The Value of Executive Visibility

Dimitrova, Lora; Fong, Margaret

doi:10.2139/ssrn.4264933

Cited by 1 publication

(1 citation statement)

References 47 publications

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“…This increased usage of SPACs motivated the interest of academics and led to development of the SPAC literature, both theoretical (Alti & Cohn, 2022; Bai et al, 2021; Gryglewicz et al, 2021; Luo & Sun, 2022) and empirical (Blankespoor et al, 2022; Dimitrova & Fong, 2022; Gahng et al, 2021; Gofman & Yao, 2022; Kiesel et al, 2023; Klausner et al, 2022; Lin et al, 2021). Concurrently, other phenomena appearing in the last decade and labelled as ‘green finance’ have engendered the development of a second strand of the literature (Edmans, 2022; Gillan et al, 2021; Hong et al, 2020; Liang & Renneboog, 2017; Mumtaz & Yoshino, 2021; Pástor et al, 2021; Pástor et al, 2022; Stroebel & Wurgler, 2021; Wang et al, 2022).…”

Section: Introductionmentioning

confidence: 99%

Green SPACs

Dimic,

Goodell,

Piljak

et al. 2023

Euro Fin Management

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We examine the structural characteristics of special purpose acquisition companies (SPACs) focused on green causes. We explain their ecosystem, primary determinants of initial public offering (IPO) size, and speed of going public, and we calculate their returns around merger announcements and subsequent acquisition. Green SPAC size depends on CEO characteristics, choice of exchange and specialisation of respective stakeholders. The speed to IPO is related to the respective concentration of legal counsel. Green SPACs exhibit cumulative market‐adjusted returns in the range 6%–12% around the merger announcement. Merger returns are positive at the merger date but quickly become negative (−1% to −9%) and decline further with time.

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