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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
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dc.contributor.advisor | 江淳芳(Chun-Fang Chiang) | |
dc.contributor.author | Chin-Yang Chiu | en |
dc.contributor.author | 邱錦洋 | zh_TW |
dc.date.accessioned | 2021-06-17T02:12:45Z | - |
dc.date.available | 2023-01-04 | |
dc.date.copyright | 2018-01-04 | |
dc.date.issued | 2017 | |
dc.date.submitted | 2017-12-20 | |
dc.identifier.citation | Harvey Averch and Leland L. Johnson. Behavior of the rm under regulatory constraint. The American Economic Review, 52(5):1052{1069,
1962. ISSN 00028282. Bernardo Bortolotti and Mara Faccio. Government control of privatized rms. Review of Financial Studies, 22(8):2907{2939, 2009. Yan-Shing Chen, Chung-Hua Shen, and Chih-Yung Lin. The bene ts of political connection: Evidence from individual bank-loan contracts. Journal of Financial Services Research, 45(3):287{305, 2014. Mara Faccio. Politically connected rms. The American economic review, 96(1):369{386, 2006. Raymond Fisman. Estimating the value of political connections. The American economic review, 91(4):1095{1102, 2001. Eitan Goldman, J org Rocholl, and Jongil So. Do politically connected boards a ect rm value? Review of Financial Studies, 22(6):2331{ 2360, 2009. Masami Imai and Cameron A Shelton. Elections and political risk: New evidence from the 2008 taiwanese presidential election. Journal of Public Economics, 95(7):837{849, 2011. Brian Knight. Are policy platforms capitalized into equity prices? evidence from the bush/gore 2000 presidential election. Journal of Public Economics, 91(12):389 { 409, 2007. ISSN 0047-2727. Hongbin Li, Lingsheng Meng, Qian Wang, and Li-An Zhou. Political connections, nancing and rm performance: Evidence from chinese private rms. Journal of development economics, 87(2):283{299, 2008. Erik Snowberg, Justin Wolfers, and Eric Zitzewitz. Partisan impacts on the economy: Evidence from prediction markets and close elections. The Quarterly Journal of Economics, 122(2):807{829, 2007. Erik Snowberg, Justin Wolfers, and Eric Zitzewitz. How prediction markets can save event studies. Technical report, National Bureau of Economic Research, 2011. J-J Tseng, S-P Li, and S-C Wang. Experimental evidence for the interplay between individual wealth and transaction network. The European Physical Journal B, 73(1):69{74, 2010. Justin Wolfers and Eric Zitzewitz. Prediction markets in theory and practice. Technical report, national bureau of economic research, 2006. TEJ台灣經濟新報資料庫,台灣經濟新報(2007-2008) 吳若予,戰後台灣公營事業之政經分析,1992,業強 張琬喻、張凱雯,董事政治關聯及政治獻金影響企業價值嗎,選舉研究,2011 | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/68107 | - |
dc.description.abstract | 本文以2008年臺灣總統大選為例、探討政黨輪替對上市公司價值之影響。上市公司將依其董事是否具有政治背景區分為與國民黨關聯的泛藍公司、與民進黨關聯的泛綠公司及其他中立之公司,並同時考慮被公股持有之多寡。結果顯示,在競選期間,當國民黨的預期得票率上升時,泛藍公司在股價表現上會有正向的異常報酬。而被民進黨執政之政府以持有公股形式部分控制之公司,當國民黨的預期得票率上升時,在股價表現上則會有負向的異常報酬。此外,在產業分析之部分,營建業類股則顯示了清楚的政治關聯效應:當國民黨的預期得票率上升時,泛藍的營建類公司在股價表現上會有正向的異常報酬、泛綠的營建類公司則在股價表現上有負向的異常報酬。金融業類股則不論公股為部分控制或完全控制,當國民黨的預期得票率上升時,股價表現上皆會有負向的異常報酬。本文之研究結果顯示市場預期政黨輪替所帶來的影響將隨著不同類別的政治關聯與產業別而有所不同。 | zh_TW |
dc.description.abstract | This paper investigates how the alternation of ruling party affects companies' value in 2008 Taiwan Presidential Election. The high-frequency political prediction data is used to explore this issue. The companies are divided into groups by the types of political connection: connection with the Kuomintang (KMT), connection with the Democratic Progressive Party (DPP) and others. The level of being controlled by the government is also taken in account. The result shows that the KMT-connected companies exhibit positive abnormal returns when the KMT's expected vote-share increases during the campaign; companies that are partially controlled by the government, which is run by DPP government before the election, exhibit negative abnormal returns when the KMT's expected vote-share increases. As for the industry analysis, the partisan effects show a clear pattern in the industry of construction. In the industry of finance, companies that are partially and completely controlled by the government both exhibit negative abnormal returns when the KMT's expected vote-share increases. The results show that the impact of party alternation varies among different industries and types of connection. | en |
dc.description.provenance | Made available in DSpace on 2021-06-17T02:12:45Z (GMT). No. of bitstreams: 1 ntu-106-R03323050-1.pdf: 895624 bytes, checksum: 6f7ddd7804368f2f1be57c195aced8a7 (MD5) Previous issue date: 2017 | en |
dc.description.tableofcontents | 1 Introduction 1
2 Background 3 3 Data 5 3.1 Political prediction market . . . . . . . . . . . . . . . . . 5 3.2 Stock market . . . . . . . . . . . . . . . . . . . . . . . . 6 3.3 Board of directors . . . . . . . . . . . . . . . . . . . . . . 7 4 Analysis 9 4.1 Empirical model . . . . . . . . . . . . . . . . . . . . . . . 9 4.2 Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 4.2.1 Daily results . . . . . . . . . . . . . . . . . . . . . 10 4.2.2 Weekly results . . . . . . . . . . . . . . . . . . . . 12 5 Conclusion 13 | |
dc.language.iso | en | |
dc.title | 政黨輪替對政商關係價值的影響:以臺灣2008年總統大選為例 | zh_TW |
dc.title | How the party alternation affects the value of connection: Evidence from Taiwan's 2008 Presidential Election | en |
dc.type | Thesis | |
dc.date.schoolyear | 106-1 | |
dc.description.degree | 碩士 | |
dc.contributor.coadvisor | 樊家忠(Elliott Fan) | |
dc.contributor.oralexamcommittee | 林明仁(Ming-Jen Lin) | |
dc.subject.keyword | 政商關係,政治關聯,政黨輪替,預測市場,公股, | zh_TW |
dc.subject.keyword | Political connection,Party alternation,Prediction market,Government ownership,Partisan effect, | en |
dc.relation.page | 21 | |
dc.identifier.doi | 10.6342/NTU201704477 | |
dc.rights.note | 有償授權 | |
dc.date.accepted | 2017-12-20 | |
dc.contributor.author-college | 社會科學院 | zh_TW |
dc.contributor.author-dept | 經濟學研究所 | zh_TW |
顯示於系所單位: | 經濟學系 |
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