Doctor of Philosophy (PhD)


Finance (Business Administration)

Document Type



A Special Purpose Acquisition Company (SPAC) is a blank check company with no business operation but management quality. It raises money through unit IPO and put proceeds in a trust account for future business combination. In the post IPO market, the market price would reflect the value of trust account and management quality of profitably acquiring a firm with business operation. Thus, SPACs provide a unique setting to examine the pricing of management quality. Compared with regular IPO firms, SPAC management has more industry experience and the market put a higher value for SPACs with better management experience. SPACs with higher market value for management experience take less time to consummate business combination and have better long-term unit price performance. The results imply that management experience is valuable and has a significant effect on the performance of IPO or business combination. Also, shorter time to deal or better long-term unit price performance during IPO or business combination period leads to better unit return performance or more institutional interest of SPAC business combination. The results are consistent with the merger-driven IPO literature.



Document Availability at the Time of Submission

Release the entire work immediately for access worldwide.

Committee Chair

Gary C. Sanger