Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • harvard-cite-them-right
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
Makroekonomiska faktorers påverkan på antalet SPACs och IPOs på den amerikanska aktiemarknaden: En kvantitativ studie om makroekonomiska faktorers påverkan på antalet SPACs och IPOs inom den amerikanska marknaden
University of Borås, Faculty of Textiles, Engineering and Business.
University of Borås, Faculty of Textiles, Engineering and Business.
University of Borås, Faculty of Textiles, Engineering and Business.
2022 (Swedish)Independent thesis Basic level (degree of Bachelor), 180 HE creditsStudent thesisAlternative title
Impact of macroeconomic factors on the number of SPACs and IPOs in US equity markets (English)
Abstract [sv]

Special Purpose acquisition company (SPAC) är ett skalbolag grundat av investerare med det enda syftet att samla kapital genom en börsintroduktion för att senare förvärva ett annat bolag. Tidigare empirisk forskning för SPAC har fokuserat på egenskaperna hos SPAC bolagen samt deras långsiktiga och kortsiktiga avkastning. Denna studie tar en kvantitativ ansats och syftar till att undersöka vilka underliggande makroekonomiska faktorer har bidragit till en ökning i antalet SPAC bolag. Detta undersöks genom en linjär regressionsanalys där studien undersöker korrelationen mellan olika variabler. Studien syftar även till att se om de underliggande makroekonomiska faktorer bakom ökningen av traditionella börsintroduktioner är detsamma som de bakom SPAC. All data för SPAC, makroekonomiska variabler och börsintroduktioner har samlats in genom olika databaser som Yahoo Finance och Nasdaq. Studiens resultat visar på att vissa makroekonomiska variabler som testats för en korrelation har en påverkan på antalet SPAC och börsintroduktioner medans vissa variabler inte bevisade någon påverkan. Variabeln som visade starkast korrelation med antalet SPAC är den generella marknadens avkastning där det är tydligt att om den generella marknaden är stark så är viljan att göra en börsnotering större Studien fann även att de makroekonomiska variabler bakom ökningen av antalet SPAC och vanliga börsnoteringar inte skiljer sig åt. 

Abstract [en]

This paper is written in Swedish. A special purpose acquisition company (SPAC) is a shell company set up by investors with the sole purpose of raising money through an IPO to eventually acquire another company. Past empirical research on Special purpose acquisition companies has mostly focused on the characteristics of the SPACs and long term returns as well as the short term returns. This study takes a quantitative approach and aims to examine whether underlying macroeconomic factors have contributed to the increase in SPAC companies. This is done by a linear regression analysis that tests for correlations between different variables. The study also aims to see if the underlying macroeconomic factors behind the increase of traditional IPOs are the same as those behind SPACs. All data regarding SPACs, IPOs and the macroeconomic factors were collected from different databases and websites such as Yahoo finance and NASDAQ. The results from this study show that some of the macroeconomic factors which were tested for a correlation indeed have a positive impact on the number of SPACs and IPOs and some did not. The variable that showed the strongest correlation was the performance of the general market and it is clear that when the general market is strong the willingness to go public increases. The study also finds that the macroeconomic variables behind the increase in the number of SPACs and IPOs do not differ. 

Place, publisher, year, edition, pages
2022.
Keywords [en]
Special Purpose Acquisition Company (SPACs), Initial Public Offering (IPOs), Hot and Cold Markets, PMI, VIX, S&P 500, Russell 2000, CPI, GDP, Interest rate, Federal Funds rate
Keywords [sv]
Special Purpose Acquisition Company (SPACs), Initial Public Offering (IPOs), Hot and Cold Markets, PMI, VIX, S&P 500, Russell 2000, KPI, BNP, Räntor, Styrränta
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hb:diva-28209OAI: oai:DiVA.org:hb-28209DiVA, id: diva2:1681236
Subject / course
Business Administration
Supervisors
Examiners
Available from: 2022-07-06 Created: 2022-07-06 Last updated: 2025-09-24Bibliographically approved

Open Access in DiVA

VT2022KF30(1435 kB)185 downloads
File information
File name FULLTEXT01.pdfFile size 1435 kBChecksum SHA-512
2e77f4ba066ba119158533393eb99592ecd740655a91fba80835b627695d71cc6216a11460074a21daef5aa18ee8a19b7aad5023a4057c6690dcc91f84af06e9
Type fulltextMimetype application/pdf

By organisation
Faculty of Textiles, Engineering and Business
Business Administration

Search outside of DiVA

GoogleGoogle Scholar
Total: 189 downloads
The number of downloads is the sum of all downloads of full texts. It may include eg previous versions that are now no longer available

urn-nbn

Altmetric score

urn-nbn
Total: 399 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • harvard-cite-them-right
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf