Institutional changes of SPACs

Milan Lakicevic, Yochanan Shachmurove and Milos Vulanovic

MPRA Paper from University Library of Munich, Germany

Abstract: We 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

Keywords: SPAC; Specified Purpose Acquisition Company; Blank Check; Venture Capital; IPO; M&A (search for similar items in EconPapers)
JEL-codes: G23 G32 G34 (search for similar items in EconPapers)
Date: 2013-02-03
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/44181/1/MPRA_paper_44181.pdf original version (application/pdf)

Related works:
Journal Article: Institutional changes of Specified Purpose Acquisition Companies (SPACs) (2014)
Working Paper: On Mergers, Acquisitions and Liquidation Using Specified Purpose Acquisition Companies (SPACs) (2013)
Working Paper: Institutional changes of SPACs (2013)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:44181

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().