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Working Paper
Pricing IPOs of mutual thrift conversions: the joint effect of regulation and market discipline
A large number of mutual savings and loan associations (MSLs) converted their charters into stock ownership between the mid-1980s to mid-1990s. Because these conversions tended to generate windfall profits for insiders and investors, new conversion guidelines and regulations were proposed by the FDIC to make sure that prices of the conversion IPO were right and fair. As pointed out by Mr. Henry B. Gonzales, former Chairman of the House Banking Committee, "conversion regulations of the Office of Thrift Supervision have ensured that insiders and acquirers don't benefit at the expenses of the ...