Journal of Economics and Finance

, Volume 23, Issue 1, pp 15–22

Abnormal returns of thrift versus non-thrift IPOs

  • James R. Barth
  • Daniel E. Page
  • John S. Jahera
Article

DOI: 10.1007/BF02752682

Cite this article as:
Barth, J.R., Page, D.E. & Jahera, J.S. J Econ Finan (1999) 23: 15. doi:10.1007/BF02752682

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 information

© Springer 1999

Authors and Affiliations

  • James R. Barth
    • 1
  • Daniel E. Page
    • 1
  • John S. Jahera
    • 1
  1. 1.College of BusinessAuburn UniversityAuburn

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