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Date of Award

Spring 2022

Degree Name

Bachelor of Arts



First Advisor

Prof. Peter Bent


The sudden, spectacular rise of Special Purpose Acquisition Companies (“SPACs”) as a legitimate alternative to a traditional initial public offering (“IPO”) has startled stakeholders of the financial markets: investors, financiers, corporate management, and regulators alike. This paper will conduct an analysis in two parts: first, measuring the post-merger share prices of SPACs, and second, utilizing the case study methodology to better analyze and understand the results of the quantitative analysis. The quantitative analysis section will apply filters such as company size and industry groups to post-merger share prices in order to find patterns or themes that can differentiate high-performing and underperforming SPACs. The results of this paper will first and foremost help investors better understand whether SPACs are an effective investment, and if so, which themes to invest in. Second, this paper will also have implications on whether SPACs can preserve shareholder value throughout the search period and merger process. Ultimately, we hope to extend knowledge to all stakeholders of financial markets as to better understand this dynamic new market phenomenon.


Senior thesis completed at Trinity College, Hartford, CT for the degree of Bachelor of Arts in Economics. Full text access is limited to the campus.