[[alternative]]The Effects of Cabinet Reshuffle on Stock Price--the Case of Taiwan

[[abstract]] 本研究採用事件研究法，訂定新行政院院長宣告日與就任日選為事件日進行分析， 以2005至2012年內閣團隊的變換作為研究期間，分析政府行政團隊的更換對股市所產生的影響反應。實證的結果顯示，更換政府行政團隊得確會為股市帶來一定程度的影響效果。內閣改組的消息曝光的時候，會有短暫的新鮮感，短時間的股價上揚表現。但是很快新鮮感就會消失，隨之而來對於政局的穩定現象與政策延續產生一定程度的觀望態度。國內政府更換行政團隊宣告得確有所謂的宣告效果，但是持續的時間非常短暫。投資人進行投資交易行為的時候，可以利用此政治事件，謹慎收集資訊與判讀，進場買賣獲得投資報酬。[[abstract]] Using the daily data of stock market from 2005 to 2012, this study attempts to investigate the effects of the cabinet reshuffle on stock price in Taiwan. The empirical results show that the cabinet reshuffle was indeed bring a certain degree of effect on the Taiwan stock market. Stock prices had been encouraged after the announcement of cabinet reshuffle, however, the stock prices are not are sustainable. Political events impact on the stock market. The shareholders might use this information to make decisions for these underlying stocks