The Political Efficiency of Stabilizing Stock Market- The Viewpoint of Investors' Over-reaction

Autor: Li-Ju Hsu, 許儷襦
Rok vydání: 2009
Druh dokumentu: 學位論文 ; thesis
Popis: 97
From the first announcement (2008/03/06) by the Executive Yuan to the Financial Supervisory Commission (2008/10/24), the industries in Taiwin experience great impacts in the Government releases stabilizing stock market policies in bull and bear market. This paper investigates the policies’ market and one event reactions. The findings show that (1) monetary, capital gains transaction tax cut and short sell policy has stronger announcement effect on banking; monetary policy has announcement effect on Hi-tech; measure policy has announcement effect on others, price limit has no effect on all, (2) promoting Taiwanese companies to list in Taiwan has efficiency of stabilizing stock market in short run, in Hi-tech and others have no over-reaction, but appear momentum, and banking has no effect in bull market, (3) capital gains transaction tax cut and short sell policy have over-reaction on total sample, and industries, but no efficiency of stabilizing stock market, monetary and measure policy have no over-reaction on total sample, Hi-tech and banking industries, but appear momentum, and no no efficiency of stabilizing stock market, too.
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