SPACs

• 成果类型: Article
• 署名作者: Gahng, Minmo; Ritter, Jay R.; Zhang, Donghang
• 署名单位: Cornell University; State University System of Florida; University of Florida; University of South Carolina System; University of South Carolina Columbia
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhad019
• 发表日期: 2023
• 页码: 3463
• 关键词: IPO; FIRMS

摘要

Going public by merging with a Special Purpose Acquisition Company (SPAC) is much more expensive than conducting a traditional IPO. We rationalize why some companies merge with a SPAC by listing the potential benefits. We analyze the agency problems that certain SPAC features address. SPAC IPO investors and deal sponsors have earned remarkably high annualized average returns, although we warn that recent deals are likely to disappoint. Public investors in the merged companies have earned very low market-adjusted returns on an equally weighted basis, although high redemptions on the worst deals have limited the amount of money that they lost.