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Were we to distill 2020 into a single word, from the capital markets’ perspective at least, it would certainly be SPACs, which – although to a different extent – are now having their momentum on both shores of the pond. If, in the US, SPACs are really enjoying a new lease of life due to...
Persistent link: https://www.econbiz.de/10013233636
In the last two years the number and volume of Special Purpose Acquisition Companies (SPACs) have reached an unprecedented high: 70% of total number of US IPOs were SPACs IPOs in 2021 -mid June- raising over $142 billion from investors (72,34% of total volume of US IPOs). This recent SPAC...
Persistent link: https://www.econbiz.de/10013214029
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/10010372686
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
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
The unique characteristics of the U.S. initial public offer (IPO) process, particularly the strict quiet period regulations, allow us to explore the effects of media coverage when the coverage does not contain genuine news (i.e., hard information that was previously unknown). We show that a...
Persistent link: https://www.econbiz.de/10013068793
This study examines whether the serial entrepreneurial experience of founders contributes to improved overall performance using a sample of Specified Purpose Acquisition Companies (SPACs) innovative firms that entered the U.S. financial markets since August 2003. Based on subsample analysis,...
Persistent link: https://www.econbiz.de/10012843289
We examine the performance of 2,790 private equity (PE) funds incepted during 1979-2008 using Stochastic Discount Factors (SDFs) implied by the two leading consumption-based asset pricing models (CBAPMs) — external habit and long-run risks — as their assumptions appear consistent with...
Persistent link: https://www.econbiz.de/10012845721
Using a panel of Credit Default Swap (CDS) spreads and supply chain links, we observe that both favorable and unfavorable credit shocks propagate through supply chains in the CDS market. Particularly, the three-day cumulative abnormal CDS spread change (CASC) is 63 basis points for firms whose...
Persistent link: https://www.econbiz.de/10012853357
This paper provides an innovative theoretical model and empirical evidence for how the illiquidity of corporate bonds, as trading noise, dampens firm-specific information incorporated into bond prices. We find a negative relation between bond illiquidity and synchronicity, and this empirical...
Persistent link: https://www.econbiz.de/10012828305