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This research primarily discusses the SPAC (Special Purpose Acquisition Company) trend that emerged between 2020 and 2021 and the listing process of companies through this special purpose merger model. The research methodology adopts a case study approach, examining prominent cases discussed in the US trading market. The study focuses on three well-known SPAC founders in the US: the "SPAC King" Chamath Palihapitiya, famous venture capitalist Peter Thiel, and hedge funder Bill Ackman. The research explores the market frenzy created by each founder's SPAC initiatives. Additionally, the study includes the largest global listing case of Grab and four representative cases of Taiwanese companies participating in the SPAC market: Gogoro, Maxpro Capital Acquisition Company, Gorilla Technology, and Perfect Corp.
In the fifth chapter of this research, we talk about the returns on common stocks during the de-SPAC period are relatively poor. The study employs an event study analysis using the 15 company cases discussed in this research paper as samples to verify the stock price performance of de-SPAC companies after their listing. Finally, the study explores the reasons behind the rise of SPACs and the factors contributing to the success or failure of the SPAC market's boom and bust from the perspectives of behavioral finance and behavioral economics.
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