The Role of Insider Influence in Mutual-to-Stock Conversions

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Date

2007

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Wiley-Blackwell Publishint, Ltd.

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https://hdl.handle.net/2022/6918

Abstract

Using a sample of 347 demutualizing thrifts from 1991 to 2004, we show that the level of inside participation is not a traditional signal of firm performance. We conclude that unanticipated inside participation reflects the incentives of insiders to reduce the size of the offer to influence the level of expected IPO returns. We find unanticipated inside participation is related to lower offer size and higher initial returns, but we do not find a relationship between inside participation and post-IPO performance.

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IPO, Insider Influence, Thrifts

Citation

"The Role of Insider Influence in Mutual-to-Stock Conversions," co-authored with Kenneth Carow and Steven Cox, Journal of Money, Credit, and Banking, vol 39, 2007: 1285-1304.*

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Article

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Dianne M. Roden