In this study we examine how Specified Purpose Acquisition Companies (SPACs) were used as a financing tool for companies in the shipping industry in period 2004-2011. We confirm that SPACs focused on acquisitions in the shipping industry have similar characteristics as the population of SPACs...

We study characteristics of Specified Purpose Acquisition Companies (SPACs) and examine the performance of their securities over time. We find that SPACs represent a fairly unique way to raise capital. The incentives of their founders, underwriters, and investors are interdependent and...

In this study, we examine characteristics of Specified Purpose Acquisition Companies (SPACs) used as a financing tool for companies from China in period 2004-2011. We offer the evidence that, similarly to evidence from studies on reverse mergers focusing on China, SPACs that focus on China are...

We document the changes of corporate design of modern Specified Purpose Acquisition Companies (SPACs) from 2003 to 2012. We assign the impact on changes of SPACs to each of the three groups of stakeholders: founders, investors and underwriters and test whether institutional characteristics of...

Purpose – This paper aims to study characteristics of specified purpose acquisition companies (SPACs) and examine the performance of their securities over time. Design/methodology/approach – Previous findings in literature on SPACs' performance around the announcement of merger date are...

Unit initial offerings are innovative way to finance corporate activities in capital markets and are usually conducted by companies that carry a high level of asymmetry information. The degree of information asymmetry insignificantly impacts the pricing at the IPO day in our sample. In addition...

Warrant is an important form of financial asset that enables entrance to primary capital markets to companies that otherwise would have difficulty to access it. We explain the nature of warrants and examine the reaction of warrants' value during two major events in the life of SPACs, namely the...

We document the changes of corporate design of modern Specified Purpose Acquisition Companies (SPACs) from 2003 to 2012. We assign the impact on changes of SPACs to each of the three groups of stakeholders: founders, investors and underwriters and test whether institutional characteristics of...

In this study, we examine characteristics of Specified Purpose Acquisition Companies (SPACs) used as a financing tool for companies from China in period 2004-2011. We offer the evidence that, similarly to evidence from studies on reverse mergers focusing on China, SPACs that focus on China are...