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MASTER THESIS
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Special purpose acquisition company as an alternative investment

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Bettioui, Yannis ULiège
Promotor(s) : Hübner, Georges ULiège
Date of defense : 2-Sep-2020/8-Sep-2020 • Permalink : http://hdl.handle.net/2268.2/10605
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Title : Special purpose acquisition company as an alternative investment
Author : Bettioui, Yannis ULiège
Date of defense  : 2-Sep-2020/8-Sep-2020
Advisor(s) : Hübner, Georges ULiège
Committee's member(s) : Broché, Patrick ULiège
Matyja, Walter ULiège
Language : English
Number of pages : 117
Keywords : [en] SPAC
[en] Special Purpose Acquisition Companies
[en] Alternative Investments
Discipline(s) : Business & economic sciences > Finance
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en ingénieur de gestion, à finalité spécialisée en Financial Engineering
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège

Abstract

[en] This Master Thesis aims at enhancing the literature about special purpose acquisition companies and more specifically to focus on post-acquisition returns. SPACs enter the market with the sole purpose of doing a business combination with a private operating firm.Two main approaches for the long-term performance measurement are described. The first one is the buy-and-hold abnormal return technique. In this model, I found negative and significant BHARs that worsen over time.The second technique consists of regressing monthly calendar-time portfolios with a Fama-French 5-factor model and with another 5-factor model to identify potential differences. In either cases, the alphas are negative and strongly significant.


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  • Bettioui, Yannis ULiège Université de Liège > Master ingé. gest., à fin.

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