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'A Sober Look At SPACs' Finds They Shortchange Investors

Law360 (May 28, 2021, 2:49 PM EDT) -- As policymakers consider reining in special purpose acquisition companies that have taken capital markets by storm over the past year, one academic study gaining attention argues that SPACs are costly vehicles that perform poorly for many investors.

Micheal Ohlrogge A Stanford Law School and New York University School of Law study titled "A Sober Look At SPACs," released last November, is influencing current debate over the vehicles and their impact on public markets, which was a subject of recent congressional hearing and testimony Wednesday by U.S. Securities and Exchange Commission Chairman Gary Gensler.

SPACs, also called blank-check companies, are shell entities...

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