| Summary: | 碩士 === 國立彰化師範大學 === 會計學系 企業高階管理(EMBA) === 105 === This study employs the event study to explore whether the Legislative Yuan election events cause the stock abnormal returns of listed companies from the perspective of investors. The empirical results show that (1) the Taiwanese stock market has responded to the elections of the previous legislators, that is, the comprehensive re-election of the Legislative Yuan has the information content, (2) there positive abnormal returns still appear in five trading days after the third, fourth, sixth, eighth and ninth Legislative Yuan election date, implying there exists the Congress election effect and the stock market is not efficient, which does not reflect the election results quickly, (3) the fifth and seventh Congress election effect delays , also implying the stock market is not efficient, (4) the results tend to be consistent by the sensitivity analyses.
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