SPAC sponsors used to win at investors’ expense. Now both are losing.

A paper by Cordell Eminent Scholar Jay Ritter, Ph.D. student Minmo Gahng and alumnus Donghang Zhang informs this story about how blank-check vehicles are running out of time to close mergers, costing sponsors dearly. Given that SPACs offer no benefits to most investors either, they may have little reason to stick around.

Read more in this story from the Wall Street Journal.