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For NNIM and NIROA, the IPO banks show significantly negative differences compared to the industry in each year and these differences worsen over time.
While it is difficult to find any consistent performance pattern between the two groups, in the two years in which the difference between the two groups (NIM, year +3 and NNIM, year -1) is significant, Although the operating performance difference between the groups are mostly insignificant, the low insider group outperforms the high insider group for three out of the five return measures in the years following the offering.
Panel B shows that those IPO banks with a high degree of institutional ownership are able to outperform their low institutional counterparts in terms of NNIM in years +2 and +3 relative to year -1 (0.