Are SPAC Revenue Forecasts Informative?
研究了SPAC收入预测的信息含量，发现高增长率预测与合并公告后短期异常回报、散户交易和推特活动正相关，但机构投资者和传统中介反应有限，且预测能正向预测未来经营和股票表现不佳及集体诉讼。
ABSTRACT This paper examines the informativeness of special purpose acquisition company (SPAC) revenue forecasts. We document a positive association between the compound annual growth rate in revenue forecasts and abnormal returns, retail trading, and Twitter activity in the five-day window surrounding the disclosure of a merger announcement. By contrast, we find limited evidence that institutional investors and traditional information intermediaries respond to SPAC revenue forecasts. We also find evidence that SPAC revenue forecasts positively predict future operating underperformance, stock underperformance, and class action lawsuits. Overall, our results affirm the SEC’s concerns about the attractiveness of aggressive revenue projections to retail investors. JEL Classifications: G34; G32; M40; M48.