| dc.description.abstract | This thesis seeks to address the effect of underwriter characteristics on the performance of SPAC deals. A substantial growth in the SPAC market has been observed over the later years, and little existing research is done on the topic. The study is conducted on SPACs in the United States and Canada after 2015, and examines the effects of underwriter reputation, experience, syndicate structure and time spent on closing a deal. Our findings imply that a better underwriter reputation increases short-term returns, however, interestingly, that it is not a reliable indicator for the long-term returns. Further, we found that the syndicate structure has no impact on the returns, as opposed to some earlier research. Lastly, we find some interesting previously undocumented relationships between the time used from SPAC IPO to deal close, the returns and the experience. We found that much of the effect from the time variable on returns stem from the underwriter experience; however, experience does not explain all of the effect | en_US |
