The fast track IPO - Success factors for taking firms public with SPACs

被引：39

作者：

Cumming, Douglas ^{[1
]}

Hass, Lars Helge ^{[2
]}

Schweizer, Denis ^{[3
,4
]}

机构：

[1] York Univ, Schulich Sch Business, Toronto, ON M3J 1P3, Canada

[2] Univ Lancaster, Sch Management, Lancaster LA1 4YX, England

[3] WHU Otto Beisheim Sch Management, D-56179 Vallendar, Germany

[4] Concordia Univ, Montreal, PQ H3G 1M8, Canada

来源：

JOURNAL OF BANKING & FINANCE | 2014年 / 47卷

关键词：

Special Purpose Acquisition Company (SPAC); Ownership structure; Board structure; Voting; PERFORMANCE; REPUTATION; COMPENSATION; RETURNS;

D O I：

10.1016/j.jbankfin.2014.07.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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. (C) 2014 Elsevier B.V. All rights reserved.

引用

页码：198 / 213

页数：16

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