Is There an Industry Effect of SPAC Merger Announcements?
研究了2016至2023年468起SPAC合并公告对目标公司行业竞争对手的影响，发现竞争对手股价显著下跌，尤其在较小、风险较高的交易中，且与高赎回率和长完成时间相关，主要源于投资者注意力转移而非竞争压力。
ABSTRACT This study investigates whether SPAC merger announcements affect the target firms' industry rivals. Using a sample of 468 SPAC mergers from 2016 to 2023, the results indicate that rival firms experience significant negative abnormal returns, especially around smaller and riskier deals that yield lower announcement returns for SPACs. Additional evidence links more severe rival reactions to higher redemption rates and longer completion timelines. Collectively, the findings suggest that SPAC mergers have a significant impact on industry dynamics, most plausibly stemming from transitory shifts in investor attention rather than genuine competitive pressures. Moreover, this effect is moderated by positive investor sentiment.