5. Special Purpose Acquisition Companies (SPACs) have led to a large increase in IPO volume and proceeds in recent years. traditional IPOs a management team goes public first before merging with a private company. SPACs have largely due to a conflict of interest between a SPACs' management team and existing shareholders that a management team to merge with any target company, even if it is of slightly lower quality, to recoup the fixed costs of starting the SPAC. (a) Similar to; out-performed; disincentivizes (b) Unlike; under-performed; disincentivizes (c) Unlike; under-performed; incentivizes (d) Similar to; under-performed; incentivizes