Univariate regression results
| SPAC (N. obs = 96) | Peers (N. obs = 96) | T-test | |
|---|---|---|---|
| median | median | ||
| Panel A – Performance one year after the merger | |||
| Buy-and-hold | (16.6%) | 9.5% | *** |
| EBITDA % | 0.7% | 12.4% | * |
| ROA | (5.0%) | 3.2% | *** |
| Panel B – Performance two years after the merger | |||
| Buy-and-hold | (30.1%) | 0.4% | *** |
| EBITDA % | 0.4% | 12.8% | ** |
| ROA | (8.0%) | 3.5% | *** |
| SPAC (N. obs = 96) | Peers (N. obs = 96) | ||
|---|---|---|---|
| Buy-and-hold | (16.6%) | 9.5% | *** |
| EBITDA % | 0.7% | 12.4% | * |
| ROA | (5.0%) | 3.2% | *** |
| Buy-and-hold | (30.1%) | 0.4% | *** |
| EBITDA % | 0.4% | 12.8% | ** |
| ROA | (8.0%) | 3.5% | *** |
Note(s): The table shows the results of the univariate regression analysis focusing on the performance in terms of buy-and-hold, EBITDA% and ROA in one year after the merger and two year after the business combination. The N.observation for SPAC and IPOs (Peers) is 96 respectively. *, **, *** refers to the statistical significance at the 10, 5, and 1%, respectively
Source(s): Authors own creation or created by author