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Special Purpose Acquisition Companies
Special Purpose Acquisition Companies
Fordham Business Student Research Journal
Special purpose acquisition companies (SPACs) are blank-check companies that raise funds from investors through a public offering of shares and warrants (known as a Unit IPO) for the purpose of buying a private firm. SPACs have no assets or business plan and their only intent is to acquire an operational business. Because of limited data (SPACs have only gained popularity in the past decade), there has been very little research into the nature of firms that are targeted for SPAC acquisitions, with most research focusing on short-term performance statistics. A SPAC transaction effectively takes an existing private business and makes …
Do Shareholders Penalize Bank Boards And Management For The Financial Crisis?
Do Shareholders Penalize Bank Boards And Management For The Financial Crisis?
Fordham Business Student Research Journal
The 2007-2008 financial crisis was a pervasive shock that profoundly impacted the financial services industry. Often described as the worst economic crisis since the Great Depression, this event provides a unique opportunity to examine the consequences experienced by members of boards of directors and top management at bank holding companies for what shareholders may perceive as failures in oversight and excessive risk-taking. This study examines whether shareholders penalized top management at banks and provides some new evidence of the crisis’s impact on management careers. Using the 36 largest American bank holding corporations by assets as a sample, we examine director …
Underwriting Syndicates In Bric Countries: Determinants Of Syndicate Size And Member Selection
Underwriting Syndicates In Bric Countries: Determinants Of Syndicate Size And Member Selection
Fordham Business Student Research Journal
The process of startup firms raising capital through equity markets by issuing shares to the public is a strong sign of financial growth and innovation. Going public requires the issuing firm to share information with potential investors and requires financial institutions to underwrite the effort, typically through a syndicate. The underwriting syndicate is a coalition of competing banks that serve as intermediaries between the firm and the investors. In emerging nations, this process is compounded by the differences in the maturity of the financial markets and the economic environment. The growth and significance of capital markets in the BRIC (Brazil, …
Bric Ipos: How Do Capital Market And Economic Activities In Emerging Markets Relate?
Bric Ipos: How Do Capital Market And Economic Activities In Emerging Markets Relate?
Fordham Business Student Research Journal
Since the beginning of the millennium, the acronym BRIC has captivated the world and become synonymous with an extraordinary economic growth story that has defined the first decade of the 21st century. Along with newfound prosperity, entrepreneurs in the BRIC countries (Brazil, Russia, India and China) have been opening themselves up to further growth opportunities for investors all over the world through equity financing by issuing IPOs. This paper primarily attempts to explore the relationship between the capital market activities of the BRIC countries and their corresponding economic indicators. In the past decade, IPO activity has witnessed a rapid increase …