An introduction to the phases of Special-purpose Acquisition Companies and their returns
Using the data of 110 completed special-purpose acquisition companies (SPACs) U.S.-listed between the 1st of January 2019 and the 15th of September 2021, this paper will examine the returns of SPACs based on the three phases of their SPACs life cycle in addition to the returns of their two main events; the merger announcement and the merger completion. Phase one is defined as the time period betwe