- Copyright Page
- The Law and Economics of the Going-Public Decision
- IPO Regulators Gone Wild
- Determinants of Variation in IPO Underpricing
- IPO Valuation: The International Evidence
- Survey and Synthesis of the IPO Underpricing Literature: The Fixed-Offer Price Constraint as a Unifying Core Explanation
- IPO Market Conditions and Timing over the Long Run
- The Interplay of IPO and M&A Markets: The Many Ways That One Affects the Other
- Lower Visibility Platforms Serving as Stepping Stones to National Stock Exchanges: The Case of Shell Reverse Mergers
- Going Public in China: Reverse Mergers versus IPOs on Chinese Markets
- Specified Purpose Acquisition Company IPOs
- The Impact of IPOs’ Analyst Coverage on the Choice and Timing of SEOs: A Survival Analysis
- Auditor Selection and IPO Underpricing
- The Structure and Role of the Underwriting Syndicate
- Venture Capital and Financial Reporting in Newly Public Firms
- The Dark Side of Venture Capital Syndication and IPO Firm Performance: The Impact of Different Institutional Environments
- All Ties Are Not Created Equal: Institutional Equity Ties, IPO Performance, and Market Growth of New Ventures
- Is Exchange Regulation Effective for Junior Public Equity Markets?
- Corporate Governance in European IPOs
- Survival of Initial Public Offerings on Europe’s New Stock Markets
- Initial Public Offerings in Germany between 1997 and 2015
- The Underpricing of Initial Public Offerings and Private Placements of Equity in China
- IPOs in New Zealand: An Analysis of Benchmark-Adjusted Performance
- Initial Public Offerings in Hong Kong
- The Admission and Regulation of Overseas Issuers: A Survey of the Top Four Financial Centers
- IPOs in a Major Emerging Market Economy—India
- Private Capital Marketplaces and IPOs
- Crowdfunding: Business and Regulatory Perspective
- Regulatory Arbitrage in Cross-Border Crowdfunding
Abstract and Keywords
Specified purpose acquisition companies (SPACs) are a special type of public company currently available to investors in financial markets. As an investment vehicle, modern SPACs are traced back to eighteenth-century England where blank checks were first mentioned as blind pools during the infamous South Sea Bubble. In the United States, the Security and Exchange Commission classifies a SPAC as a blank-check company. This chapter reviews the academic and financial literatures about SPACs, describes their institutional characteristics, and analyzes their market performance since initial public offering (IPO). The sole purpose of SPACs is to use the proceeds to finance future merger or acquisition.
Yochanan Shachmurove is professor of economics and business at the City College of the City University of New York, a member of the faculty of the PhD program in economics at the Graduate Center of the City University of New York, and a member of the visiting faculty at the University of Pennsylvania. Professor Shachmurove graduated from Tel Aviv University, Israel, with degrees in economics, and an MBA in finance and operations research. He received his MA in economics and PhD at the University of Minnesota under Nobel Laureate Thomas J. Sargent (chairman), Professor Neil Wallace, Nobel Laureate Christopher Sims, Nobel Laureate Professor Edward C. Prescott, and Professor Symord Geisser. Dr. Shachmurove has published extensively in the areas of economics and finance, and his papers have been accepted for presentation at professional meetings throughout the world. His papers are published in journals including, among others, Kyklos, Public Choice, The Manchester Journal, Review of International Economics, The World Economy, Journal of Policy Modeling, The Journal of Energy and Development, Comparative Economic Studies, Justice Quarterly, Papers in Regional Science, Journal of Economic and Social Measurement, Applied Economics, Global Finance Journal, Applied Financial Economics, Journal of Futures Markets, International Journal of Manpower, International Migration, and International Trade Journal.
Milos Vulanovic is Professor of Corporate Finance at EDHEC Business School, Lille, France.
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