Flightiness, or depositor sensitivity to liquidity needs, can be an important determinant of financial distress. I leverage institutional differences—that attract depositors with varying flightiness—across building and loan associations in California during the Great Depression. A new type of plan, the Dayton plan, involved less restrictive savings plans and lower withdrawal penalties. Dayton plans in California were more likely to close during the Great Depression. Archival evidence on lending rates and returns supports the flightiness mechanism.

中文翻译：

---

财务失败和存款人质量：来自加利福尼亚州建筑和贷款协会的证据

流动性或存款人对流动性需求的敏感性可能是财务困境的重要决定因素。我利用了大萧条时期加利福尼亚州建筑和贷款协会的体制差异——这些差异吸引了不同程度的轻浮储户。一种新型计划，即代顿计划，涉及限制较少的储蓄计划和较低的提款罚款。加利福尼亚州的代顿计划在大萧条期间更有可能关闭。贷款利率和回报的档案证据支持轻浮机制。