Title page for etd-0618115-174002


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URN etd-0618115-174002
Author Jyun-Jie Jhuang
Author's Email Address No Public.
Statistics This thesis had been viewed 5537 times. Download 495 times.
Department Economics
Year 2014
Semester 2
Degree Master
Type of Document
Language zh-TW.Big5 Chinese
Title Imputed Tax Credit and Stock-price Dynamics
Date of Defense 2015-07-27
Page Count 46
Keyword
  • policy announcement
  • dynamic adjustment
  • anticipated
  • unanticipated
  • imputed tax credits
  • Abstract Based on the Blanchard (1981) model, this paper examines the announcement effect of imputed tax credits and the income tax rate. Several main findings emerge from the analysis. First, the effect of raising imputed tax credits on output is positive in the long run. Under the bad news situation, the effect of imputed tax credits on the long-run stock price is ambiguous. While under the good news situation, the long-run stock price will rise in response. Second, the effect of raising the income tax rate on output is negative in the long run. Under the bad news situation, the effect of raising the income tax rate on the long-run stock price is ambiguous. By contrast, under the good news situation, the long-run stock price will decline in response. Third, the policy announcement made by the government will change people‚Äôs expectations so that the stock price will respond instantaneously. Moreover, both output and the stock price will react before the policy is implemented. When the government announces to increase imputed tax credits in the future, the stock price will jump up. However, when the government announces to raise the income tax rate in the future, the stock price will jump down instead.
    Advisory Committee
  • Shih-Wen Hu - chair
  • Shul-John Li - co-chair
  • Ching-Chong Lai - advisor
  • Files
  • etd-0618115-174002.pdf
  • indicate access worldwide
    Date of Submission 2015-07-27

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