Essays on management quality, IPO characteristics and the success of business combinations

Green SPACs

“…The SPAC literature from 2007 to 2017 is surveyed in Shachmurove and Vulanovic (2019). Following initial studies, the literature on SPACs diverged and attempted to distinguish between the lifecycle and the performance of their securities around various announcement days (Hale, 2007;Heyman, 2007;Lakicevic & Vulanovic, 2013;Lewellen, 2009;Tran, 2010), governance mechanisms (Howe and O'Brien, 2012;Kim, 2009), overall and operating performance (Dimitrova, 2017;Jenkinson & Sousa, 2011;Kolb & Tykvová, 2016), merger likelihood (Cumming et al, 2014;Lakicevic et al, 2014) and postmerger success (Vulanovic, 2017). prospectus, they state the following: 'While we will not be limited to a particular industry or geographic region, given the experience of our management team, our acquisition and value creation strategy will be to identify, acquire, and build a company in the sustainable sector'.…”