Examinando por Materia "SPAC"

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    Factores esenciales para la viabilidad de las SPAC en el mercado colombiano
    (Universidad EAFIT, 2023) González Díez, Sebastián; Martínez Herrera, Santiago; Botero Ramírez, Juan Carlos
    Nowadays, professional investors use different investment instruments to diversify their portfolios. Throughout history, these products were grouped into fixed-income and equity securities with the main objective of limiting or offsetting exposure to underlying asset risks. As stock markets developed, different vehicles were structured to facilitate the creation of more complex portfolios in different markets. In the last decade, new instruments such as Special Purpose Acquisition Companies (SPAC) have gained importance. These are special assets developed in the stock market with the purpose of attracting investors who want to contribute capital for the acquisition of companies that are not yet public, in specific sectors. These special assets offer characteristics and processing easiness, in contrast to initial public offerings (IPO), as they are commonly known. Their success largely depends on the reputation of the sponsor, which, according to several analysts, creates fragile and susceptible conditions to fraud, both in developed and emerging markets, where surveillance and regulatory conditions could increase such possibility. In the Colombian market, the public listing of companies is in an early stage, not due to lack of technical capabilities but due to disinterest and lack of knowledge among the general population about such types of products to allocate their capital. Therefore, it is relevant to facilitate one of the market agents' missions: to create conditions to attract new investors, which can be achieved, in part, through the adoption of vehicles such as SPACs. Hence, the purpose of this research is to expose the essential factors that will determine the viability of structuring the studied vehicles under local regulatory and operational frameworks, and how some important historical events for the Colombian stock market can affect investors' decision-making.