Political connection, government policy, and investor trading: Evidence from an emerging market

NCU Institutional Repository > 管理學院 > 財務金融學系 > 期刊論文 > Item 987654321/104942

jsp.display-item.identifier=請使用永久網址來引用或連結此文件: https://ir.lib.ncu.edu.tw/handle/987654321/104942

题名:	Political connection, government policy, and investor trading: Evidence from an emerging market
作者:	何柏欣;Lin, Chih-Yung;Ho, Po-Hsin;Shen, Chung-Hua;Wang, Yu-Chun
贡献者:	管理學院財務金融學系
关键词:	Abnormal returns;Election results;Government policy;Investments;Investor trading;Political connection;Political parties;Presidential election;Presidential elections;Securities trading;Stock returns;Stockholders;Studies
日期:	2016-03-01
上传时间:	2026-04-23 12:02:04 (UTC+8)
出版者:	Elsevier Inc.;Greenwich: Elsevier Inc
摘要:	摘要： This study investigates whether political connection (PC), government policy (GP), or both affect stock returns before and after the Taiwanese 2008 presidential election. We also examine whether the two effects influence the five types of investor trading during the election. Past studies have separately focused on either the PC or the GP effect, whereas this study considers both effects. Specifically, we consider five types of investors, namely, foreign investors, security investment trust companies (INVTRUSTs), security dealers, board of directors and supervisors, and individual investors. We find that firms connecting only with the winning party exhibit positive abnormal returns, and only INVTRUSTs increase the shareholdings of these firms (PC effect). Our results do not support the GP effect alone. Instead, we identify that firms with joint PC and GP effects have the abnormal returns during election periods. •We discuss the stock returns during the Taiwanese 2008 presidential election.•The effects of political connection (PC), government policy, or both are examined.•Firms connecting with the winning party exhibit positive abnormal returns.•The trading behaviors of five types of investors are also discussed.•Only security investment trust companies increase the shareholdings of PC firms. 出版者： Greenwich: Elsevier Inc 出版日期： 2016-03 出處： International review of economics & finance, 2016-03, Vol.42, p.153-166 資源來源： Elsevier ScienceDirect Journals: Bodleian Libraries collection 版權： 2015 Elsevier Inc. 版權： Copyright Elsevier Science Ltd. Mar 2016 識別號： ISSN: 1059-0560 識別號： EISSN: 1873-8036 識別號： DOI: 10.1016/j.iref.2015.09.008
显示于类别:	[財務金融學系] 期刊論文

文件中的档案:

档案	描述	大小	格式	浏览次数
index.html		0Kb	HTML	30	检视/开启

在NCUIR中所有的数据项都受到原著作权保护.

社群 sharing

数据加载中.....