Research data from Cordell Eminent Scholar Jay Ritter informs this story about KKR’s SPAC, which debuted during the go-go year of 2020 ahead of increased regulatory scrutiny and tighter credit conditions. Read more in this story from MarketWatch.
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EY Leaves Key Issues of Split Undecided as 2023 Vote Approaches
The fragmented leadership of the partners and various affiliates makes EY’s divestiture more complicated than recent spin-offs like those of General Electric Co. and Johnson & Johnson, said Jay Ritter, Cordell Eminent Scholar at the University of Florida. “That’s where
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
Tech’s reality check: How the industry lost $7.4 trillion in one year
IPOs this year slowed to a trickle after banner years in 2020 and 2021, when companies pushed through the pandemic and took advantage of an emerging world of remote work and play and an economy flush with government-backed funds. Data
What Donald Trump’s Twitter reinstatement means for TRUTH Social
“Trump has a decision to make: Does he start to use Twitter again, or does he use Trump Media sites exclusively for getting his message out?” says Jay Ritter, Cordell Eminent Scholar at the University of Florida. “Trump Media would
SPAC sponsors that ‘piled in’ during boom may face $4 billion tab
The SPAC craze was a goldmine for sponsors like “SPAC King” Chamath Palihapitiya and Howard Lutnick. They were early to the game and benefited from a bull market that bolstered the industry with investors eager to pay large premiums for
How allocators are complicit in the manipulation of PE returns
Some private equity investors get “phony happiness” from overstated and smoothed interim returns, according to new research from Ph.D. student Blake Jackson, Ken & Linda McGurn Professor David Ling and Susan M. Cameron Professor Andy Naranjo. For example, they found
Trump media-tied SPAC still can’t get the votes, delays meeting
Insights from Cordell Eminent Scholar Jay Ritter inform this story about the roadblock the SPAC taking Donald Trump’s media venture public is running into: Its own investors. Read more from Ritter in this story from Bloomberg.
The volatility laundering, return manipulation and ‘phoney happiness’ of private equity
Based on nearly two decades worth of private equity real estate funds data Ph.D. student Blake Jackson, Ken & Linda McGurn Professor David Ling and Susan M. Cameron Professor Andy Naranjo conclude that “private equity fund managers manipulate returns to
Higher stakes lead to worse stock performance, research finds
GAINESVILLE, Fla. – Imagine you are walking down the street, and someone stops you to ask this question: You bought a stock at $30 per share. Now, the stock’s price is $15. Under which scenario are you more likely to
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