The impact of Mortgage Interest-Rate Subsidy Policy on the Stock Price Performance of Construction Companies
|關鍵字:||優惠房貸;事件研究法;營建業公司;異常報酬;mortgage interest-rate subsidy;event study;construction companies;abnormal returns|
To promote the development of the real estate market and stable economic growth, the Taiwan government in 2000 to 2009 released nine consecutive mortgage interest-rate subsidy policy to promote household purchase their own homes, hoping to stimulate the real estate market recovery promote Taiwan's real estate market entering a new boom, and thus to support Taiwan's economic development. However, the Government continued to decrease in the amount of the various offers additional subsidies to mortgage spreads, on the other hand, the central bank continued to cut interest rates, leading to subsidy rates and general financial institutions run by the mortgage interest rate has significantly narrowed the gap, resulting in preferential home loans gradually attractive in. This study is to investigate and analyze the influence of the mortgage interest-rate subsidy policy on stock prices of the construction companies. Then we examine the stock price reaction of construction companies to this fiscal policy announcement by means of event study. We find that the stock price of construction companies is impacted by the policy. The stock price has obvious abnormal returns when the mortgage interest-rate subsidy policy was announced.
|Appears in Collections:||Thesis|
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