Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Janet Smith

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© 2021 William S.R. Li


With the stark rise in the popularity for SPACs both as an alternative route for companies to go public and as a viable investment comes the need to better understand SPAC performance. This paper examined potential drivers explaining early-stage SPAC performance. I began with a SPAC database from and gathered several additional SPAC characteristics from each observation’s S-1 filing. Then, I collected the 1-day, 30-day, 30-day abnormal, 60-day, and 60-day abnormal post-IPO returns for each SPAC and regressed this performance data onto the collected SPAC characteristics. I found that SPACs seeking to target companies operating in the Health Care & Life Sciences (HCLS) sector, SPACs with less proceeds raised from their actual IPO relative to their proposed IPO funding amount, SPAC management popularity, and SPAC lead left underwriter market share, are all positively correlated to early-stage SPAC performance.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.