Análisis de los factores críticos de éxito de un IPO a través de una Empresa con Propósito Especial de Compra (SPAC)

Daniel Sanchez; Víctor Otero Martínez; Isabel González Dillon; Ricardo Martín Garza

doi:10.29105/revin19.38-399

Autores/as

Daniel Sanchez University of Monterrey
Víctor Otero Martínez University of Monterrey
Isabel González Dillon University of Monterrey
Ricardo Martín Garza University of Monterrey

DOI:

https://doi.org/10.29105/revin19.38-399

Palabras clave:

Special Purpose Acquisition Company (SPAC), Initial Public Offering (IPO), Security and Exchange Commission (SEC)

Resumen

Analisis de los factores críticos de éxito de un IPO a través de una Empresa con Propósito Especial de Compra, con el fin de otorgar a los inversionistas mejor toma de decisiones y así reducir posibles pérdidas patrimoniales al momento de invertir en empresas que se listaron por medio de estos vehículos de inversión.

Descargas

Los datos de descargas todavía no están disponibles.

Citas

Abreu, J. L. (2015). Análisis al Método de la Investigación. (Spanish). Revista Daena (International Journal of Good Conscience), 10(1), 205–214. Recuperado de: https://eds.udemproxy.elogim.com/eds/pdfviewer/pdfviewer?vid=6&sid=aefda41d-d7e4-423b-aeff-35efb8983315%40sdc-v-sessmgr01

Anani, K., & Zuluaga, A. (2021). Special Purpose Acquisition Companies: What Directors Should Know and Why: “Blank check” investing tripled in 2020. Directors & Boards, 45(3), 39–41. Recuperado de: https://eds.a.ebscohost.com/eds/pdfviewer/pdfviewer?vid=1&sid=767a674f-7530-4dcd-b763-de8871b6c76b%40sessionmgr4008

Andrés Sevilla Arias, 04 de enero, 2015. Warrant. Recuperado de: https://economipedia.com/definiciones/warrants.html

A. R. Berkeley, (1997) "Nasdaq's technology floor: its president takes stock," in IEEE Spectrum, vol. 34, no. 2, pp. 66-67, Feb. 1997, doi: 10.1109/6.570834. Recuperado de: https://ieeexplore.ieee.org/abstract/document/570834/authors#authors

Bandebo, R. (2021). New York Stock Exchange (NYSE). Salem Press Encyclopedia. Recuperado de: https://eds.b.ebscohost.com/eds/detail/detail?vid=22&sid=de19917d-2eb8-4760-a0de-c8447c067ea1%40pdc-v-sessmgr03&bdata=Jmxhbmc9ZXMmc2l0ZT1lZHMtbGl2ZSZzY29wZT1zaXRl#AN=89551008&db=ers

Bazerman, M. H., & Patel, P. (2021). SPACs: What You Need to Know; A guide for the curious and the perplexed. Harvard Business Review, 99(4), 102. Recuperado de: https://eds.udemproxy.elogim.com/eds/pdfviewer/pdfviewer?vid=11&sid=680c13bf-ea36-4175-996b-065c363376d1%40sdc-v-sessmgr02

Bergman, M. S., Huntington, D. S., Russo, R. M., & Curtis, D. A. (2021). Accounting and Reporting Considerations for Warrants Issued by SPACs. Insights: The Corporate & Securities Law Advisor, 35(5),3–6. Recuperado de: https://eds.udemproxy.elogim.com/eds/pdfviewer/pdfviewer?vid=6&sid=9387c61d-4741-40a5-a5e9-5023aefa819d%40pdc-v-sessmgr01

Berkeley, A. R. (1997) "Nasdaq's technology floor: its president takes stock," in IEEE Spectrum, vol. 34, no. 2, pp. 66-67, Feb. 1997, doi: 10.1109/6.570834. Recuperado de: https://ieeexplore.ieee.org/abstract/document/570834/authors#authors DOI: https://doi.org/10.1109/6.570834

Businesswire, (2022). Cerevel Therapeutics and Arya Sciences Acquisition Corp II Announce Business Combination, Creating a Publicly Listed Leader in Neuroscience Drug Development. Recuperado de: https://goo.su/Fhe5H

CFI, (2022). Special Purpose Acquisition Company (SPAC). Recuperado de: https://corporatefinanceinstitute.com/resources/knowledge/strategy/special-purpose-acquisition-company-spac/

Cohen, G., & Qadan, M. (2021). The Information Conveyed in a SPAC′s Offering. Entropy, 23(9), 1215. Recuperado de: https://doi.org/10.3390/e23091215 DOI: https://doi.org/10.3390/e23091215

Contributor Renaissance Capital Renaissance Capital. (n.d.). SPAC returns fall short of traditional IPO returns on average. Recuperado de: https://www.nasdaq.com/articles/spac-returns-fall-short-of-traditional-ipo-returns-on-average-2020-07-28

Cumming, D., Haß, L. H., & Schweizer, D. (2014). The fast track IPO – Success factors for taking firms public with SPACs. Journal of Banking and Finance, 47, 198–213. Recuperado de: https://doi.org/10.1016/j.jbankfin.2014.07.003 DOI: https://doi.org/10.1016/j.jbankfin.2014.07.003

D’Alvia, D. (2020). The international financial regulation of SPACs between legal standardised regulation and standardisation of market practices. Journal of Banking Regulation, 21(2), 107–124.Recuperado de: https://doi.org/10.1057/s41261-019-00100-5 DOI: https://doi.org/10.1057/s41261-019-00100-5

Díaz-Bravo, L., Torruco-García, U., Martínez-Hernández, M., & Varela-Ruiz, M. (n.d.). La entrevista, recurso flexible y dinámico. Retrieved October 17, 2021, Recuperado de: http://www.scielo.org.mx/scielo.php?script=sci_arttext&pid=S2007-50572013000300009

EViews 12sv (2020). “Residual Diagnostics” Recuperado de: http://www.eviews.com/help/helpintro.html#page/content/testing-Residual_Diagnostics.htm

GlobeNewswire, (2019). EdtechX Holdings (NASDAQ:EDTX) Announces Merger Agreement With Meten Education (China). Recuperado de: https://goo.su/cZM9JaD

Goldstein, J. I., Ackerson, S. B., & Novack, L. A. (1990). An Overview of Market Manipulation: Legal and Practical Aspects. In Conference on Market Manipulation: Law, Economics, and Public Policy sponsored by Virginia Polytechnic Institute and State University and the American Bar Association. Recuperado de: https://doi.org/10.2307/3665870 DOI: https://doi.org/10.2307/3665870

Graffeo, E., Will D., (2021). The SPAC market is booming, but there are plenty of bad buys. Here's what 8 experts say investors should be looking for in their next SPAC investment. Recuperado de: https://markets.businessinsider.com/news/stocks/spac-investing-strategies-risks-expert-advice-commentary-analysis-2021-3-1030229612

Gross, J. I., & Pekarek, E. (2010). Banks and Brokers and Bricks and Clicks: An Evaluation of Finra’s Proposal to Modify the “Bank Broker-Dealer Rule.” Albany Law Review, 73(2), 465–482. Recuperado de: https://webebsco.udemproxy.elogim.com/ehost/pdfviewer/pdfviewer?vid=7&sid=99ff410e-61e1-4f27-863e-e3d89db03a15%40sessionmgr4008

Hecht, B., Reyes, M. J., & Wood, M. D. (2021). April 12, 2021: SEC Acting Chief Accountant Paul Munter and Acting Director, Division of Corporation Finance, John Coates Issues a Statement on Accounting and Reporting Considerations for Warrants Issued by SPSCs. Business Law Today, 34–37 Recuperado de: https://eds.udemproxy.elogim.com/eds/detail/detail?vid=35&sid=b769e3d0-82ae-434f-a191-487e4a9b0e57%40pdc-v-sessmgr01&bdata=Jmxhbmc9ZXMmc2l0ZT1lZHMtbGl2ZSZzY29wZT1zaXRl#db=bsu&AN=150758302

Hernández Sampieri, R., & Mendoza Torres, C. P. (2018). “Metodología de la investigación : las rutas cuantitativa, cualitativa y mixta”. McGraw-Hill Education. Recuperado de: https://ebookcentral.udemproxy.elogim.com/lib/universidadmonterrey-ebooks/reader.action?docID=5485814&query=9781456260965

Heyman, D. K. (2007). From blank check to SPAC: the regulator’s response to the market, and the market’s response to the regulation. Entrepreneurial Business Law Journal, 2(1), 531–552. Recuperado de: https://webebsco.udemproxy.elogim.com/ehost/pdfviewer/pdfviewer?vid=15&sid=7c4514e7-3bed-4a88-a536-2ba185f566eb%40sdc-v-sessmgr01

Holman, K. (2008). SPACs Re-Emerge: SPACs were all the rage several months back, but issuers are now facing a most difficult IPO market. The Investment Dealers' Digest : IDD. Recuperado de: https://www.proquest.com/trade-journals/spacs-re-emerge-were-all-rage-several-months-back/docview/198295628/se-2?accountid=17236

Huebscher, R. (2020). How SPACs Destroy Investor Wealth. Recuperado de: https://www.advisorperspectives.com/articles/2020/12/21/how-spacs-destroy-investor-wealth

Initial Public Offer (IPO): Definition, How They Work and Their Purpose. (2018, October 31).

TheStreet. Recuperado de: https://galegogalecom.udemproxy.elogim.com/ps/i.do?p=ITOF&u=udem&id=GALE|A560666521&v=2.1&it=r&sid=ebsco

Israel, S. (2020). What Happens To A Bankrupt Stock After It Gets Delisted?. Benzinga. Recuperado de:: https://m.benzinga.com/article/16266710

J. A. (2008). Nasdaq Seeks to List SPACs. Mergers & Acquisitions Report, 21(9), 4. Recuperado de: https://webebsco.udemproxy.elogim.com/ehost/pdfviewer/pdfviewer?vid=12&sid=81460359-60e6-4a4e-b880-07c5b3fbec95%40sdc-v-sessmgr03

Jenkinson, T., & Sousa, M. (2011). Why SPAC Investors Should Listen to the Market. Journal of Applied Finance, 21(2), 38–57. Recuperado de: https://webebsco.udemproxy.elogim.com/ehost/pdfviewer/pdfviewer?vid=3&sid=7c4514e7-3bed-4a88-a536-2ba185f566eb%40sdc-v-sessmgr01

Jog, Vijay M. and Sun, Chengye. (2007). Blank Check IPOs: A Home Run for Management. Carleton University. Recuperado de: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1018242 DOI: https://doi.org/10.2139/ssrn.1018242

Klausner, M., Ohlrogge, M, & Ruan, E. (2022). A sober look at SPACs. Yale Journal, 39(1), 1-90 Recuperado de: https://dx.doi.org/10.2139/ssrn.3720919 DOI: https://doi.org/10.2139/ssrn.3720919

Kolb, J., & Tykvová, T. (2016). Going public via special purpose acquisition companies: Frogs do not turn into princes. Journal of Corporate Finance, 40, 80–96. Recuperado de: https://doi.org/10.1016/j.jcorpfin.2016.07.006 DOI: https://doi.org/10.1016/j.jcorpfin.2016.07.006

Lohrey, P. L. (2021). Academic Research Briefs. Value Examiner, 26–29. Recuperado de: https://contentebsco.udemproxy.elogim.com/ContentServer.asp?T=P&P=AN&K=149139376&S=R&D=bsu&EbscoContent=dGJyMMvl7ESep684zdnyOLCmsEmeprFSr6e4SLeWxWXS&ContentCustomer=dGJyMOGqsU21rLNNuePfgeyx43zx

Mackintosh, P. (2022). A Record Pace for SPACs in 2021. Recuperado de: https://www.nasdaq.com/articles/a-record-pace-for-spacs-in-2021

Mary L. Schapiro, Commissioner, SEC, Address at the 10th Annual Northwest Securities Institute: Seeking New Sanctions: Comments on Developments in the Commission’s Enforcement Program 5–6 (Mar. 9, 1990), Recuperado de: http://www.sec.gov/news/speech/1990/030990schapiro.pdf

Mascareñas, J. (2021). Sociedad Cotizada con Propósito para la Adquisición (Special Purpose Acquisition Company- SPAC). Recuperado de: https://ssrn.com/abstract=3824785 DOI: https://doi.org/10.2139/ssrn.3824785

Massed, S. M., & Tretiak, P. (2021). SPACs Go Global--U.S. Tax Issues to Consider. International Tax Journal, 47(3), 11–26. Recuperado de: https://eds.udemproxy.elogim.com/eds/pdfviewer/pdfviewer?vid=9&sid=87a52df7-cf0e-48d4-89d1-955bcc85c1a9%40sdc-v-sessmgr0c-b633-f7121b06f537@sessionmgr4006

Milos Vulanovic. (2017). SPACs: post-merger survival. Managerial Finance, 43(6), 679–699. Recuperado de: https://doi.org/10.1108/MF-09-2016-0263 DOI: https://doi.org/10.1108/MF-09-2016-0263

Morales, S. (2020). “¿Qué es la epistemología y para qué le sirve al científico?”.Recuperado de: https://philpapers.org/archive/MORQEL-3.pdf

Moreno, P., Rodriguez, J.P., Soberon, A. (20XX) “ECONOMETRÍA I”. Recuperado de: https://ocw.unican.es/pluginfile.php/1127/course/section/1352/Ppt_Ch6_G942_14-15.pdf

Murray, J. S. (2017). Innovation, imitation and regulation in finance: the evolution of special purpose acquisition corporations. Review of Integrative Business and Economics Research, 6(2), 1-27. Recuperado de: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2952119

Navigation capital, (2021). How do SPACs work? Recuperado de:. https://navigationcapital.com/about-spacs/

Nilsson, G. (2018). Incentive structure of special purpose acquisition companies. European Business Organization Law Review, 19(2), 253-274. doi Recuperado de: http://dx.doi.org/10.1007/s40804-018-0105-7

Okutan Nilsson G. Incentive Structure of Special Purpose Acquisition Companies. European Business Organization Law Review. 2018;19(2):253. doi:10.1007/s40804-018-0105-7 Recuperado de: https://eds.udemproxy.elogim.com/eds/pdfviewer/pdfviewer?vid=8&sid=048c7eae-ec1a-4369-adfd-bea2e367c879%40sessionmgr4006 DOI: https://doi.org/10.1007/s40804-018-0105-7

Openbank, (2022). ¿Qué es una SPAC?. Recuperado de: https://www.openbank.es/open-news/spac/

O'Shea, A. (2017, Aug 13). The lowdown; on penny stocks; it's easy to see why penny stocks are inexpensive when you look closer at what you're actually buying. Hartford Courant. Recuperado de: https://www.proquest.com/newspapers/lowdown-on-penny-stocks-easy-see-why-are/docview/1928512223/se-2?accountid=17236

Osipovich, A. (2017). Nasdaq Looks to Ease Rules for Blank-Check IPOs; Deals from special-purpose acquisition companies represent growing portion of IPO market. WSJ Pro.Private Equity, Recuperado de: https://www.proquest.com/trade-journals/nasdaq-looks-ease-rules-blank-check-ipos-deals/docview/1956873358/se-2?accountid=17236

Ramos, C. A. (2015). “Los Paradigmas De La Investigación Científica. Avances En Psicología, 23(1), 9–17”. Recuperado de: https://eds.udemproxy.elogim.com/eds/pdfviewer/pdfviewer?vid=6&sid=fa225e54-f8f5-4d30-8b1e-d3cfa061db46%40sdc-v-sessmgr01 DOI: https://doi.org/10.33539/avpsicol.2015.v23n1.167

Randewich N. (2021). Analysis: SPAC returns trail S&P 500 as retail investors temper interest. Recuperado de: https://www.reuters.com/business/spac-returns-trail-sp-500-retail-investors-temper-interest-2021-05-04/

REAL ACADEMIA ESPAÑOLA: Diccionario de la lengua española, 23.ª ed., [versión 23.4 en línea]. Recuperado de: https://dle.rae.es

Ricard, M. L. W. (2021). The Promises and Pitfalls of SPACs for the Space Economy. VIA Satellite, N.PAG. Recuperado de: https://udemproxy.elogim.com/auth-meta/login.php?url=https://ebsco.udemproxy.elogim.com/login.aspx?direct=true&db=bsu&AN=150707531&lang=es&site=eds-live&scope=site

Riemer, D. S. (2007). Special purpose acquisition companies: SPAC and span, or blank check redux? Washington University Law Review, 85(4), 931. Recuperado de: https://eds.udemproxy.elogim.com/eds/pdfviewer/pdfviewer?vid=3&sid=2f984b7b-705e-4ef9-bd3b-183e4649553d%40sessionmgr103

S.A.S., E. L. Bolsa de Valores Nueva York ya suspendió las negociaciones de la acción de Avianca. Recuperado de: https://www.larepublica.co/finanzas/bolsa-de-valores-nueva-york-ya-suspendio-las-negociaciones-de-la-accion-de-avianca-3013470

SATTERLEE, K. B., KARP, H., & EKBERG. (2013). NASAA’s Model Franchise Exemptions: Game Changer or Much Ado About Nothing? Franchise Law Journal, 32(4), 191–210. Recuperado de: https://webebsco.udemproxy.elogim.com/ehost/detail/detail?vid=3&sid=99ff410e-61e1-4f27-863e-e3d89db03a15%40sessionmgr4008&bdata=JkF1dGhUeXBlPWlwJnNpdGU9ZWhvc3QtbGl2ZSZzY29wZT1zaXRl#AN=90370944&db=asn

SEC, (2021). What You Need to Know About SPACs. Recuperado de: https://www.sec.gov/oiea/investor-alerts-and-bulletins/what-you-need-know-about-spacs-investor-bulletin

SHELL, A. (2021). Winning With SPACs Is a Long Shot. Kiplinger’s Personal Finance, 75(7), 39. Recuperado de: https://eds.udemproxy.elogim.com/eds/pdfviewer/pdfviewer?vid=19&sid=87a52df7-cf0e-48d4-89d1-955bcc85c1a9%40sdc-v-sessmgr03

SPAC Analytics, (2021). SPAC Analytics. Consultado el 11 de octubre de 2021. Recuperado de: https://spacanalytics.com/

Special Purpose Acquisition Companies. (2020, September 1). CFO, The Magazine for Senior Financial Executives, 36(4), 8. Recuperado de: https://galegogalecom.udemproxy.elogim.com/ps/i.do?p=ITOF&u=udem&id=GALE%7CA636117945&v=2.1&it=r&sid=ebsco

Stephen, J., Yoder, A., (2021). Explicamos las SPAC: Lo que deben saber los inversores ahora. Recuperado de: https://privatebank.jpmorgan.com/gl/es-es/insights/investing/making-sense-of-spacs-what-investors-need-to-know

The SPAC market is booming, but there are plenty of bad buys. Here's what 8 experts say investors should be looking for in their next SPAC investment. (2021, March 20). The Business Insider, NA. Recuperado de: https://galelinkgalecom.udemproxy.elogim.com/apps/doc/A655677576/STND?u=udem&sid=ebsco&xid=62f6c127

Sara Adler, Joel I. Greenberg, William G. LeBas, & Ellen Fleishhacker. (2021). US Securities and Exchange Commission (SEC) expands accredited investor definition. Journal of Investment Compliance, 22(1), 29–33. Recuperado de: https://emerald.udemproxy.elogim.com/insight/content/doi/10.1108/JOIC-09-2020-0029/full/html DOI: https://doi.org/10.1108/JOIC-09-2020-0029

Thompson, A. (2010). Organizational form and investment decisions: the case of special purpose acquisition companies (Doctoral dissertation, Purdue University). Recuperado de: https://www.proquest.com/docview/866158410?pq-origsite=gscholar&fromopenview=true

Vargas, S. A. (1995). Estadística descriptiva e inferencial. Cuenca: Universidad de Castilla-La Mancha. Recuperado de: https://books.google.es/books?hl=es&lr&id=RbaC-wPWqjsC&oi=fnd&pg=PA9&dq=tecnica+de+investigacion+estadistica+descriptiva&ots=WR3q4GIbn1&sig=kfWcEq2Y_iijnEzEYSGzZWWC0QY#v=onepage&q&f=false

Warner, D., Lynch, A. Broudy, B. (2022). Exit Strategies: IPOs versus SPACs. Recuperado de: https://privateequity.weil.com/features/exit-strategies-ipos-versus-spacs/

Will SPAC History Repeat Itself? SEC Takes Aim At SPACS. (2021, April 22). Mondaq Business Briefing, Recuperado de: https://galelinkgalecom.udemproxy.elogim.com/apps/doc/A659310035/ITOF?u=udem&sid=ebsco&xid=7eb9ba47

Zuhaib Gull, D. H. (2020, January 16). Blank-check IPO proceeds hit new record in 2019 as Wall Street buys in. Recuperado de: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/blank-check-ipo-proceeds-hit-new-record-in-2019-as-wall-street-buys-in-5657403