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SPAC-takulära avkastningar? En kvantitativ studie av den abnormala kortsiktiga avkastningen inom teknik- och hälsosektorn vid SPAC-IPOs

Ihr, Fredric Vincent LU ; Moein, Sam and Kukavica, Lukas (2025) FEKH89 20242
Department of Business Administration
Abstract
Abstract
Title: SPAC-tacular returns? - A quantitative study on the short-term abnormal returns in the Technology and Healthcare Sectors following SPAC-IPOs.
Seminar Date: 01/17/2025
Course: FEKH89 - Bachelor's Thesis in Corporate Finance
Authors: Fredric Vincent Ihr; Lukas Kukavica; Sam Moein
Supervisor: Maria Gårdängen
Keywords: SPAC; Sponsors; Abnormal return; IPO; Merger.
Purpose: The study aims at investigating whether short-term abnormal returns occur for SPAC-IPOs within the technology and healthcare sectors.
Research Questions:
i) Is there a short-term abnormal return within the technology and healthcare sectors, with SPAC as the method of going public?
ii) Which deal- and sector-specific factors have the greatest impact... (More)
Abstract
Title: SPAC-tacular returns? - A quantitative study on the short-term abnormal returns in the Technology and Healthcare Sectors following SPAC-IPOs.
Seminar Date: 01/17/2025
Course: FEKH89 - Bachelor's Thesis in Corporate Finance
Authors: Fredric Vincent Ihr; Lukas Kukavica; Sam Moein
Supervisor: Maria Gårdängen
Keywords: SPAC; Sponsors; Abnormal return; IPO; Merger.
Purpose: The study aims at investigating whether short-term abnormal returns occur for SPAC-IPOs within the technology and healthcare sectors.
Research Questions:
i) Is there a short-term abnormal return within the technology and healthcare sectors, with SPAC as the method of going public?
ii) Which deal- and sector-specific factors have the greatest impact on the potential abnormal returns within the technology and healthcare sectors at SPAC listings?
Theories: Information Asymmetry, Efficient Market Hypothesis, Signaling Theory, and Principal-Agent Theory
Method: The study conducted a quantitative method with a deductive approach, where secondary cross-sectional data was collected and analyzed through multiple regression.
Urval: The sample consists of 154 SPAC-IPOs, with 91 SPACs related to the technology sector and 63 to the healthcare sector. The study examines the American SPAC market within the time period 01/01/2017 to 31/12/2023. Data was collected from Bloomberg, EDGAR, Justia, and Eikon.
Results: The results of this study show that there is short-term negative abnormal return within both sectors. The independent variables redemption-ratio and search time proved to be significant against the average cumulative abnormal return within the technology sector. For the healthcare sector, however, the company's age, redemption ratio, and number of patents were significant variables against the average cumulative abnormal return.
Conclusion: The findings of this study shows a short-term negative abnormal return in both sectors. The independent factors redemption-ratio, number of patents, search time, and company age demonstrate statistical significance. The variables redemption ratio and search time align well with the conclusions of previous studies. (Less)
Popular Abstract (Swedish)
Sammanfattning
Titel: SPAC-takluära avkastningar? - En kvantitativ studie av den abnormala kortsiktiga avkastningen inom teknik- och hälsosektorn vid SPAC-IPOs
Seminariedatum: 2025/01/17
Kurs: FEKH89 - Examensarbete i finansiering på kandidatnivå
Författarna: Fredric Vincent Ihr; Lukas Kukavica; Sam Moein
Handledare: Maria Gårdängen
Nyckelord: SPAC; sponsorer; abnormal avkastning; IPO; fusion.
Syfte: Studien syftar till att undersöka huruvida kortsiktig abnormal avkastning förekommer för SPAC-IPOS inom teknik och hälsosektorn.
Forskningsfrågor: i) Förekommer en kortsiktigt abnormal avkastning inom teknik- och hälsosektorn, med SPAC som börsintroduktionsmetod?
ii) Vilka affärs- och sektorspecifika faktorer har störst inverkan... (More)
Sammanfattning
Titel: SPAC-takluära avkastningar? - En kvantitativ studie av den abnormala kortsiktiga avkastningen inom teknik- och hälsosektorn vid SPAC-IPOs
Seminariedatum: 2025/01/17
Kurs: FEKH89 - Examensarbete i finansiering på kandidatnivå
Författarna: Fredric Vincent Ihr; Lukas Kukavica; Sam Moein
Handledare: Maria Gårdängen
Nyckelord: SPAC; sponsorer; abnormal avkastning; IPO; fusion.
Syfte: Studien syftar till att undersöka huruvida kortsiktig abnormal avkastning förekommer för SPAC-IPOS inom teknik och hälsosektorn.
Forskningsfrågor: i) Förekommer en kortsiktigt abnormal avkastning inom teknik- och hälsosektorn, med SPAC som börsintroduktionsmetod?
ii) Vilka affärs- och sektorspecifika faktorer har störst inverkan på den eventuella abnormala avkastningen inom teknik- och hälsosektorn vid SPAC-noteringar?
Teorier: Informationsasymmetri, Effektiva marknadshypotesen, Signaleringsteorin och Principal-agent-teorin.
Metod: I studien har en kvantitativ metod med en deduktiv ansats tillämpats, där sekundär tvärsnittsdata samlats in och analyserats genom en multipel regression.
Urval: Urvalet i studien omfattar 154 SPAC IPOs, 91 hänförliga till tekniksektorn och 63 hänförliga till hälsosektorn. Studien undersöker den amerikanska SPAC-marknaden under tidsperioden 2017/01/01 - 2023/12/31. Datamängden är inhämtad från Bloomberg, EDGAR, Justia samt Eikon.
Resultat: Resultaten i denna studie visar att det förekommer en kortsiktig negativ abnormal avkastning inom båda sektorerna. De oberoende variablerna inlösenkvot och söktid visade sig signifikanta gentemot den genomsnittliga kumulativa abnormala avkastningen inom tekniksektorn. För hälsosektorn var emellertid bolagets ålder, inlösenkvoten samt antal patent signifikanta variabler gentemot den genomsnittliga kumulativa abnormala avkastningen.
Slutsats: Resultaten i denna studie finner att det förekommer en kortsiktig negativ abnormal avkastning inom båda sektorerna. De oberoende faktorerna inlösenkvot, antal patent, söktid och bolagets ålder uppvisar statistisk signifikans. Variablerna inlösenkvot och söktid stämmer väl överens med vad tidigare studier konstaterat. (Less)
Please use this url to cite or link to this publication:
author
Ihr, Fredric Vincent LU ; Moein, Sam and Kukavica, Lukas
supervisor
organization
course
FEKH89 20242
year
type
M2 - Bachelor Degree
subject
keywords
SPAC, Sponsors, Abnormal return, IPO, Merger
language
Swedish
id
9185444
date added to LUP
2025-03-23 11:57:05
date last changed
2025-03-23 11:57:05
@misc{9185444,
  abstract     = {{Abstract
Title: SPAC-tacular returns? - A quantitative study on the short-term abnormal returns in the Technology and Healthcare Sectors following SPAC-IPOs.
Seminar Date: 01/17/2025
Course: FEKH89 - Bachelor's Thesis in Corporate Finance
Authors: Fredric Vincent Ihr; Lukas Kukavica; Sam Moein
Supervisor: Maria Gårdängen
Keywords: SPAC; Sponsors; Abnormal return; IPO; Merger.
Purpose: The study aims at investigating whether short-term abnormal returns occur for SPAC-IPOs within the technology and healthcare sectors.
Research Questions: 
i) Is there a short-term abnormal return within the technology and healthcare sectors, with SPAC as the method of going public?
ii) Which deal- and sector-specific factors have the greatest impact on the potential abnormal returns within the technology and healthcare sectors at SPAC listings?
Theories: Information Asymmetry, Efficient Market Hypothesis, Signaling Theory, and Principal-Agent Theory
Method: The study conducted a quantitative method with a deductive approach, where secondary cross-sectional data was collected and analyzed through multiple regression. 
Urval: The sample consists of 154 SPAC-IPOs, with 91 SPACs related to the technology sector and 63 to the healthcare sector. The study examines the American SPAC market within the time period 01/01/2017 to 31/12/2023. Data was collected from Bloomberg, EDGAR, Justia, and Eikon.
Results: The results of this study show that there is short-term negative abnormal return within both sectors. The independent variables redemption-ratio and search time proved to be significant against the average cumulative abnormal return within the technology sector. For the healthcare sector, however, the company's age, redemption ratio, and number of patents were significant variables against the average cumulative abnormal return.
Conclusion: The findings of this study shows a short-term negative abnormal return in both sectors. The independent factors redemption-ratio, number of patents, search time, and company age demonstrate statistical significance. The variables redemption ratio and search time align well with the conclusions of previous studies.}},
  author       = {{Ihr, Fredric Vincent and Moein, Sam and Kukavica, Lukas}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{SPAC-takulära avkastningar? En kvantitativ studie av den abnormala kortsiktiga avkastningen inom teknik- och hälsosektorn vid SPAC-IPOs}},
  year         = {{2025}},
}