Special purpose acquisition companies: a comparative analysis between the US and EU regulatory framework and empirical evidence of detrimental effects on investors
Rossi, Laura (A.A. 2021/2022) Special purpose acquisition companies: a comparative analysis between the US and EU regulatory framework and empirical evidence of detrimental effects on investors. Tesi di Laurea in Market law and regulation, Luiss Guido Carli, relatore Paola Lucantoni, pp. 194. [Master's Degree Thesis]
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Abstract/Index
Outline of special purpose acquisition companies. Background and definition. Structure and business model of SPACs. Parallelism with traditional IPO, reverse merger, and direct listing. Academic literature. Regulatory requirements under US federal law. Overview and policy issues. SPACs specific regulatory treatment as shell companies. General regulatory regime applicable to SPACs as public companies. Exchange listing requirements under NYSE and Nasdaq. SEC proposed rules and amendments targeting SPACs, Shell companies, and projections. Regulatory requirements under European Union law. Regulatory framework and scope of application. Disclosure requirements relating to SPACs under regulation (EU) 2017/1129 on prospectus. MiFID II product governance requirements applicable to manufacturers and distributors of SPAC securities. Applicability of key information documents to SPACs warrants under regulation (EU) no 1286/2014 on PRIIPs. SPACs qualification as AIFs under directive 2011/61/EU on alternative investment fund managers. SPAC market structure in US and Europe. Sample selection and methodology. US and European SPACs market outlook. Volume analysis. Primary stock exchange of listing and ownership stricture. Industry distribution of target companies. Empirical analysis on the performance pattern of US and European SPACs. Data and methodology. Performance from the IPO to the business combination completion. Post-transaction stock performance.
References
Bibliografia: pp. 167-178. Sitografia: p. 179.
| Thesis Type: | Master's Degree Thesis |
|---|---|
| Institution: | Luiss Guido Carli |
| Degree Program: | Master's Degree Programs > Master's Degree Program in Economics and Finance (LM-56) |
| Chair: | Market law and regulation |
| Thesis Supervisor: | Lucantoni, Paola |
| Thesis Co-Supervisor: | Di Noia, Carmine |
| Academic Year: | 2021/2022 |
| Session: | Summer |
| Deposited by: | Alessandro Perfetti |
| Date Deposited: | 04 Oct 2022 08:25 |
| Last Modified: | 04 Oct 2022 08:25 |
| URI: | https://tesi.luiss.it/id/eprint/33525 |
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