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Are post-merger Special Purpose Acquisition Companies different?

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thesis
posted on 04.04.2022, 20:31 by Russell, Richard

Special Purpose Acquisition Companies (SPACs) provide their target firms with an alternative route to go public via a reverse merger. Controlling for year, industry and size, post-merger SPAC firms have similar Total Q ratios and generate similar free cash flow. These results suggest that their market value is consistent with their operational performance. Post-merger SPAC firms invest in their physical and total capital at relatively higher rates. These results are inconsistent with the negative tone of many current studies regarding SPACs and advance the idea that post-merger SPAC firms perform similarly to other public companies when appropriately benchmarked. Overall, SPACs represent a positive financial market development.

History

Copyright Date

05/04/2022

Date of Award

05/04/2022

Publisher

Victoria University of Wellington - Te Herenga Waka

Rights License

Author Retains Copyright

Degree Discipline

Finance

Degree Grantor

Victoria University of Wellington - Te Herenga Waka

Degree Level

Masters

Degree Name

Master of Commerce

ANZSRC Type Of Activity code

3 APPLIED RESEARCH

Victoria University of Wellington Item Type

Awarded Research Masters Thesis

Language

en_NZ

Victoria University of Wellington School

School of Economics and Finance

Advisors

Keefe, Michael