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In April 2017, the levy measures to halve the tax rate of cash-backed transactions on existing shares were implemented, and the preferential measures were reduced from 3/1000 to 1.5/1000. The original implementation period was one year, and the amendment was extended to expire at the end of 2021. The extension to the end of 2024 will make the Taiwan stock index and trading volume continue to hit new highs, and the underwriting ratio of around 30% to 40% has almost become the norm. This study explores whether the current share underwriting trading ratio will have an impact on the volatility of stock prices. This paper uses a total of 100 stocks from Taiwan's 50 constituent stocks and the Fortune 50 constituent stocks. The research data is taken from the stock price database and chip database of Taiwan Economic News (TEJ+). The research period is from January 2017 to the end of October 2021. , a total of 1,180 trading days, divided into two categories: "cross-sectional data" and "time series data". The research shows that the cross-sectional narrative statistics of Taiwan's 50 constituent stocks and the FTSE 50 constituent stocks, the current stock's hedging ratio is related to the stock price fluctuation range, the red K line, the black K line, the upper shadow line, and the lower shadow line. The T-statistics were all significantly positive. For the Taiwan 50 constituent stocks and the Fortune 50 constituent stocks, which are narrated and counted in time series, the current shares are hedged against the fluctuation range of the stock price, the red K line, the black K line, the upper shadow line, the lower shadow line, etc., T statistics are also significantly positive. The empirical results show that the higher the current share of Taiwan stocks is, the greater the stock price volatility.
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