The Role of Insider Influence in Mutual‐to‐Stock Conversions
基于1991至2004年347家互助储蓄机构转股份化的样本，发现内部人参与水平并非传统业绩信号，而是反映内部人通过降低发行规模来影响IPO预期回报的动机。
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 initial public offer (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.