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https://ir.iimcal.ac.in:8443/jspui/handle/123456789/3887| Title: | SPAC: Winners, Losers, Robbers? |
| Authors: | Ashta, Arvind |
| Keywords: | Liquidity Stock exchanges Special Purpose Acquisition Company (SPAC) IPO spacanalytics.com PIPE investments |
| Issue Date: | Apr-2022 |
| Publisher: | The Financial Research and Trading Laboratory (FRTL), IIM Calcutta |
| Abstract: | When private firms want to increase liquidity for their shareholders, they list in public stock exchanges. If they do not want to raise equity, they could do a direct listing, like Spotify, Slack, and Coinbase Global did in the last few years. However, if they do want to raise equity capital at the same time, they may opt for an Initial Public Offering (IPO) or merge with a Special Purpose Acquisition Company (SPAC). The usual route has been through IPOs, but ever since COVID started, there has been an increased interest in SPACs. In this article, we explain SPACs to the uninitiated before analyzing the actors' performance and indicating, by a simple financial model, the potential for collusion. |
| Description: | Biosketch : Dr. Arvind Ashta is Professor of Finance at the Burgundy School of Business, Université Bourgogne Franche-Comté in Dijon, France, and is member of its research center CEREN, EA 7477. He has over eighty publications in international journals. He has edited “Advanced Technologies for Microfinance”, co-edited “MIS in Microfinance” and “Slow Management”. He is also an author of “Microfinance: Battling a Wicked Problem” and “A Realistic Theory of Social Entrepreneurship: A Life-Cycle Analysis of Micro-Finance”. He is a member of a club of microinvestors. He obtained a Bachelor of Economics from St. Stephen’s College, a PGDM at IIM Calcutta, a Ph.D. in Law from the Université de Paris 2, and an HDR from the Université de Lille. He is also on the editorial board of A₹tha. | Mr. Dinos Constantinou is the Managing Partner of MF Strategy, a management consulting firm based in Lausanne, Switzerland. He has led consulting projects in Europe, MENA, Asia, and LATAM over the last 25 years. He has a BSc (1st Class Honors) in Economics from the University of Bristol, an MA in European Economic Studies from the College of Europe in Bruges, and an MBA from IMD International in Lausanne. |
| URI: | https://ir.iimcal.ac.in:8443/jspui/handle/123456789/3887 |
| Appears in Collections: | Issue 1, April 2022 |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| SPAC Winners, Losers, Robbers.pdf | SPAC: Winners, Losers, Robbers? | 13.96 MB | Adobe PDF |  View/Open |
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