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Dissertation
Special purpose acquisition company as an alternative investment
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Year: 2020 Publisher: Liège Université de Liège (ULiège)

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Abstract

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.


Dissertation
Do SPACs investments influence the returns of alternative mutual funds? An empirical analysis
Authors: --- ---
Year: 2022 Publisher: Liège Université de Liège (ULiège)

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Abstract

The aim of the master thesis is to assess the impact of this type of investment on the returns of alternative mutual funds (AMFs). They offer the advantage of being transparent about their holdings, which is necessary for the study.
To carry out the analysis, several multi-factor models are used as AMFs are at mid-way between HFs and traditional mutual funds. This is the reason why the literature review goes through the SPACs features and returns, HF merger arbitrage strategy as it looks like SPACs investment and AMFs returns characteristics compared to HFs.

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