We study the firm's incentives and disclosure practice of going public via Special Purpose Acquisition Company (SPAC). We argue that going public via deSPAC merger is regulatory arbitrage, through which firms circumvent the SEC review process in conventional IPO registration and provide less...

This study investigates the confidential IPO registration process that is adopted by 86% of firms since the JOBS Act of 2012. Using textual analysis, I am the first to compare the information content of draft registration statements (DRS) to its formal prospectus (Form S-1) and document that...

The main goal of the paper is to investigate whether real GDP follows a trend stationary or a different stationary process. Our hypothesis is that real output is characterized by a non-linear mean reverting process. It is flexible Fourier stationary unit root test proposed by Enders and Lee...