SPACs life cycles and the financial return to participants

Thursday 29 April 2021 | 17:00 - 18:00 | Webinar

This event has been organised by CFA UK's Investment Studies working group.

"SPAC boom eclipses 2020 fundraising record in single quarter"

"SPACs are like the shell companies of the dotcom boom"

With lofty headlines and SPAC creation reaching new heights every time new figures are published, they are fast becoming the talking point of pandemic origination market. We invite IPO Professor, Jay Ritter to discuss his paper, SPACs, written alongside Minmo Gahng and Donghang Zhang and detail the profound public listing development through a blank check company.

Jay will break down the structure of a SPAC and why their creation has soared over the past year and focus on what costs and returns are borne by sponsors, investors, and the operating companies, both to the listing period, coined SPAC, and post listing period, coined, deSPAC.

Looking forward, Jay will explore what kind of returns are expected from SPAC and deSPAC periods and how a more sustainable equilibrium could be reached.

Where recordings are made, these are a member benefit that are accessed through the member-only platform, CFA UK Discover.


Registration: 16:55

Event: 17:00 - 18:00

CPD Points: 1


Jay Ritter, IPO Professor

Since 1996, Jay Ritter has served as the Joseph B. Cordell Eminent Scholar in the Eugene Brigham Department of Finance at the University of Florida. Jay is known as “Mr. IPO” for his work on initial public offerings. During 2014-15, he served as president of the Financial Management Association, and has been a mutual fund trustee.

He received his BA, MA, and PhD (1981) degrees in economics and finance from the University of Chicago. Jay is a frequent keynote speaker at conferences around the world, and is widely quoted in the financial press

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