Bai, Jessica; Ma, Angela; Zheng, Miles - 2021
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 …