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Primary Article

SPACs as Alternative Investments

An Examination of Performance and Factors that Drive Prices

Carol Marie Boyer and G. Glenn Baigent
The Journal of Private Equity Summer 2008, 11 (3) 8-15; DOI: https://doi.org/10.3905/jpe.2008.707198
Carol Marie Boyer
An assistant professor in the Department of Finance at Long Island University in Brookville, NY.
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  • For correspondence: carol.boyer@liu.edu
G. Glenn Baigent
An associate professor in the Department of Finance at Long Island University in Brookville, NY.
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  • For correspondence: glenn.baigent@liu.edu
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Abstract

This study provides an analysis of the U.S. market for Special Purpose Acquisition Corporations (SPACs) starting with a description of how the investment vehicles are structured, provides a brief history, explains the purpose that they serve in the IPO market, and documents the sizeable growth of the industry. The analysis provides various descriptive statistics such as the pricing structure, 1st year returns, 1st day returns, trading volume, size, and trust amounts. Lastly, we examine the relationship between the warrant price, share price, and other SPAC variables using regression models.

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The Journal of Private Equity
Vol. 11, Issue 3
Summer 2008
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SPACs as Alternative Investments
Carol Marie Boyer, G. Glenn Baigent
The Journal of Private Equity May 2008, 11 (3) 8-15; DOI: 10.3905/jpe.2008.707198

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SPACs as Alternative Investments
Carol Marie Boyer, G. Glenn Baigent
The Journal of Private Equity May 2008, 11 (3) 8-15; DOI: 10.3905/jpe.2008.707198
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