THE STOCK MARKET PERFORMANCE OF DEMUTUALIZED THRIFTS

• 발행기관: People & Global Business Association
• 저자명: Steven A Dennis Ahaz Armstrong Dana Ramsey
• 간행물 정보: 『Global Business and Finance Review』Vol.11 No.2, 31~41쪽, 전체 11쪽
• 주제분류: 경제경영 > 경영학
• 파일형태: PDF
• 발행일자: 2006.12.31

영문 초록

Demutualization is the process by which a company transfers ownership from its members to shareholders. In this paper, the authors document the short-run and long-run price performance of mutual-to-stock conversions by thrifts ("savings and loans" and "savings banks"). The authors investigate two competing hypotheses concerning the stock price reaction. The Regulatory Hypothesis suggests that the initial stock price reaction will be less positive than the general market, while the Agency Hypothesis predicts the opposite. The study's empirical findings support the Regulatory Hypothesis: the initial returns at stock issuance are much less than the general market and the long-run performance is much better.

목차

Abstract

INTRODUCTION

THE IPO LITERATURE

HYPOTHESES

DATA AND METHODOLOGY

RESULTS

CONCLUSIONS

REFERENCES