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Special purpose acquisition companies in the Italian market
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This work project illustrates the characteristics of Special Purpose Acquisition Companies and focuses specifically on the Italian Market. SPACs’ performance is analysed using an even study framework and classifying the companies either in Good SPAC sor Bad SPACs depending on market prices before the vote on the acquisitions. Raw and risk adjusted returns are computed and I find evidence for underperformance of this asset class, with the Bad SPAC ssub-sample performing significantly worse than the Good SPACs. The potential reasons behind the approval of ex-ante value destroying acquisitions are briefly mentioned.
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Spac Ipo Listing methods Special purpose acquisition companies