Studies from Indiana University provide new data on banking and finance.

According to recent research from the United States, "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 that mutuals report lower ROA and increased loan loss provisions and loan loss reserves in the period prior to the demutualization. Using a two-stage approach, we also find that the level of discretionary loan loss provisions and discretionary reserves are positively related to both the level of insider participation in the IPO …