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2020`s SPAC Boom. Phenomena Overview and Trend Predictability.

Student: Kocherova Olga

Supervisor: Dmitriy Alexandrovich Kachalov

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2021

For millions of companies across the globe going public is a major milestone, which uncovers their performance to the world. However, the process can be intimidating and even if a company is mature enough to be presented to the public, it does not always have a possibility to perform a classic initial public offering (IPO) as it requires huge amounts of resources, time and effort, which does not always justify itself in the end. A recent rising star of financial market, which skyrocketed last year, - Special Purpose Acquisition Companies (SPACs) has outperformed classical IPOs and aroused genuine interest of investors and private companies across the globe. With $75.3 billion proceeds for SPACs versus $61.9 billion proceeds for classical IPOs in 2020 in US only, there exists an evident reason to examine the phenomenon. Thus, this work will reveal the essence of the SPACs and its trend history, try to test whether there is a correlation between unexpected surge in SPACs’ popularity and US’s economic cycle. There yet exists no literature examining such dependence and analyzing the relationship between SPACs and macroeconomic factors, which emphasizes the academic novelty of the study.

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