特殊目的收購公司（SPACs）中私募投資公開股權（PIPE）交易的市場反應研究
Other Title
The Market Reaction to PIPE Transactions in SPACs
Journal
2025臺大學士論文獎
Date Issued
2025
Author(s)
Tan Ling
Advisor
Abstract
Private investment in public equity (PIPE) plays a significant role in special purpose acquisition companies (SPACs). In this study, I investigated the market reaction to common stock PIPE transactions in SPACs. I found that the market reacted positively to common stock PIPE transactions, with even stronger positive reactions when the targets were undisclosed. In addition, PIPE transactions led by hedge funds generated stronger market reactions compared with those led by other types of investors, likely due to hedge funds’ rigorous analysis and swift capital deployment. Overall, my results suggest that PIPE investment timing and investor type significantly influence market perceptions of PIPE transactions in SPACs.
Subjects
Private Investment in Public Equity (PIPE)
Special Purpose Acquisition Companies (SPACs)
Market Reaction, Investor Types
Hedge Funds, Business Combination Announcement (BCA)
Cumulative Abnormal Returns (CAR)
Publisher
國立臺灣大學財務金融學系
Description
獎項：校長獎；指導教授：朴寶卿
Type
thesis
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