On Mergers, Acquisitions and Liquidation Using Specified Purpose Acquisition Companies (SPACs)

Milan Lakicevic (), Yochanan Shachmurove and Milos Vulanovic
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Milan Lakicevic: College of Economics, Podgorica, Montenegro

PIER Working Paper Archive from Penn Institute for Economic Research, Department of Economics, University of Pennsylvania

Abstract: A Specified Purpose Acquisition Company (SPAC) is formed to purchase operating businesses within a priori determined time period. SPACs existed in U.S capital markets since the 1920s. Their corporate structure has recently become debated in the legal and financial literatures, especially their structural response to regulations by the Security and Exchange Commission (SEC) in the late 1990s. SPACs were traded on American Stock Exchange and Overt the Counter Bulletin Board. Since 2008, SPACs are listed on New York Stock Exchange and National Association of Securities Dealers Automated Quotations. This paper examines the determinants of the execution of mergers by SPACs.

Keywords: Specified Purpose Acquisition Companies (SPACs); Blank Checks; M&A; IPO; Unit IPO; Warrants; Reverse Mergers; Private Equity (search for similar items in EconPapers)
JEL-codes: G12 G14 G24 G30 G32 G34 (search for similar items in EconPapers)
Pages: 38 pages
Date: 2013-02-01
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Citations: View citations in EconPapers (1)

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Related works:
Journal Article: Institutional changes of Specified Purpose Acquisition Companies (SPACs) (2014)
Working Paper: Institutional changes of SPACs (2013)
Working Paper: Institutional changes of SPACs (2013)
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