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Vulanovic, Milos - 2016

This paper studies how institutional characteristics of Specified Purpose Acquisition Companies (SPACs) are related to their post-merger survival. SPACs are unique financial firms that conduct the IPO with the solely purpose to use the proceeds to acquire another private company. Paper finds...

Persistent link: https://www.econbiz.de/10011567362

Corporate takeovers : modern empirical developments

Eckbo, B. Espen - 2011

a review of actual takeover premiums and their determinants. It then showcases recent empirical contributions on topics … auctions cause fire-sales?), effects of deal protection devices (do termination agreements and poison pills affect takeover … premiums?), large shareholder voting on takeover outcomes (does institutional activism matter?), deal financing issues (does it …

Persistent link: https://www.econbiz.de/10008906523

Merger Deal Stage Fright and the Use of Earn-Outs

Nyombi, Andrew - 2017

Contingent future payments have gained a solid reputation as fundamental ingredients of business acquisition transactions. Earn-outs specifically are a species of contingent future payments that have proved helpful in a plethora of recent merger deals. An earn-out is payment for performance...

Persistent link: https://www.econbiz.de/10012973363

Merger Waves, Pseudo Market Timing and Post-Merger Performance

Esmer, Burcu - 2016

Do managers time the market when they make merger decisions? Merger and acquisition waves seem to correspond with market tides, cresting with bull markets. A contentious debate exists over whether this trend indicates managerial market timing ability. Pseudo market timing, introduced by Schultz...

Persistent link: https://www.econbiz.de/10013008783

A story on SPACs

Lakicevic, Milan; Vulanovic, Milos - 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, underwriters, and investors are interdependent and...

Persistent link: https://www.econbiz.de/10009656245

SPAC IPOs

Shachmurove, Yochanan; Vulanovic, Milos - 2018

Specified Purpose Acquisition Companies (SPACs) are a special type of public companies currently available to investors in financial markets. As an investment vehicle, modern SPACs are traced back to 18-th century England where blank checks were first mentioned as blind pools during the infamous...

Persistent link: https://www.econbiz.de/10011844106

Ownership structure and the survival of listed firms : evidence from Korean reverse mergers

Han, Seung Hun; Kwon, Yonghyun - In: Asia-Pacific journal of financial studies 44 (2015) 3, pp. 387-420

Persistent link: https://www.econbiz.de/10011459011

A Test of IPO Theories Using Reverse Mergers

Asquith, Paul - 2011

Reverse mergers are an alternative method to IPOs for going public and announcement day price reaction to reverse mergers is comparable to the initial day price reaction to IPOs. Most of the academic theories developed thus far to explain the market's reaction to IPOs, however, are not...

Persistent link: https://www.econbiz.de/10013131627

A Comparison of Penny Stock Initial Public Offerings and Reverse Mergers as Alternative Mechanisms to Going Public

Floros, Ioannis V. - 2009

We compare firms that go public using penny stock initial public offerings (PSIPOs) to those using reverse mergers (RMs). Firms using RMs tend to be highly information asymmetric in contrast with the existing going public theory. Firms tend to opt for the RM path with the intent to acquire a...

Persistent link: https://www.econbiz.de/10013156787

Can Investors Anticipate Post-IPO Mergers and Acquisitions?

Anderson, Christopher W. - 2017

Given the frequency and its important value implication of post-IPO M&A activity, we investigate empirically whether investors can utilize information based on IPO deal structure to predict merger and acquisition activity among newly public firms. Consistent with the hypothesis that some firms...

Persistent link: https://www.econbiz.de/10012962506

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