Showing 1 - 8 of 8 Items
An Alternative Perspective on Special Purpose Acquisition Companies (SPACs): Underpricing in the “No Target" Phase
Date: 2023-01-01
Creator: Anna G Constantine
Access: Open access
- Special Purpose Acquisition Companies marked a restructuring of the often-fraudulent 1980s blank check company, an entity gathering funds to merge or acquire another business entity. Based on the Special Purpose Acquisition Company structure, “the stock price should be greater than or equal to the pro-rata trust value, discounted from the SPAC’s expiration date, at all times prior to the shareholder vote date.” In this study, I research the “no target” phase of the Special Purpose Acquisition Company’s lifecycle to evaluate whether there is a difference between their trust value and their market capitalization. Based on previous research, we know that there is a discount to trust value prior to 2009; however, I postulate the decoupling of the SPAC merger approval vote and the vote for investors to redeem may eliminate this discount. Using a first difference regression to establish the premium to the average trust value of 1,057 Special Purpose Acquisition Companies traded between 2005 and 2022, we find that both the period before 2010 and after 2010 trades at a negative premium, or discount. Because the decoupling of the merger vote and the redemption vote did not eliminate the negative premium to trust value, I postulate that the structure of SPAC redemptions, modeled as a call option with decaying time value, may be responsible for this mispricing. I also draw opportunities for future research to investigate if the embedding of a call option into the SPAC redemption structure discourages shareholders from desiring merger outcomes early in the SPAC lifecycle.
Long Day with The Office: An Analysis of College Student Demand for Streaming Video on Netflix Access to this record is restricted to members of the Bowdoin community. Log in here to view.
Date: 2020-01-01
Creator: Summers Askew
Access: Access restricted to the Bowdoin Community
Bubbles & Bought-Ins: Reevaluating Price Movements in the Art Market
Date: 2020-01-01
Creator: Silas Wuerth
Access: Open access
- Employs two tests for bubbles in the art market. First, a right-hand forward recursive augmented Dickey-Fuller test to identify explosive price movements. Second, a test for the statistical significance of hedonic regression price index coefficients after controlling for equity market performance. Finds strong evidence for a speculative bubble in the pre-Great Recession "Post-War & Contemporary" market. Evidence for this bubble diminishes but does not dissipate after accounting for the effect of failed sales on index returns.
Giving on the Margin: The Power of Donor Recognition
Date: 2016-05-01
Creator: Jordan W Richmond
Access: Open access
- This study develops a controlled laboratory experiment to examine the effects of personal recognition on charitable giving. I find evidence that both the possibility of acquiring prestige and the desire to avoid shame motivate individuals to give in recognition situations. Furthermore, I show that the possibility of being recognized is more important than the distinguishing value of that recognition, suggesting that an offer of recognition has greater power to increase charitable contributions when a larger proportion of donors will be recognized.
Are People Blaming Artificial Intelligence More or Less for Incorrect Advice? Access to this record is restricted to members of the Bowdoin community. Log in here to view.
- Restriction End Date: 2029-06-01
Date: 2024-01-01
Creator: Anh Nguyen
Access: Access restricted to the Bowdoin Community
Hot Boy Summer? Analyzing Managerial Reactions to Season-long Fluctuating Player Performance In Major League Baseball
Date: 2022-01-01
Creator: John Rodgers Hood
Access: Open access
- This paper suggests numerical weights that a Major League Baseball (MLB) manager may use when comparing player performance across multiple past performance periods to predict future performance. By the end of the MLB regular season, current season performance becomes more predictive than prior season performance for pitchers but not hitters. After estimating weights for different past time periods of performance, this paper compares the weights with how managers value performance in high-stakes situations across these same time periods. I find that MLB managers overreact to recent performance by both hitters and pitchers in postseason settings.
Self-Censorsh** in the Classroom This record is embargoed.
- Embargo End Date: 2027-05-14
Date: 2024-01-01
Creator: Sarah Greenberg
Access: Embargoed
How do Robinhood Investors React to Macroeconomic News? Access to this record is restricted to members of the Bowdoin community. Log in here to view.
- Restriction End Date: 2025-06-01
Date: 2024-01-01
Creator: Aditya S Pall-Pareek
Access: Access restricted to the Bowdoin Community