Specified Purpose Acquisition Companies (SPACs) in Shipping

37 Pages Posted: 28 Dec 2013 Last revised: 24 Nov 2016

See all articles by Yochanan Shachmurove

Yochanan Shachmurove

City University of New York, CUNY City College of New York - Department of Economics; The University of Pennsylvania - Department of Economics

Milos Vulanovic

EDHEC Business School

Date Written: June 27, 2014

Abstract

This study examines how Specified Purpose Acquisition Companies (SPACs) have been used as a financing tool for the shipping industry in period 2004-2013. SPACs that focused on acquisitions in the shipping industry statistically have similar characteristics as the population of SPACs that entered U.S financial markets in the same period. Additionally, shipping companies merge into SPACs for the benefits of acquiring public listing and receiving SPAC’s cash. We construct SPAC Shipping Index and compare its performance with benchmark indices. Finally, we show that managers of SPACs with a focus on shipping on average exhibit return of $154 on $1 invested.

Keywords: SPACs, Specified Purpose Acquisition Companies, Blank Checks, Shipping Finance, Maritime Finance, IPO, M&A, Venture Capital

JEL Classification: G12, G14, G24, G30, G34, R49

Suggested Citation

Shachmurove, Yochanan and Vulanovic, Milos, Specified Purpose Acquisition Companies (SPACs) in Shipping (June 27, 2014). Global Finance Journal, doi:10.1016/j.gfj.2015.01.005, Forthcoming, Available at SSRN: https://ssrn.com/abstract=2372225 or http://dx.doi.org/10.2139/ssrn.2372225

Yochanan Shachmurove

City University of New York, CUNY City College of New York - Department of Economics ( email )

160 Convent Avenue
New York, NY 10031
United States
212-650-6202 (Phone)

The University of Pennsylvania - Department of Economics ( email )

Ronald O. Perelman Center for Political Science
133 South 36th Street
Philadelphia, PA 19104-6297
United States
215-898-1090 (Phone)
215-573-2057 (Fax)

Milos Vulanovic (Contact Author)

EDHEC Business School ( email )

24, avenue Gustave Delory
CS 50411
Roubaix, 59057
France

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