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SPACs: An Alternative Investment Veh...

Anup, Nitusha.

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SPACs: An Alternative Investment Vehicle.

Record Type:	Electronic resources : Monograph/item
Title/Author:	SPACs: An Alternative Investment Vehicle./
Author:	Anup, Nitusha.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2016,
Description:	49 p.
Notes:	Source: Masters Abstracts International, Volume: 85-10.
Contained By:	Masters Abstracts International85-10.
Subject:	Investments. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30941747
ISBN:	9798382134666

SPACs: An Alternative Investment Vehicle.
Anup, Nitusha.

SPACs: An Alternative Investment Vehicle. - Ann Arbor : ProQuest Dissertations & Theses, 2016 - 49 p.

Source: Masters Abstracts International, Volume: 85-10.

Thesis (M.A.)--Universidade do Porto (Portugal), 2016.

Special Purpose Acquisition Companies (hereafter SPACs) well known as blind pool or blank check companies are defined, in a simple way, as alternative way to access the public markets. Since SPACs are becoming an increasingly popular alternative investment vehicle as they are a meritorious entity to substitute the presence of private equity in some segments of the market (Reimer 2007), this study is dedicated to analyze the returns for investors and clarify the impact that the market prices have in the decision of the investors. This topic assumes a particular importance for investors,managers, shareholders, and founders to understand how the decision-making process works in this kind of "blind pool" investments. Similar study (Jenkinson and Sousa,2011) has been done for the period between 2003 and 2006 and concluded that investor should listen to the market while approving/rejecting proposed deals. Our sample expands the time frame for the period between 2007 and 2013, in order to identify if the changes occurred, after 2007, in the SPACs structure changed the way the investors take their decisions and started taking into account the information imbedded in market prices at the decision date. Our study clearly demonstrates that neither the alert of Jenkinson and Sousa (2011) nor the changes in the SPACs structure change the behavior of investors and so investors are still not listening to the market and approving value destroying deals.

ISBN: 9798382134666Subjects--Topical Terms:

566987
Investments.

SPACs: An Alternative Investment Vehicle.
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520 $a Special Purpose Acquisition Companies (hereafter SPACs) well known as blind pool or blank check companies are defined, in a simple way, as alternative way to access the public markets. Since SPACs are becoming an increasingly popular alternative investment vehicle as they are a meritorious entity to substitute the presence of private equity in some segments of the market (Reimer 2007), this study is dedicated to analyze the returns for investors and clarify the impact that the market prices have in the decision of the investors. This topic assumes a particular importance for investors,managers, shareholders, and founders to understand how the decision-making process works in this kind of "blind pool" investments. Similar study (Jenkinson and Sousa,2011) has been done for the period between 2003 and 2006 and concluded that investor should listen to the market while approving/rejecting proposed deals. Our sample expands the time frame for the period between 2007 and 2013, in order to identify if the changes occurred, after 2007, in the SPACs structure changed the way the investors take their decisions and started taking into account the information imbedded in market prices at the decision date. Our study clearly demonstrates that neither the alert of Jenkinson and Sousa (2011) nor the changes in the SPACs structure change the behavior of investors and so investors are still not listening to the market and approving value destroying deals.
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