[[alternative]]The Effects of Presidential Elections on Abnormal Returns in Taiwan Stock Market

[[abstract]] 選舉在民主國家是政治的常態，台灣成為一個民主國家當然無法自外於此。台灣選舉體制又可分為中央與地方兩種層級，而中央層級的選舉中尤以總統大選最為重要，因為能實質影響國家未來的政策方向，如果又遇到了政黨輪替時其所帶來的衝擊更是最為強烈的。本研究旨在運用事件研究法以2012年1月14日及2016年1月16日兩次台灣總統大選與2012年11月6日及2016年1月8日兩次美國總統大選為事件日，探討台灣及美國總統大選是否影響台灣股價異常報酬。實證結果，兩次台灣總統大選及兩次美國總統大選顯著影響台灣股價異常報酬。選前執政黨為勝選所釋出的利多，對台灣全體上市櫃公司八大類股之股價有著正面的影響，選後則視選舉結果會有不同的影響。[[abstract]] Elections are of utmost importance in any Democratic country. Taiwan has two tier government systems which are central and local governments. The presidential election is one of the most important ones, because it plays can really affect the country's future policy direction. And if encounters the party alternation additionally, the impact will be the most intense. The purpose of this study is to use the event study method to investigate abnormal returns whether Taiwan and U.S.A presidential elections affect Taiwan's stock market. There were two presidential elections in Taiwan on January 14, 2012, January 16, 2016 and two presidential elections in U.S.A on November 6, 2012, January 16, 2016. The results show that before the presidential election, the ruling party will release more profitable news in the stock market in order to win the election, which has the positive impact on Taiwan's all listed company's stock price, while after the presidential election, the impact will depend on the result of election