The Influence of Luxury Tax on the Stock Return and Stock Trading Volume of the Construction Industry
碩士 === 國立臺灣大學 === 會計學研究所 === 100 === With an aim to prevent investors from speculating in real estate and to defend the living justice, the government enacted the “Special Goods and Services Tax”, known as the “Luxury Tax.” Following the event study method, this study determines three event dates an...
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ndltd-TW-100NTU053850312015-10-13T21:50:18Z http://ndltd.ncl.edu.tw/handle/72123440914625808533 The Influence of Luxury Tax on the Stock Return and Stock Trading Volume of the Construction Industry 奢侈稅對上市櫃建設公司股票報酬率及股票交易量之影響 Ju-Fang Kuo 郭如芳 碩士 國立臺灣大學 會計學研究所 100 With an aim to prevent investors from speculating in real estate and to defend the living justice, the government enacted the “Special Goods and Services Tax”, known as the “Luxury Tax.” Following the event study method, this study determines three event dates and examines the stock market reactions during the process of the luxury tax enactment. Moreover, this study explores the relation between the stock cumulative abnormal returns (CAR) as well as the stock cumulative abnormal trading volume (CAV) of the construction industry, and firm characteristics including inventory-to-assets ratio, debt ratio and return on equity. Empirical results indicate that: (1) The stock prices of the construction industry experienced negative abnormal returns in event I. (2) The stock trading volume of construction industry experienced negative abnormal volumes in all of the three event dates. (3) The regression results of CAR indicate that CAR is negatively related with debt ratio in event I and positively related with return on equity in event II and III. (4) The regression results of CAV indicate that CAV is positively related with inventory-to-assets ratio in event I. 林世銘 2012 學位論文 ; thesis 66 zh-TW |
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Others
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碩士 === 國立臺灣大學 === 會計學研究所 === 100 === With an aim to prevent investors from speculating in real estate and to defend the living justice, the government enacted the “Special Goods and Services Tax”, known as the “Luxury Tax.” Following the event study method, this study determines three event dates and examines the stock market reactions during the process of the luxury tax enactment. Moreover, this study explores the relation between the stock cumulative abnormal returns (CAR) as well as the stock cumulative abnormal trading volume (CAV) of the construction industry, and firm characteristics including inventory-to-assets ratio, debt ratio and return on equity.
Empirical results indicate that: (1) The stock prices of the construction industry experienced negative abnormal returns in event I. (2) The stock trading volume of construction industry experienced negative abnormal volumes in all of the three event dates. (3) The regression results of CAR indicate that CAR is negatively related with debt ratio in event I and positively related with return on equity in event II and III. (4) The regression results of CAV indicate that CAV is positively related with inventory-to-assets ratio in event I.
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author2 |
林世銘 |
author_facet |
林世銘 Ju-Fang Kuo 郭如芳 |
author |
Ju-Fang Kuo 郭如芳 |
spellingShingle |
Ju-Fang Kuo 郭如芳 The Influence of Luxury Tax on the Stock Return and Stock Trading Volume of the Construction Industry |
author_sort |
Ju-Fang Kuo |
title |
The Influence of Luxury Tax on the Stock Return and Stock Trading Volume of the Construction Industry |
title_short |
The Influence of Luxury Tax on the Stock Return and Stock Trading Volume of the Construction Industry |
title_full |
The Influence of Luxury Tax on the Stock Return and Stock Trading Volume of the Construction Industry |
title_fullStr |
The Influence of Luxury Tax on the Stock Return and Stock Trading Volume of the Construction Industry |
title_full_unstemmed |
The Influence of Luxury Tax on the Stock Return and Stock Trading Volume of the Construction Industry |
title_sort |
influence of luxury tax on the stock return and stock trading volume of the construction industry |
publishDate |
2012 |
url |
http://ndltd.ncl.edu.tw/handle/72123440914625808533 |
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