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A Story on Spacs

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  • Lakicevic, Milan
  • Vulanovic, Milos

Abstract

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 successful business combinations generally result in significant returns to founders. We also show that different SPAC securities generate different reactions in response to the announcement news regarding their corporate status. While holders of all three securities realize abnormal returns on the announcement day, the strongest reaction is observed among the investors holding warrants, while common stock holders tend to react very mildl

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 42172.

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Date of creation: 01 May 2012
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Handle: RePEc:pra:mprapa:42172

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Keywords: SPAC; SPACs; Specified Purpose Acquisition Companies; Blank Checks; Private Equity; Venture Capital;

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References

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  1. Gregor Andrade & Mark Mitchell & Erik Stafford, 2001. "New Evidence and Perspectives on Mergers," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 15(2), pages 103-120, Spring.
  2. Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, Elsevier, vol. 14(1), pages 3-31, March.
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Cited by:
  1. Lakicevic, Milan & Shachmurove, Yochanan & Vulanovic, Milos, 2014. "Institutional changes of Specified Purpose Acquisition Companies (SPACs)," The North American Journal of Economics and Finance, Elsevier, Elsevier, vol. 28(C), pages 149-169.
  2. Shachmurove, Yochanan & Vulanovic, Milos, 2014. "SPACs with focus on China," EconStor Preprints, ZBW - German National Library of Economics 92407, ZBW - German National Library of Economics.
  3. Shachmurove, Yochanan & Vulanovic, Milos, 2013. "SPACs in Shipping," EconStor Preprints, ZBW - German National Library of Economics 88633, ZBW - German National Library of Economics.
  4. Mirjana Cizmovic & Milan Lakicevic & Milos Vulanovic, 2013. "Unit Ipo'S: A Case Of Specified Purpose Acquisition Companies (Spacs)," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), Economic Laboratory for Transition Research (ELIT), vol. 9(1), pages 45-52.

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