The SPAC Revolution: IPO Disruptor or Blank Check Distortion?
37,985
Publicado 2021-06-09
Blog Post: aswathdamodaran.blogspot.com/2021/06/the-rise-of-s…
Research papers:
1. A Sober Look at SPACs, 2020, Klaussner, Ohrlrogge and Ryan: papers.ssrn.com/sol3/papers.cfm?abstract_id=372091…
2. SPACs, 2021, Gahng, Ritter and Zhang: papers.ssrn.com/sol3/papers.cfm?abstract_id=377584…
Todos los comentarios (21)
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This is just like a top notch MBA class but for free! I'm so happy prof Damodaran is sharing this knowledge with the entire world. Game Changer!
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Sponsor get 20% ! This is huge ! So Chamath completed 4 SPAC , in health, space, real estate and fintech-banking ! 4 x 20 % … awesome fees charged to investors ! Thank you professor for this excellent video !
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i think the fact that your videos have 20k views while crypto and traders have millions is the tangible proof of markets' inefficiency. thank you for all you do to educate us
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I don't understand why you give us all kind of useful tool as videos, your web, etc. But I really appreciate your effort and your kindness for sharing all your knowledge with us. There's no word to describe my gratitude with you and your team Damodaran!
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Thank you for making this content free! Incredible educator
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Thanks for sharing a new video!
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Thank you for this instructive video with historic, current and market dynamic !
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Thank you for sharing. Wonderful video to clearly explain SPACs and their use as a tool to obtain capital. Buyer beware!
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I never watch hour long YouTube videos but I watched your google lecture.
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I recently tried to understand the spac process and economics. I read a lot of articles but it is hard to find good resources. Thank you for your contributions. As you say in the video, spac companies have big stories, they should follow late-stage VC-like returns and therefore, it makes sense to be on average negative, since their returns are often highly skewed. I believe Spacs should be paied like VC, fees for returns generated after the acquisition.
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Thanks for this video, some very interesting stats that i was not aware of. Thumbs Up.
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You’re an amazing teacher!🙏🏻
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Excellent summary! A couple additional benefit of a SPAC not mentioned are 1) members of the sponsor team will often take a seat on the board of the target company, the dragons den effect. 2) SPACs can do deals where they combine multiple target conpanies, for certain situations where a company wants to do a capital raise and complete an acquisition or merger.
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Thanks much Professor for an excellent video. I'd like to see a success rate comparison for going direct listing vs IPO vs SPAC especially post first year listed in relation to the stocks value.
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Thank you, Aswath, for your insights into SPACs.
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Thanks for the insights professor
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Finally understood the SPAC phenomenon
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another great video!
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Thanks for sharing!
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Very informative Doc. I learned a lot. The roadshow aspect of the investment bankers, as well as the favorable evaluation, sounds parallel to the pie in the sky storytelling and promote fees the sponsors are benefiting from. I've got my eye on a dozen or so SPACs, as well as money in a couple of them. I weighed heavily on the sponsors steering the ship so I obviously went with the sock puppet guy. But first I put faith in a Baker scholar. I studied the warrant structure and believe I waited till a favorable window to get those. The warrants, I think you should have had a few more minutes discussing them. They may be the most retail friendly for those in it for the long haul. Around the twenty-nine minute mark I sense you are disappointed in the traditional listing style. I guess by your history lesson we are on our third generation of SPACs. Hopefully this disruption from Bill will evolve it to the perfect retail friendly medium/long term investment vehicle. Great video