SPAC a IPO: Vliv na krátkodobé a dlouhodobé výsledky

Švancara, Jan

This thesis investigates disparities in stock exchange performance with regard to businesses that were unprofitable before becoming public. These firms were divided into two samples; the first sample was made up of firms that entered the market through an Initial Public Offering (IPO), while the second sam- ple was composed of firms that accessed the market through a Special Pur- pose Acquisition Company (SPAC). Buy-and-hold Abnormal Returns (BHARs) and Cumulative Abnormal Returns (CARs) are two types of abnormal returns used to measure stock market performance. The performance was examined throughout four different time horizons, with two of them being considered short-term and the other two being long-term in this thesis. The results indi- cated that unprofitable SPACs significantly underperform unprofitable IPOs in every time horizon examined. Additionally, a model that forecasts whether a firm is more likely to go public through an IPO or a SPAC was developed. The findings implied that highly-priced companies with a greater debt are more likely to be selected by a SPAC. JEL Classification D22, G34, G15, G11, O51 Keywords SPAC, IPO, unprofitable, performance, nega- tive, income, loss, BHAR, CAR Title SPACs and IPOs: Consequences on Short-term and Long-term performance

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