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SPACs in Shipping

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  • Shachmurove, Yochanan
  • Vulanovic, Milos

Abstract

In this study we examine how Specified Purpose Acquisition Companies (SPACs) were used as a financing tool for companies in the shipping industry in period 2004-2011. We confirm that SPACs focused on acquisitions in the shipping industry have similar characteristics as the population of SPACs that entered U.S financial markets in the same period. When their characteristics differ, SPACs focused on shipping are larger in size than the rest of SPACs, have larger number of underwriters in syndicate, and have a higher rate of merger success. Also, the founders of shipping SPACs tend to be, on average, younger than their counterparts. Additionally, we confirm that shipping companies merge into SPACs for the benefits of acquiring public listing and receiving SPAC’s cash. The fact that some SPACs in our sample went private soon after the merger makes us believe that financing motives were more important than public listing motives

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 52520.

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Date of creation: 27 Dec 2013
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Handle: RePEc:pra:mprapa:52520

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Keywords: SPACs; Specified Purpose Acquisition Companies; Blank Check; IPO; M&A; Private Equity; Shipping Finance; Maritime Finance;

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  1. Grammenos, Costas Th. & Papapostolou, Nikos C., 2012. "US shipping initial public offerings: Do prospectus and market information matter?," Transportation Research Part E: Logistics and Transportation Review, Elsevier, Elsevier, vol. 48(1), pages 276-295.
  2. Lakicevic, Milan & Vulanovic, Milos, 2012. "A Story on Spacs," MPRA Paper 42172, University Library of Munich, Germany.
  3. Schultz, Paul, 1993. "Unit initial public offerings *1: A form of staged financing," Journal of Financial Economics, Elsevier, Elsevier, vol. 34(2), pages 199-229, October.
  4. Robert Berger, 2008. "SPACs: An Alternative Wav to Access the Public Markets," Journal of Applied Corporate Finance, Morgan Stanley, Morgan Stanley, vol. 20(3), pages 68-75.
  5. 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.
  6. Floros, Ioannis V. & Sapp, Travis R.A., 2011. "Shell games: On the value of shell companies," Journal of Corporate Finance, Elsevier, Elsevier, vol. 17(4), pages 850-867, September.
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