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<p>Special purpose acquisition companies (SPACs) have grown significantly in number and volume over the recent years. Especially when compared to traditional route of taking privately held companies public via regular IPOs, SPACs have shown abnormally high growth rates. Despite their popularity, the stock price performance of most SPACs after the takeover of the respective target falls short of investors’ expectations. The reason why investors favored SPACs especially between 2016 and 2023 remains unclear. One potential, yet unexplored explanation could be that investors bet on the SPAC’s sponsors qualifications. To provide new insights, we use a new, unique data set based on over 3200 individual sponsor resumes for approximately 480 DeSPACs. We show that sponsor teams characteristics in terms of gender diversity, industry expertise, percentage of entrepreneurs in the team exert mostly negative influences on buy-and-hold abnormal returns (BHAR) up to 24&#xa0;months after the DeSPAC. As complementary evidence, we show that involving a top-tier investment bank improves BHAR performance, whereas longer search times for the target deteriorate the performance. SPACs in the energy, industrial and media &amp; entertainment industries appear to have fared better, while SPACs that went public in the hot SPAC IPO markets showed significantly worse DeSPAC performance.</p>

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May the better team perform: team effects in the performance of DeSPACs

  • 期刊论文

  • 发表日期：

    2026年1月14日

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  • Matthias Eschweiler,
  • Marvin Zumkley

摘要

Special purpose acquisition companies (SPACs) have grown significantly in number and volume over the recent years. Especially when compared to traditional route of taking privately held companies public via regular IPOs, SPACs have shown abnormally high growth rates. Despite their popularity, the stock price performance of most SPACs after the takeover of the respective target falls short of investors’ expectations. The reason why investors favored SPACs especially between 2016 and 2023 remains unclear. One potential, yet unexplored explanation could be that investors bet on the SPAC’s sponsors qualifications. To provide new insights, we use a new, unique data set based on over 3200 individual sponsor resumes for approximately 480 DeSPACs. We show that sponsor teams characteristics in terms of gender diversity, industry expertise, percentage of entrepreneurs in the team exert mostly negative influences on buy-and-hold abnormal returns (BHAR) up to 24 months after the DeSPAC. As complementary evidence, we show that involving a top-tier investment bank improves BHAR performance, whereas longer search times for the target deteriorate the performance. SPACs in the energy, industrial and media & entertainment industries appear to have fared better, while SPACs that went public in the hot SPAC IPO markets showed significantly worse DeSPAC performance.