The Impact of Policies on the Stock Returns of the Construction Companies
碩士 === 國立高雄第一科技大學 === 金融系碩士專班 === 106 === In this paper, we look at the change of tax policy and monetary policy affecting construction industry stock prices. We use event study to explore the relationships between tax policy, monetary policy, and the abnormal returns of construction industry stoc...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2018
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| Online Access: | http://ndltd.ncl.edu.tw/handle/r8y47n |
| Summary: | 碩士 === 國立高雄第一科技大學 === 金融系碩士專班 === 106 === In this paper, we look at the change of tax policy and monetary policy affecting construction industry stock prices. We use event study to explore the relationships between tax policy, monetary policy, and the abnormal returns of construction industry stock prices. The event period of tax policy is based on the 30 days before and after the announcement of integrated housing and land tax system. The event period of monetary policy is based on the 30 days before and after the announcement of the change of interest rate.
The empirical results demonstrate that both average abnormal returns and cumulative average abnormal returns of the construction industry stock become negative before the announcement of integrated housing and land tax system. The change of interest rate has no significant impact on construction industry stock prices.
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