firm's likelihood of an IPO relative to an acquisition. Firms in industries with less information asymmetry and higher … stock liquidity are more likely to choose an IPO instead of an acquisition. While TFP peaks around either form of exit, the …

moment of going public than firms that IPO traditionally. (4) SPAC firms grow at similar or even higher rates compared to IPO … jointly explain these facts. Our model demonstrates that the SPAC and IPO market structures generate differing incentives for … IPO market. Finally, given these findings, we discuss the importance of aligning sponsors with long-term investors and …