Show simple item record Kenneth, Carow A. Cox, Steven R. Roden, Dianne M. 2010-04-26T15:52:00Z 2010-04-26T15:52:00Z 2009-01-21
dc.identifier.citation "Demutualization: Determinants and Consequences of the Mutual Holding Company Choice," co-authored with Kenneth Carow and Steven Cox, Journal of Banking and Finance , vol 33, 2009: 1454-1463.* en
dc.identifier.uri en
dc.description.abstract We investigate the determinants and consequences of the mutual holding company (MHC) structure that allows mutual thrifts to issue stock to outside shareholders while maintaining the mutual form. Capital constrained firms with greater profit opportunities are more likely to choose a full demutualization; demonstrating that the MHC choice can be used to control for over- and under-investment costs. During periods of greater regulatory constraints, MHC firms have lower offer-day returns than full demutualizations. MHC firms are also less likely to be acquired as the MHC structure provides protection from the market for corporate control. Demonstrating a clear preference by minority shareholders for the elimination of the MHC structure, the announcement of a second-stage conversion generates a 12 percent return. en
dc.language.iso en_US en
dc.publisher Elsevier en
dc.subject Conversion en
dc.subject IPO en
dc.subject Event Study en
dc.subject Thrifts en
dc.subject Mutual Holding Company en
dc.title Demutualization: Determinants and consequences of the mutual holding company choice en
dc.type Article en

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  • Dianne M. Roden [4]
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