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  • 1
    Electronic Resource
    Electronic Resource
    Exchange Listing and Size: Effects On Excess Returns (1989)
    Oxford, UK : Blackwell Publishing Ltd
    Journal of business finance & accounting 16 (1989), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1468-5957.1989.tb00046.x
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  • 2
    Electronic Resource
    Electronic Resource
    Thrift Conversions and Windfall Profits: An Empirical Examination (1999)
    Springer
    The journal of real estate finance and economics 18 (1999), S. 323-338 
    Details
    ISSN: 1573-045X
    Keywords: thrift conversions ; mutual savings and loans ; initial public offerings
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The thrift industry has been studied extensively in recent years due to the enormous costs to resolve failed thrifts during the late 1980s and early 1990s. Almost all of the studies have focused on the causes of these failures. Yet an important but relatively neglected development that merits further study is the conversion of mutual institutions to the stock form of ownership. Such conversions raise questions regarding the appropriate price for the shares in initial offerings, particularly in view of reports that windfall profits have been realized by the initial investors in numerous cases and who should receive the shares. The purpose of this article is to examine mutual thrifts that converted to stock ownership form during 1992 and 1993 to determine whether excess returns were indeed realized and, if so, to identify the determinants of those excess returns. The empirical results indicate the initial investors do indeed benefit from significantly positive abnormal returns during the first few days of trading after conversion. Additional empirical results indicate that both the pro-forma price-to-book ratio and the dollar amount of shares management intends to purchase are significant factors in explaining the variation in the abnormal returns.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007733001217
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