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The purpose of this study is to extend the Fraud Diamond Theory to celebrity Special Purpose Acquisition Companies (SPACs) and investigate their post-Initial Public Offering (IPO) stock market performance.

After obtaining a sample of celebrity SPACs from the Spacresearch.com database, fraud risk characteristics were obtained from Lexis Nexus searches. Buy and hold abnormal returns were calculated for celebrity SPACs versus a small-cap equity benchmark for time intervals after IPO, and multiple regression analysis was performed to examine the relationship between fraud risk features and post-IPO returns.

Celebrity SPACs exhibit Fraud Diamond characteristics and significantly underperform a small-cap stock portfolio on a risk-adjusted basis after IPO.

This study only examines celebrity SPACs that conducted IPOs on the NYSE and NASDAQ/AMEX and does not include those that are traded on the Over the Counter Bulletin Board (OTCBB).

Celebrity endorsement of SPAC vehicles attracts investors who may not be properly informed regarding the risk characteristics of SPACs. Accordingly, investors should be warned that celebrity SPACs underperform a small-cap equity portfolio and exhibit significant elements of fraud risk.

The use of celebrity endorsement as a marketing device to attract investment in SPACs has regulatory implications.

To the best of the authors’ knowledge, this paper is the first to examine the fraud risk characteristics and post-IPO performance of celebrity SPACs.

Four reputed leaders for the coming years in the field of special education for individuals with emotional and behavioral disorders (EBD) each with a slightly different perspective on the field were asked to respond independently to a prompt asking what does special education mean for students with EBD and what is being done and how do we maintain tradition? The contributors' responses to the prompt are presented and then summarized across the essays. A remarkable consistency emerges across the independent essays. In addition to the tradition of providing a free and appropriate education in the least restrictive environment, the contributors identify needs to support teachers serving this population. Needs in teacher training and the expertise required to meet the needs of individuals with EBD are outlined as well as potential contributions of technology to carry out specific tasks. We conclude with a call for increased advocacy for use of the knowledge that we currently possess and that which will soon be discovered to support students with EBD as well as their teachers. We also note that the contributors' names are listed alphabetically to acknowledge the equality of each person to the final product.