Institutional changes of Specified Purpose Acquisition Companies (SPACs)

This study documents the changes in the corporate design of modern Specified Purpose Acquisition Companies (SPACs) for the years 2003–2012. Do institutional characteristics of SPACs determine the success of their merger outcomes? The paper finds that SPACs significantly redesigned their structure in the period under observation. In addition, the probability of a merger for SPACs increases if they are able to announce the deal soon after the Initial Public Offering (IPO), if the deal focuses on China and when their IPO is underwritten by Early Bird Capital.

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Year of publication:	2014
Authors:	Lakicevic, Milan ; Shachmurove, Yochanan ; Vulanovic, Milos
Published in:	The North American Journal of Economics and Finance. - Elsevier, ISSN 1062-9408. - Vol. 28.2014, C, p. 149-169
Publisher:	Elsevier
Subject:	Specified Purpose Acquisition Companies (SPACs) \| Blank checks \| Mergers and acquisitions (M&A) \| Initial public offering (IPO) \| Unit IPO \| Warrants \| Reverse mergers \| Private equity \| China

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Type of publication:	Article
Classification:	G12 - Asset Pricing ; G14 - Information and Market Efficiency; Event Studies ; G24 - Investment Banking; Venture Capital; Brokerage ; G30 - Corporate Finance and Governance. General ; G32 - Financing Policy; Capital and Ownership Structure ; G34 - Mergers; Acquisitions; Restructuring; Corporate Governance
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010777008