0.032	0.00
FeeChange_I − 1	−0.044	0.00	−0.044	0.00	−0.048	0.00	−0.048	0.00
BRestr_I			0.010	0.65	0.027	0.39	0.041	0.24
FamChg_I					−0.021	0.34	−0.022	0.33
MgFirmChg.BR_I							−0.053	0.32
D2010I	−0.060	0.00	−0.060	0.00	−0.065	0.00	−0.066	0.00
D2011I	0.046	0.00	0.045	0.00	0.048	0.00	0.047	0.00
D2012I	−0.012	0.35	−0.013	0.34	−0.017	0.24	−0.017	0.25
D2013I	−0.011	0.43	−0.011	0.42	−0.014	0.34	−0.014	0.34
D2014I	−0.104	0.00	−0.104	0.00	−0.109	0.00	−0.109	0.00
AdjR2(E)	0.078		0.078		0.076		0.077
DW(E)	1.748		1.748		1.748		1.748
AdjR2(I)	0.047		0.047		0.051		0.051
DW(I)	1.988		1.988		1.887		1.886
	Chi-Squared	p value	Chi-Squared	p value	Chi-Squared	p value	Chi-Squared	p value
βE=βI	66.26	0.00	61.92	0.00	63.41	0.00	60.61	0.00
λE=λI			0.29	0.58	0.95	0.33	1.97	0.16
βE+ωE=βI+ωI							0.31	0.57

Results of the system estimated using SUR (Seemingly Unrelated Regression) methodology. FeeChg is change in management fees. The dummy variable MgFirmChg is change of management company, MgFee is the Management fee, BRestr is the dummy variable that takes a value of 1 if the financial group to which the management company is affiliated has been involved in a merger or takeover and 0 otherwise, and FamChg is the dummy variable that takes a value of 1 if the management company has passed into the hands of a different financial group and 0 otherwise. Finally, D2010k, D2011k, D2012k, D2013k and D2014k are year dummies, where k = E, I denote employer-sponsored and individual plans, respectively.$\mathrm{F}\mathrm{e}\mathrm{e}\mathrm{C}\mathrm{h}{\mathrm{g}}_{\mathrm{i}\mathrm{t}\mathrm{k}}={\alpha }_{\mathrm{k}}+{\beta }_{\mathrm{k}}.\mathrm{M}\mathrm{g}\mathrm{F}\mathrm{i}\mathrm{r}\mathrm{m}\mathrm{C}\mathrm{h}{\mathrm{g}}_{\mathrm{i}\mathrm{t}\mathrm{k}}+{\gamma }_{\mathrm{k}}.\mathrm{M}\mathrm{g}\mathrm{F}\mathrm{e}{\mathrm{e}}_{\mathrm{i}\mathrm{t}\ast \mathrm{k}}+{\delta }_{\mathrm{k}}.\mathrm{F}\mathrm{e}\mathrm{e}\mathrm{C}\mathrm{h}{\mathrm{g}}_{\mathrm{i}\mathrm{t}-1\mathrm{k}}+{\lambda }_{\mathrm{k}}.\mathrm{B}\mathrm{R}\mathrm{e}\mathrm{s}\mathrm{t}{\mathrm{r}}_{\mathrm{i}\mathrm{t}\mathrm{k}}+{\phi }_{\mathrm{k}}.\mathrm{F}\mathrm{a}\mathrm{m}\mathrm{C}\mathrm{h}{\mathrm{g}}_{\mathrm{i}\mathrm{t}\mathrm{k}}+{\omega }_{\mathrm{k}}.\mathrm{M}\mathrm{g}\mathrm{F}\mathrm{i}\mathrm{r}\mathrm{m}\mathrm{C}\mathrm{h}{\mathrm{g}}_{\mathrm{i}\mathrm{t}\mathrm{k}}.\mathrm{B}\mathrm{R}\mathrm{e}\mathrm{s}\mathrm{t}{\mathrm{r}}_{\mathrm{i}\mathrm{t}\mathrm{k}}+\sum _{\mathrm{j}=2010}^{2014}{\theta }_{\mathrm{j}\mathrm{k}}{\mathrm{D}}_{\mathrm{j}\mathrm{k}}+{\mathrm{u}}_{\mathrm{i}\mathrm{t}\mathrm{k}}$

Table 6. Change in total fees

	Coef	pvalue	Coef	pvalue	Coef	pvalue	Coef	pvalue
Constant_E	0.011	0.21	0.011	0.20	0.011	0.19	0.011	0.20
Mg.FirmChg_E	−0.201	0.00	−0.202	0.00	−0.200	0.00	−0.212	0.00
TotFee_E	−0.058	0.00	−0.058	0.00	−0.058	0.00	−0.058	0.00
FeeChange_E − 1	0.101	0.00	0.101	0.00	0.101	0.00	0.102	0.00
BRestr_E			0.030	0.26	0.027	0.35	0.007	0.82
FamChg_E					0.002	0.86	0.005	0.72
MgFirmChg.BR_E							0.229	0.02
D2010E	−0.002	0.82	−0.003	0.79	−0.003	0.75	−0.003	0.80
D2011E	−0.014	0.16	−0.014	0.16	−0.015	0.15	−0.014	0.16
D2012E	−0.015	0.15	−0.015	0.13	−0.016	0.12	−0.016	0.12
D2013E	−0.001	0.90	−0.002	0.85	−0.002	0.81	−0.002	0.84
D2014E	−0.020	0.08	−0.019	0.08	−0.020	0.07	−0.020	0.08
Constant_I	0.045	0.00	0.045	0.00	0.044	0.01	0.044	0.01
Mg.FirmChg_I	0.101	0.00	0.094	0.00	0.111	0.00	0.119	0.00
TotFee_I	−0.022	0.00	−0.022	0.00	−0.020	0.01	−0.020	0.00
FeeChange_I − 1	−0.023	0.08	−0.023	0.09	−0.024	0.09	−0.024	0.09
BRestr_I			0.027	0.26	0.035	0.30	0.043	0.24
FamChg_I					−0.013	0.60	−0.013	0.59
MgFirmChg.BR_I							−0.032	0.57
D2010I	−0.062	0.00	−0.064	0.00	−0.069	0.00	−0.069	0.00
D2011I	0.040	0.00	0.039	0.01	0.041	0.01	0.041	0.01
D2012I	−0.021	0.13	−0.022	0.12	−0.028	0.07	−0.028	0.07
D2013I	−0.009	0.50	−0.010	0.48	−0.013	0.41	−0.013	0.41
D2014I	−0.128	0.00	−0.129	0.00	−0.134	0.00	−0.134	0.00
AdjR2(E)	0.054		0.054		0.053		0.054
DW(E)	1.819		1.819		1.819		1.820
AdjR2(I)	0.048		0.048		0.051		0.051
DW(I)	1.987		1.986		1.893		1.892
	Chi-Squared	pvalue	Chi-Squared	pvalue	Chi-Squared	pvalue	Chi-Squared	pvalue
βI=βE	105.80	0.00	96.57	0.00	92.34	0.00	86.09	0.00
λI=λE			0.01	0.93	0.03	0.87	0.58	0.44
βI+ωI=βE+ωE							0.44	0.51

Results of the system estimated using SUR (Seemingly Unrelated Regression) methodology. FeeChg is the change in total fees. The dummy variable MgFirmChg is change of management company, TotFee is the Total fee (management fee+custody fee), BRestr is the dummy variable that takes a value of 1 if the financial group to which the management company is affiliated has been involved in a merger or takeover and 0 otherwise, and FamChg is the dummy variable that takes a value of 1 if the management company has passed into the hands of a different financial group and 0 otherwise. Finally, D2010k, D2011k, D2012k, D2013k and D2014k are year dummies, where k = E, I denote employer-sponsored and individual plans, respectively.$\mathrm{F}\mathrm{e}\mathrm{e}\mathrm{C}\mathrm{h}{\mathrm{g}}_{\mathrm{i}\mathrm{t}\mathrm{k}}={\alpha }_{\mathrm{k}}+{\beta }_{\mathrm{k}}.\mathrm{M}\mathrm{g}\mathrm{F}\mathrm{i}\mathrm{r}\mathrm{m}\mathrm{C}\mathrm{h}{\mathrm{g}}_{\mathrm{i}\mathrm{t}\mathrm{k}}+{\gamma }_{\mathrm{k}}.\mathrm{T}\mathrm{o}\mathrm{t}\mathrm{F}\mathrm{e}{\mathrm{e}}_{\mathrm{i}\mathrm{t}\ast \mathrm{k}}+{\delta }_{\mathrm{k}}.\mathrm{F}\mathrm{e}\mathrm{e}\mathrm{C}\mathrm{h}{\mathrm{g}}_{\mathrm{i}\mathrm{t}-1\mathrm{k}}+{\lambda }_{\mathrm{k}}.\mathrm{B}\mathrm{R}\mathrm{e}\mathrm{s}\mathrm{t}{\mathrm{r}}_{\mathrm{i}\mathrm{t}\mathrm{k}}+{\phi }_{\mathrm{k}}.\mathrm{F}\mathrm{a}\mathrm{m}\mathrm{C}\mathrm{h}{\mathrm{g}}_{\mathrm{i}\mathrm{t}\mathrm{k}}+{\omega }_{\mathrm{k}}.\mathrm{M}\mathrm{g}\mathrm{F}\mathrm{i}\mathrm{r}\mathrm{m}\mathrm{C}\mathrm{h}{\mathrm{g}}_{\mathrm{i}\mathrm{t}\mathrm{k}}.\mathrm{B}\mathrm{R}\mathrm{e}\mathrm{s}\mathrm{t}{\mathrm{r}}_{\mathrm{i}\mathrm{t}\mathrm{k}}+\sum _{\mathrm{j}=2010}^{2014}{\theta }_{\mathrm{j}\mathrm{k}}{\mathrm{D}}_{\mathrm{j}\mathrm{k}}+{\mathrm{u}}_{\mathrm{i}\mathrm{t}\mathrm{k}}$

Table 7. Mean difference test: total fees

Panel A: Change of Management Company
	Employer-sponsored plans			Individual plans
	Change	No change	Difference	Change	No change	Difference
Full sample	−0.2741	−0.0436	−0.2306***	0.1416	−0.0095	0.1512***
Style 1	−0.2500	−0.1377	−0.1123	0.3230	0.0057	0.3173***
Style 2	−0.7400	−0.0091	−0.7309	0.0592	−0.0081	0.0673
Style 3	−0.2387	−0.0459	−0.1927***	−0.0009	−0.0113	0.0104
Style 4	−0.3287	−0.0456	−0.2831***	0.2185	−0.0206	0.2391*
Style 5	−1.0900	−0.0224	−1.0676	0.1120	−0.0081	0.1201
Panel B: Change of Management Company due to Bank Restructuring (CHBR)
	Employer-sponsored plans			Individual plans
	CHBR	OTHER	Difference	CHBR	OTHER	Difference
Full sample	−0.0287	−0.2895	0.2607*	0.0628	0.1709	−0.1081
Style 1		−0.2500		0.3075	0.3252	−0.0177
Style 2		−0.7400		0.1800	0.0230	0.1570
Style 3	−0.0329	−0.2534	0.2205	0.0008	−0.0016	0.0023
Style 4	0.0000	−0.3436	0.3436	0.0642	0.3067	−0.2425
Style 5		−1.0900		0.0136	0.1571	−0.1434

Panel A shows the results of t-test for difference of means between the change in fees if there is a change of management company or not, for employer-sponsored and individual plans, respectively. Panel B shows the results of t-test for difference of means between the change in fees if there is a change of management company due to the bank restructuring process or not, for employer-sponsored and individual plans, respectively. In column Change (CHBR) the mean of the change in fees if there is a change of the management company (due to the bank restructuring process) is shown, and in column No change (OTHER) the mean is shown when the change is due to other causes. Style 1: short-term Fixed Income plans; Style 2: long-term Fixed Income plans; Style 3: (Balanced) mixed fixed income plans; Style 4: (Balanced) mixed equity plans; Style 5: Equity plans. Finally, column Difference shows the difference of means, while *** and * denotes coefficients that are significant at the 1 and 10% level, respectively, for the mean differences t-test.

Table A1. Ownership transitions among Spain’s main banking groups (2009–2014). Source: Bank of Spain.

2009	2010	2011	2012	2013	2014
Banco Santander	Banco Santander
BBVA	BBVA	BBVA	BBVA	BBVA	BBVA
Caixa Sabadell	Unnim	Unnim Banc
Caixa Terrasa
Caixa Manlleu
Caixa Catalunya	Catalunya Caixa	Catalunya Banc CX	Catalunya Banc CX	Catalunya Banc CX
Caixa Tarragona
Caixa Manresa
La Caixa	La Caixa	Caixabank	Caixabank	Caixabank	Caixabank	Caixabank
Caixa Girona
Caja Sol	Caja Sol	Banca Cívica	Banca Cívica
Caja Guadalajara
Caja Navarra	Banca Cívica
Caja Burgos
Caja Canarias
Banco de Valencia	Banco de Valencia	Banco de Valencia	B. Valencia
Caja Madrid	BFA-Bankia	BFA-Bankia	BFA-Bankia	BFA-Bankia	Bankia
Bancaja
Cada de Ávila
Caja Segovia
Caja La Rioja
Caixa Laietana
Caja I. de Canarias
Banco Sabadell	Banco Sabadell	Banco Sabadell	Banco Sabadell	Banco Sabadell	Banco Sabadell	Banco Sabadell
Banco Guipuzcoano
CAM	CAM	Banco CAM
Banco Gallego	Banco Gallego	Banco Gallego	Banco Gallego
Banco Popular	Banco Popular	Banco Popular	Banco Popular	Banco Popular	Banco Popular
Banco Pastor	Banco Pastor	Banco Pastor
Unicaja	Unicaja	Unicaja	Unicaja Banco	Unicaja Banco	Unicaja Banco	Unicaja Banco
Caja Jaén
Caja Duero	Caja España de inversiones	Banco CEISS	Banco CEISS	Banco CEISS
Caja España
Caja de Ahorros Inmaculada	Caja 3	Banco Grupo Caja3	Banco Grupo Caja 3	Banco Grupo Caja 3	Ibercaja Banco	Ibercaja Banco
C. C. Católico Burgos Burgos
Caja Badajoz
Ibercaja	Ibercaja	Ibercaja Banco	Ibercaja Banco
Kutxa	Kutxa	Kutxabank	Kutxabank	Kutxabank	Kutxabank
Caja Vital	Caja Vital
BBK	BBK
CajaSur
Bankinter	Bankinter
Banco Etcheverría	Banco Etcheverría	Banco Etcheverría	Banco Etcheverría	B.E.	Abanca	Abanca
Caixa Galicia	Novacaixagalicia	NCGBanco	NCGBanco	Evo Banco
Caixa Nova
Caja Murcia	Mare Nostrum	Banco Mare Nostrum	Banco Mare Nostrum	Banco Mare Nostrum	Banco Mare Nostrum	Banco Mare Nostrum
Caja Penedés
Caja Granada
Sa Nostra
Cajastur	Cajastur	Liberbank	Liberbank	Liberbank	Liberbank
CCM
Caja Cantabria	Caja Cantabria
Caja Extremadura	Caja Extremadura
C.R. Cajamar	G. C. Cajamar	G. C. Cajamar	CRU-Cajas Rurales Unidas	CRU-Cajas Rurales Unidas	G.C. Cajamar
C.R. Mediterráneo	Ruralcaja	Ruralcaja