Abnormal returns of thrift versus non-thrift IPOs

James Barth, Daniel Page and John Jahera

Journal of Economics and Finance, 1999, vol. 23, issue 1, 15-22

Abstract: This paper examines the issue of underpricing for converting thrift institutions. Evidence has found this underpricing to be pervasive in the mutual-to-stock thrift conversion process. The issue is of importance given the debate over whether any windfall gains should accrue to depositors, managers, or taxpayers. An event study is conducted to determine if there is a significant difference between the initial returns of thrift and non-thrift IPOs. Our overall results indicate that a significant difference does exist. Copyright Springer 1999

Date: 1999
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DOI: 10.1007/BF02752682

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