Date of Completion

Spring 4-27-2021

Thesis Advisor(s)

Liping Qiu

Honors Major



Business | Corporate Finance | Finance and Financial Management


The purpose of this research paper is to provide an overview of Special Purpose Acquisition Companies (SPACs) which has gained popularity relatively recently. First, an introduction to SPACs will be provided including its historical roots, structure, and investment process. Thereafter, the paper will walk through the current landscape of SPACs, criticisms, and comparisons with traditional IPOs. The paper will conclude with discussions on the future outlook of the investment vehicle along with a study on SPAC returns vs. those of traditional IPOs.