大法官解釋對金融業股價及成交量之影響-以釋字693 號為例
Journal
會計評論
Journal Issue
67
Pages
123-154
Date Issued
2018
Author(s)
Abstract
The outcomes of tax litigation, especially in cases involving controversies over securities trading among financial institutions, usually have a critical impact on the operational activities and financial performance of litigants. The Constitutional Interpretation is the final resort for judicial controversies that might have lasted for years and thus plays a decisive role in the litigation process. From the perspective of cash flow hypothesis, a company's market value is affected by changes in future cash flows. The empirical results of this study reveal that during the event period when Constitutional Interpretation No. 693 was declared, a considerable decline of cumulative abnormal returns was observed along with high unexpected cash outflows on tax due, this is consistent with the cash flow hypothesis; however, no abnormal trading volume was observed.
Type
journal article