Investors’ Reactions to the Capital Gains Tax on Stocks – The Case of a Stock Dealer’s Branch Office

• Main Authors: Yung-Chieh Shih, 施詠傑
• Other Authors: Chih-Yi Chi
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/39n3aa

碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 101 === This study analyzes how individual stock investors in Hemei District reacted toward the newly imposed capital gain taxes. We collect a set of samples for 14 consecutive months, covering the period before the announcement, the period when the taxes were under discussion, and the period when the taxes came into effect. The results of this study are as follow: First, most of the individual stock investors reduced their trading amounts and frequencies during the discussion period, which are consistent with the reaction of the whole stock market. Second, after the taxes came into effect, the trading amounts and frequencies did not increase to the levels before the taxes were announced. This echoes the results in other tax policy changes where the impact lasted even after the changes were in effect. Third, investors with longer transaction traded more amounts and more frequently than those with shorter experience.