绿色 SPAC

IF 2.1 3区经济学 Q2 BUSINESS, FINANCE

European Financial Management Pub Date : 2023-08-16 DOI:10.1111/eufm.12453

Nebojsa Dimic, John W. Goodell, Vanja Piljak, Milos Vulanovic

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引用次数: 0

摘要

我们研究了专注于绿色事业的特殊目的收购公司（SPAC）的结构特征。我们解释了它们的生态系统、首次公开募股（IPO）规模的主要决定因素和上市速度，并计算了它们在合并公告和后续收购前后的回报。绿色 SPAC 的规模取决于首席执行官的特点、交易所的选择以及各自利益相关者的专业化程度。上市速度与法律顾问的集中度有关。绿色 SPAC 在宣布合并前后的累计市场调整回报率在 6%-12% 之间。合并回报率在合并日为正，但很快变为负值（-1% 至 -9%），并随着时间的推移进一步下降。

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Green SPACs

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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来源期刊

European Financial Management BUSINESS, FINANCE-

CiteScore

4.30

自引率

18.20%

发文量

期刊介绍： European Financial Management publishes the best research from around the world, providing a forum for both academics and practitioners concerned with the financial management of modern corporation and financial institutions. The journal publishes signficant new finance research on timely issues and highlights key trends in Europe in a clear and accessible way, with articles covering international research and practice that have direct or indirect bearing on Europe.