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The fast track IPO: success factors for taking firms public with SPACs

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The fast track IPO : success factors for taking firms public with SPACs. / Cumming, Douglas; Hass, Lars Helge; Schweizer, Denis.

In: Journal of Banking and Finance, Vol. 47, 10.2014, p. 198-213.

Research output: Contribution to journalJournal articlepeer-review

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Cumming, D, Hass, LH & Schweizer, D 2014, 'The fast track IPO: success factors for taking firms public with SPACs', Journal of Banking and Finance, vol. 47, pp. 198-213. https://doi.org/10.1016/j.jbankfin.2014.07.003

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Cumming, Douglas ; Hass, Lars Helge ; Schweizer, Denis. / The fast track IPO : success factors for taking firms public with SPACs. In: Journal of Banking and Finance. 2014 ; Vol. 47. pp. 198-213.

Bibtex

@article{67d3bb0f25c040eabc82bfcd26563952,
title = "The fast track IPO: success factors for taking firms public with SPACs",
abstract = "Special Purpose Acquisition Companies (SPACs) are shells initiated with the sole intent of acquiring a single privately held company. SPAC shareholders vote on this acquisition, and in this paper we identify the factors that affect approval probability. Surprisingly, the data indicate more experienced managers and boards do not enhance the probability of deal approval. Similarly, glamor underwriters and larger underwriter syndicates are less likely to be associated with successful SPACs. Further, we find a negative relation between the presence of active investor (hedge funds and private equity funds) shareholdings in a SPAC and approval probability.",
keywords = "Special Purpose Acquisition Company (SPAC), Ownership structure, Board structure, Voting",
author = "Douglas Cumming and Hass, {Lars Helge} and Denis Schweizer",
year = "2014",
month = oct,
doi = "10.1016/j.jbankfin.2014.07.003",
language = "English",
volume = "47",
pages = "198--213",
journal = "Journal of Banking and Finance",
issn = "0378-4266",
publisher = "Elsevier",

}

RIS

TY - JOUR

T1 - The fast track IPO

T2 - success factors for taking firms public with SPACs

AU - Cumming, Douglas

AU - Hass, Lars Helge

AU - Schweizer, Denis

PY - 2014/10

Y1 - 2014/10

N2 - Special Purpose Acquisition Companies (SPACs) are shells initiated with the sole intent of acquiring a single privately held company. SPAC shareholders vote on this acquisition, and in this paper we identify the factors that affect approval probability. Surprisingly, the data indicate more experienced managers and boards do not enhance the probability of deal approval. Similarly, glamor underwriters and larger underwriter syndicates are less likely to be associated with successful SPACs. Further, we find a negative relation between the presence of active investor (hedge funds and private equity funds) shareholdings in a SPAC and approval probability.

AB - Special Purpose Acquisition Companies (SPACs) are shells initiated with the sole intent of acquiring a single privately held company. SPAC shareholders vote on this acquisition, and in this paper we identify the factors that affect approval probability. Surprisingly, the data indicate more experienced managers and boards do not enhance the probability of deal approval. Similarly, glamor underwriters and larger underwriter syndicates are less likely to be associated with successful SPACs. Further, we find a negative relation between the presence of active investor (hedge funds and private equity funds) shareholdings in a SPAC and approval probability.

KW - Special Purpose Acquisition Company (SPAC)

KW - Ownership structure

KW - Board structure

KW - Voting

U2 - 10.1016/j.jbankfin.2014.07.003

DO - 10.1016/j.jbankfin.2014.07.003

M3 - Journal article

VL - 47

SP - 198

EP - 213

JO - Journal of Banking and Finance

JF - Journal of Banking and Finance

SN - 0378-4266

ER -