A dynamic delegated investment model of SPACs

A dynamic delegated investment model of SPACs

We study SPACs in a continuous-time delegated investment model. Our model is built upon three unique features of SPACs: the sponsor and the investor are only partially aligned, a SPAC has a short time horizon, and the investor has the final control over investment approval. Due to the misalignment i...

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Bibliographic Details
Main Authors: LUO, Dan, SUN, Jian
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2021
Subjects:
SPAC
delegated investment
dynamic delegation
moral hazard
Finance and Financial Management
Portfolio and Security Analysis
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/7037
https://ink.library.smu.edu.sg/context/lkcsb_research/article/8036/viewcontent/SSRN_id3929762.pdf
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Institution: Singapore Management University
Language: English

Internet

https://ink.library.smu.edu.sg/lkcsb_research/7037
https://ink.library.smu.edu.sg/context/lkcsb_research/article/8036/viewcontent/SSRN_id3929762.pdf

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