Issue Size Choice and “Underpricing” in Thrift Mutual‐to‐Stock Conversions
研究储蓄机构从互助制转为股份制时，发行规模与抑价的关系，发现增长机会越多的机构发行规模越大、后市涨幅越高，且传统IPO抑价变量在加入发行规模变量后不再显著。
ABSTRACT Issue size choice and underpricing in mutual‐to‐stock conversions of thrifts are explained as a function of growth opportunities, perquisite consumption, and proprietary information. We provide evidence that thrifts with greater growth opportunities choose larger issue size and experience higher after‐market price appreciation. This finding persists when we allow for investors' inferences about managers' proprietary information. Variables that explain underpricing in typical initial public offerings are significant by themselves but lose significance when combined with the issue size choice variables. Managerial holdings and the offer price do not act as dissipative signals of value in thrift conversions.