Specified purpose acquisition companies in shipping

Yochanan Shachmurove and Milos Vulanovic

Global Finance Journal, 2015, vol. 26, issue C, 64-79

Abstract: This paper examines Specified Purpose Acquisition Companies (SPACs) used as a financing tool for the shipping industry in the period 2004–2013. SPACs that focused on acquisitions in the shipping industry have statistically similar characteristics to the population of SPACs that entered U.S. financial markets. Additionally, shipping companies merge into SPACs for the benefits of acquiring a public listing and receiving the SPAC's cash. The paper constructs an original SPAC Shipping Index and compares its performance with benchmark indices. Under some conditions, managers of SPACs with a focus on shipping on average exhibit a return of $154 for every $1 invested.

Keywords: Baltic Dry Index; Dow Jones Transportation Average Index; Maritime financial management; Reverse mergers; Specified Purpose Acquisition Companies (SPACs) (search for similar items in EconPapers)
JEL-codes: G12 G14 G24 G30 G34 R49 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:glofin:v:26:y:2015:i:c:p:64-79

DOI: 10.1016/j.gfj.2015.01.005

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