Investigation of the Effect of Luxury Tax on Construction Stock Returns of Taiwan by Event Study
碩士 === 南華大學 === 財務金融學系財務管理碩士班 === 100 === This thesis collected data from the stock price of Taiwan''s listed construction stocks in June 1, 2012, as the event date, to analyze the impact of government levied luxury tax on the price of construction stocks by using an event study...
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ndltd-TW-100NHU053040082015-10-13T21:07:20Z http://ndltd.ncl.edu.tw/handle/27902085192145479608 Investigation of the Effect of Luxury Tax on Construction Stock Returns of Taiwan by Event Study 奢侈稅對於台灣營建股股價之影響-以事件研究法論之 Zi-jiang Zhou 周自強 碩士 南華大學 財務金融學系財務管理碩士班 100 This thesis collected data from the stock price of Taiwan''s listed construction stocks in June 1, 2012, as the event date, to analyze the impact of government levied luxury tax on the price of construction stocks by using an event study methodology. The result shows that the luxury tax gave a negative cumulative abnormal returns to the construction stocks (-1.0347%). In the event date, the Prince(2511) had a maximum positive cumulative abnormal returns (14.9936%) and the Kings (2524) had a maximum negative cumulative abnormal returns (-8.9120%), respectively. There are total of 38 samples in this event, the abnormal returns of 23 companies were negative, while those of another 15 companies were positive, and the probability of negative returns was 60.5%. Analysis of the abnormal returns on government levied luxury tax, the effect of the foreign capital buys and sells and the foreign ownership rate on the cumulative abnormal returns showed 5% and 1% positive significant levels, respectively. This result showed that the foreign institutional investors were the main reason of the ups and downs of construction stock price. On the other hand, the effect of financing balance and margin balance on the cumulative abnormal returns showed 1% and 10% negative significant levels, respectively. This result showed that the angel investors present a reverse effect on stock prices. Jui-chen Chang 張瑞真 2012 學位論文 ; thesis 46 zh-TW |
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碩士 === 南華大學 === 財務金融學系財務管理碩士班 === 100 === This thesis collected data from the stock price of Taiwan''s listed construction stocks in June 1, 2012, as the event date, to analyze the impact of government levied luxury tax on the price of construction stocks by using an event study methodology. The result shows that the luxury tax gave a negative cumulative abnormal returns to the construction stocks (-1.0347%). In the event date, the Prince(2511) had a maximum positive cumulative abnormal returns (14.9936%) and the Kings (2524) had a maximum negative cumulative abnormal returns (-8.9120%), respectively. There are total of 38 samples in this event, the abnormal returns of 23 companies were negative, while those of another 15 companies were positive, and the probability of negative returns was 60.5%. Analysis of the abnormal returns on government levied luxury tax, the effect of the foreign capital buys and sells and the foreign ownership rate on the cumulative abnormal returns showed 5% and 1% positive significant levels, respectively. This result showed that the foreign institutional investors were the main reason of the ups and downs of construction stock price. On the other hand, the effect of financing balance and margin balance on the cumulative abnormal returns showed 1% and 10% negative significant levels, respectively. This result showed that the angel investors present a reverse effect on stock prices.
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author2 |
Jui-chen Chang |
author_facet |
Jui-chen Chang Zi-jiang Zhou 周自強 |
author |
Zi-jiang Zhou 周自強 |
spellingShingle |
Zi-jiang Zhou 周自強 Investigation of the Effect of Luxury Tax on Construction Stock Returns of Taiwan by Event Study |
author_sort |
Zi-jiang Zhou |
title |
Investigation of the Effect of Luxury Tax on Construction Stock Returns of Taiwan by Event Study |
title_short |
Investigation of the Effect of Luxury Tax on Construction Stock Returns of Taiwan by Event Study |
title_full |
Investigation of the Effect of Luxury Tax on Construction Stock Returns of Taiwan by Event Study |
title_fullStr |
Investigation of the Effect of Luxury Tax on Construction Stock Returns of Taiwan by Event Study |
title_full_unstemmed |
Investigation of the Effect of Luxury Tax on Construction Stock Returns of Taiwan by Event Study |
title_sort |
investigation of the effect of luxury tax on construction stock returns of taiwan by event study |
publishDate |
2012 |
url |
http://ndltd.ncl.edu.tw/handle/27902085192145479608 |
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