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The Effect of Changes in Ownership Structure on Performance: Evidence from the Thrift Industry

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  • Rebel A. Cole
  • Hamid Mehran

Abstract

Restrictions on the ownership structure of a public company may harm the company's performance by preventing owners from choosing the best structure. We examine the stock-price performance and ownership structure, before and after the expiration of anti-takeover regulations, of a sample of thrift institutions that converted from mutual to stock ownership. We find that after the anti-takeover provisions expire, firm performance improves significantly, and the portions of the firm owned by managers, noninstitutional outside blockholders, and the firm's employee stock ownership plan increase. Changes in performance are positively associated with changes in ownership by managers and by noninstitutional outside blockholders but negatively associated with changes in ownership by employee stock ownership plans.

Suggested Citation

  • Rebel A. Cole & Hamid Mehran, "undated". "The Effect of Changes in Ownership Structure on Performance: Evidence from the Thrift Industry," Finance and Economics Discussion Series 1996-06, Board of Governors of the Federal Reserve System (U.S.), revised 04 Dec 2019.
    • Handle: RePEc:fip:fedgfe:1996-06
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    File URL: http://www.federalreserve.gov/pubs/feds/1996/199606/199606pap.pdf
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