Institutional changes of SPACs
AbstractWe document the changes of corporate design of modern Specified Purpose Acquisition Companies (SPACs) from 2003 to 2012. We assign the impact on changes of SPACs to each of the three groups of stakeholders: founders, investors and underwriters and test whether institutional characteristics of SPACs determine the success of their merger outcomes. We document that SPACs significantly redesigned its structure in the period under observation. Additionally, the probability of the merger for SPACs is increasing if they are able to; announce the deal soon after the IPO, focus that deal on China and have their IPO underwritten by EarlyBirdCapital
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 44181.
Date of creation: 03 Feb 2013
Date of revision:
SPAC; Specified Purpose Acquisition Company; Blank Check ; Venture Capital; IPO; M&A;
Other versions of this item:
- Lakicevic, Milan & Shachmurove, Yochanan & Vulanovic, Milos, 2013. "Institutional changes of SPACs," EconStor Preprints 68589, ZBW - German National Library of Economics.
- Milan Lakicevic & Yochanan Shachmurove & Milos Vulanovic, 2013. "On Mergers, Acquisitions and Liquidation Using Specified Purpose Acquisition Companies (SPACs)," PIER Working Paper Archive 13-013, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-02-08 (All new papers)
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