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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.

Today, appearance is an integral aspect of a politician's image and personality and therefore his or her brand (Budesheim & DePaola, 1994; Sanghvi & Hodges, 2015; Smith & French, 2009). While appearance is critical to political marketing, most of the research focusing on appearance in politics is experimental in nature (Lenz & Lawson, 2011; Olivola & Todorov, 2010; Todorov et al., 2005). This study investigates the importance of appearance for marketing politicians through a qualitative interpretivist framework that offers implications for theory. Moreover, this chapter offers a specific focus on the importance of appearance for female politicians.

Research shows women face greater scrutiny on their appearance (Carlin & Winfrey, 2009; Sanghvi, 2018). This chapter examines myriad of issues women in politics face based on their appearance. It also examines how women have successfully managed the issue of appearance at local, state and national levels. Thus, this study delivers a multifaceted view of the topic and facilitates the understanding of how appearance management enters into the political marketing process.