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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 for companies from China in period 2004-2011. We offer the evidence that, similarly to evidence from studies on reverse mergers focusing on China, SPACs that focus on China are...

Persistent link: https://www.econbiz.de/10010957810

On Mergers, Acquisitions and Liquidation Using Specified Purpose Acquisition Companies (SPACs)

Lakicevic, Milan; Shachmurove, Yochanan; Vulanovic, Milos - Department of Economics, University of Pennsylvania - 2013

A Specified Purpose Acquisition Company (SPAC) is formed to purchase operating businesses within a priori determined time period. SPACs existed in U.S capital markets since the 1920s. Their corporate structure has recently become debated in the legal and financial literatures, especially their...

Persistent link: https://www.econbiz.de/10010822880

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...

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

Credit rating agencies and unsystematic risk: Is there a linkage?

Abad, Pilar; Robles Fernandez, M. Dolores - Facultad de Ciencias Económicas y Empresariales, … - 2012

This study analyzes the effects of six different credit rating announcements on systematic and unsystematic risk in Spanish companies listed on the Electronic Continuous Stock Market from 1988 to 2010. We use an extension of the event study dummy approach that includes direct effects on beta...

Persistent link: https://www.econbiz.de/10010778711

SPACs: Post-merger survival

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/10011567076

Credit rating agency announcements and the eurozone sovereign debt crisis

Baum, Christopher F.; Karpava, Margarita; Schäfer, Dorothea - 2013

This paper studies the impact of credit rating agency (CRA) announcements on the value of the Euro and the yields of French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011-2012. The employed GARCH models show that CRA downgrade...

Persistent link: https://www.econbiz.de/10010327254

SPACs with focus on China

Shachmurove, Yochanan; Vulanovic, Milos - 2014

Persistent link: https://www.econbiz.de/10010332133

Do Hedge Funds Manipulate Stock Prices?

Ben-David, Itzhak; Franzoni, Francesco A.; Landier, Augustin

We provide evidence suggesting that some hedge funds manipulate stock prices on critical reporting dates. Stocks in the top quartile of hedge fund holdings exhibit abnormal returns of 0.30% on the last day of the quarter and a reversal of 0.25% on the following day. A significant part of the...

Persistent link: https://www.econbiz.de/10010680445

Net asset value discounts in listed private equity funds

Lahr, Henry; Kaserer, Christoph - 2009

predict future stock returns and are explained by liquidity and by investor sentiment, but not by the fund's investment degree …

Persistent link: https://www.econbiz.de/10010305728

Hidden liquidity: Determinants and impact

Cebiroğlu, Gökhan; Horst, Ulrich - 2012

and posted liquidity. Our findings moreover suggest that large hidden orders are associated with larger transaction costs …, higher price impact and increased volatility. In particular, as large hidden orders fail to attract (latent) liquidity to the … market, hidden liquidity provision gives rise to negative liquidity externalities. …

Persistent link: https://www.econbiz.de/10010281537