What All-Cash Companies Tell Us About IPOs and Acquisitions

Rodrigues, Usha; Stegemoller, Mike

doi:10.2139/ssrn.2101830

Cited by 5 publications

(2 citation statements)

References 28 publications

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“…The findings are similar to Rodrigues and Stegemoller (2012) who report that SPACs do not exhibit IPO underpricing with initial returns in their sample of near zero. Interestingly they propose the additional testing on potential determinants that may impact the initial returns on the date of the initial public offerings.…”

Section: Underwriters Involvement and Under Pricing Testssupporting

confidence: 88%

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Unit IPO's: A Case of Specified Purpose Acquisition Companies (SPACs)

Čizmović

Lakičević²,

Vulanović

2013

SSRN Journal

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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 to outlying the structure of Unit IPO we document behavior of underwriters in this process and shed the light on their incentives through time. We find that the most successful underwriters are relatively small investment banks by size that have a niche in this market. In addition we find that the structure of offering is changing and underwriters are using fewer warrants in designing as well as charging lower fees for their services.

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Section: Underwriters Involvement and Under Pricing Testssupporting

confidence: 88%

“…Ignatyeva et al (2012) examine performance of SPACs listed in Europe and report positive after the announcement of the merger returns. Rodrigues and Stegemoller (2012) confirm the lack of that underpricing at the IPO. With initial returns near zero and gross spreads similar to traditional IPOs.…”

Section: Literature Reviewsupporting

confidence: 59%

Unit IPO's: A Case of Specified Purpose Acquisition Companies (SPACs)

Čizmović

Lakičević²,

Vulanović

2013

SSRN Journal

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The Perverse Incentives of SPACs

Dimitrova

2012

SSRN Journal

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On Mergers, Acquisitions and Liquidation Using Specified Purpose Acquisition Companies (SPACs)

2013

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A Specified Purpose Acquisition Company (SPAC) is formed to purchase operating businesses within a priori determined time period. SPACs existed in U.S capital markets since the 1920s.Their corporate structure has recently become debated in the legal and financial literatures, especially their structural response to regulations by the Security and Exchange Commission (SEC) in the late 1990s. SPACs were traded on American Stock Exchange and Overt the Counter Bulletin Board. Since 2008, SPACs are listed on New York Stock Exchange and National Association of Securities Dealers Automated Quotations. This paper examines the determinants of the execution of mergers by SPACs.

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What All-Cash Companies Tell Us About IPOs and Acquisitions

Cited by 5 publications

References 28 publications

Unit IPO's: A Case of Specified Purpose Acquisition Companies (SPACs)

Unit IPO's: A Case of Specified Purpose Acquisition Companies (SPACs)

The Perverse Incentives of SPACs

On Mergers, Acquisitions and Liquidation Using Specified Purpose Acquisition Companies (SPACs)

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