Adams, Brian; Carow, Kenneth A.; Perry, Tod - In: Journal of Banking & Finance 33 (2009) 12, pp. 2363-2372
In a typical IPO, insiders are "net sellers" of IPO shares; however, in a demutualizing thrift, insiders are "net buyers" of IPO shares. Using a sample of mutual depository IPOs, we find evidence consistent with earnings management prior to the conversion of mutual thrifts. We find on average...
