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A Story on SPACs
Lakicevic, Milan; Vulanovic, Milos - Deutsche Zentralbibliothek für … - 2012
We study characteristics of Specified Purpose Acquisition Companies (SPACs) and examine the performance of their … securities over time. We find that SPACs represent a fairly unique way to raise capital. The incentives of their founders … strongest reaction is observed among the investors holding warrants, while common stock holders tend to react very mildly. …
Persistent link: https://www.econbiz.de/10010957821
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Institutional changes of Specified Purpose Acquisition Companies (SPACs)
Lakicevic, Milan; Shachmurove, Yochanan; Vulanovic, Milos - In: The North American Journal of Economics and Finance 28 (2014) C, pp. 149-169
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 …
Persistent link: https://www.econbiz.de/10010777008
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On Mergers, Acquisitions and Liquidation Using Specified Purpose Acquisition Companies (SPACs)
Lakicevic, Milan; Shachmurove, Yochanan; Vulanovic, Milos - Department of Economics, University of Pennsylvania - 2013
time period. SPACs existed in U.S capital markets since the 1920s. Their corporate structure has recently become debated in … Commission (SEC) in the late 1990s. SPACs were traded on American Stock Exchange and Overt the Counter Bulletin Board. Since 2008 …, SPACs are listed on New York Stock Exchange and National Association of Securities Dealers Automated Quotations. This paper …
Persistent link: https://www.econbiz.de/10010822880
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A Story on Spacs
Lakicevic, Milan; Vulanovic, Milos - Volkswirtschaftliche Fakultät, … - 2012
We study characteristics of Specified Purpose Acquisition Companies (SPACs) and examine the performance of their … securities over time. We find that SPACs represent a fairly unique way to raise capital. The incentives of their founders … strongest reaction is observed among the investors holding warrants, while common stock holders tend to react very mildl …
Persistent link: https://www.econbiz.de/10011108459
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SPACs in Shipping
Shachmurove, Yochanan; Vulanovic, Milos - Deutsche Zentralbibliothek für … - 2013
In this study we examine how Specified Purpose Acquisition Companies (SPACs) were used as a financing tool for … companies in the shipping industry in period 2004-2011. We confirm that SPACs focused on acquisitions in the shipping industry … have similar characteristics as the population of SPACs that entered U.S financial markets in the same period. When their …
Persistent link: https://www.econbiz.de/10010957811
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Venture Capital Finance: A Security Design Approach
Repullo, Rafael; Suarez, Javier - C.E.P.R. Discussion Papers - 1999
This paper provides a theory of venture capital financing based on the complementarity between the financing and advising roles of venture capitalists. We examine the interaction between the staging of investment that characterizes young firms with a high growth potential and the double-sided...
Persistent link: https://www.econbiz.de/10005792071
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SPACs with focus on China
Shachmurove, Yochanan; Vulanovic, Milos - Deutsche Zentralbibliothek für … - 2014
In this study, we examine characteristics of Specified Purpose Acquisition Companies (SPACs) used as a financing tool … mergers focusing on China, SPACs that focus on China are not different in their characteristics from other SPACs. We test for … the performance of the SPACs focused on China and show that their performance is not inferior to the performance of other …
Persistent link: https://www.econbiz.de/10010957810
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SPACs with focus on China
Shachmurove, Yochanan; Vulanovic, Milos - Volkswirtschaftliche Fakultät, … - 2014
In this study, we examine characteristics of Specified Purpose Acquisition Companies (SPACs) used as a financing tool … mergers focusing on China, SPACs that focus on China are not different in their characteristics from other SPACs. We test for … the performance of the SPACs focused on China and show that their performance is not inferior to the performance of other …
Persistent link: https://www.econbiz.de/10011113827
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The Value of Capital Market Regulation: IPOs versus Reverse Mergers
Carpentier, Cécile; Cumming, Douglas; Suret, Jean-Marc - Centre Interuniversitaire de Recherche en Analyse des … - 2009
We analyze the economic consequences of disclosure and regulation within a context of significant information asymmetry and lenient regulation. In Canada, firms can enter the stock market at a pre-revenue stage by fulfilling each of the requirements of an initial public offerings or using...
Persistent link: https://www.econbiz.de/10005100646
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Why do Companies Include Warrants in Seasoned Equity Offerings: The case of French Unit Offerings
Lasfer, Meziane; Ginglinger, Edith; Gajewski, Jean-François - Université Paris-Dauphine (Paris IX) - 2005
We analyse the reasons why companies issue units when they raise additional capital. In contrast to previous evidence, our results show that units are not offered to mitigate the agency conflicts or to signal security mispricing as they are predominantly issued during cold periods, in public...
Persistent link: https://www.econbiz.de/10010861624