Abstract
This study documents the changes in the corporate design of modern Specified Purpose Acquisition Companies (SPACs) for the years 2003-2012. Do institutional characteristics of SPACs determine the success of their merger outcomes? The paper finds that SPACs significantly redesigned their structure in the period under observation. In addition, the probability of a merger for SPACs increases if they are able to announce the deal soon after the Initial Public Offering (IPO), if the deal focuses on China and when their IPO is underwritten by Early Bird Capital. © 2014 Elsevier Inc.
| Original language | English |
|---|---|
| Pages (from-to) | 149-169 |
| Journal | North American Journal of Economics and Finance |
| Volume | 28 |
| DOIs | |
| Publication status | Published - Apr 2014 |
Research Keywords
- Blank checks
- China
- Initial public offering (IPO)
- Mergers and acquisitions (M&A)
- Private equity
- Reverse mergers
- Specified Purpose Acquisition Companies (SPACs)
- Unit IPO
- Warrants
Policy Impact
- Cited in Policy Documents
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