SPAC: A Comparative Study Under US, Asia and Italian Corporate Framework. Soft Law vs. Hard Law.

65 Pages Posted: 8 Aug 2014

See all articles by Daniele D'Alvia

Daniele D'Alvia

University of London, Birkbeck College; Queen Mary University of London, School of Law

Date Written: August 6, 2014

Abstract

The purpose of this work is to prove that SPACs are a useful investment tool to empower the capital markets, and promote a new “M&A era”, arguing the main economical issues of asymmetric information, moral hazard and agency costs that could arise.

Thus, this paper will suggest for the first time that a soft regulation approach could represent – in addition to corporate governance mechanisms – the best alternative to hard law provisions in order to protect investors and try to resolve the economical and legal issues by virtue of “signaling”.

Keywords: SPACs, IPOs, Information asymmetry, Soft law, Hard law

Suggested Citation

D'Alvia, Daniele, SPAC: A Comparative Study Under US, Asia and Italian Corporate Framework. Soft Law vs. Hard Law. (August 6, 2014). Available at SSRN: https://ssrn.com/abstract=2476867 or http://dx.doi.org/10.2139/ssrn.2476867

Daniele D'Alvia (Contact Author)

University of London, Birkbeck College ( email )

London
United Kingdom

Queen Mary University of London, School of Law ( email )

67-69 Lincoln’s Inn Fields
London
United Kingdom

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