| Summary: | 碩士 === 淡江大學 === 財務金融學系碩士在職專班 === 103 === With housing prices continue rising, the government had introduced several housing control measures since 2010 in an effort to strengthen the real estate market. A part of these measures was to limit the lending activities through the Central Bank regulations to suppress rising prices. This study utilizes Event Study Method to analyze if there are negative impacts on listed construction stocks on each of the control measure implemented by the Central Bank.
The results indicate that the stock prices of construction stocks would have been impacted when the Central Bank introduce its housing control measures. Specifically, when the Central Bank introduced tighter measures on property and land financing in the targeted areas, investors deem these messages as negative for construction stocks. However, not all measures impact the construction stocks negatively. When the Central Bank announce to raise the rediscount rate, the rate on accommodations with collateral, and the rate on accommodations without collateral, the construction stocks respond positively.
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