The fast track IPO:success factors for taking firms public with SPACs

Cumming, Douglas and Hass, Lars Helge and Schweizer, Denis (2014) The fast track IPO:success factors for taking firms public with SPACs. Journal of Banking and Finance, 47. pp. 198-213. ISSN 0378-4266

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Abstract

Special Purpose Acquisition Companies (SPACs) are shells initiated with the sole intent of acquiring a single privately held company. SPAC shareholders vote on this acquisition, and in this paper we identify the factors that affect approval probability. Surprisingly, the data indicate more experienced managers and boards do not enhance the probability of deal approval. Similarly, glamor underwriters and larger underwriter syndicates are less likely to be associated with successful SPACs. Further, we find a negative relation between the presence of active investor (hedge funds and private equity funds) shareholdings in a SPAC and approval probability.

Item Type: Journal Article
Journal or Publication Title: Journal of Banking and Finance
Uncontrolled Keywords: /dk/atira/pure/subjectarea/asjc/2000/2002
Subjects:
Departments: Lancaster University Management School > Accounting & Finance
ID Code: 70721
Deposited By: ep_importer_pure
Deposited On: 10 Sep 2014 12:32
Refereed?: Yes
Published?: Published
Last Modified: 11 Feb 2020 08:23
URI: https://eprints.lancs.ac.uk/id/eprint/70721

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