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COVİD-19 ve Aşı Haberlerinin Borsa İstanbul Sektör Endekslerine Etkisi: Bir Olay Etüdü Analizi

Year 2022, Volume: 30 Issue: 51, 471 - 486, 31.01.2022

Kemal Özdemir Burcu Hiçyılmaz

https://doi.org/10.17233/sosyoekonomi.2022.01.23
Cited By: 1

Abstract

Çin’de ortaya çıkan ve hızla dünyaya yayılan korona virüs (Covid-19) ve bu virüse yönelik geliştirilen aşı haberleri birçok ülke ve sermaye piyasası ile birlikte Borsa İstanbul sektör endekslerini de etkilemiştir. Bu çalışmada, Dünya Sağlık Örgütü (DSÖ)’nün pandemi ilanı ve Türkiye’de ilk vaka, Türkiye’de ilk ölüm ve Türkiye’ye ilk aşı geliş haberlerinin Borsa İstanbul sektör endeksleri üzerindeki etkisi günlük veriler kullanılarak olay etüdü yöntemi ile incelenmiştir. Analiz sonucunda ilk olay günü ve ikinci olay gününün sektörler üzerinde çoğunlukla anormal kayıplara, üçüncü olay gününün ise sektörler üzerinde pozitif anormal getirilere neden olduğu tespit edilmiştir. Haberler neticesinde en çok anormal getiri ve kayıpların yaşandığı sektörün turizm olduğu belirlenmiştir.

Keywords

Covid-19 Hisse Senedi Piyasası Borsa İstanbul Sektör Endeksi Olay Etüdü

References

  • Aksoy, M. (2014), “The Effects of Terrorism on Turkish Stock Market”, Ege Academic Review, 14(1), 31-41.
  • AlAli, M.S. (2020), “The Effect of WHO COVID-19 Announcement On Asian Stock Markets Returns: An Event Study Analysis”, Journal of Economics and Business, 3(3), 1051-1054.
  • Alam, M.N. et al. (2020), “Stock Market Response During COVID-19 Lockdown Period in India: An Event Study”, The Journal of Asian Finance, Economics, and Business, 7(7), 131-137.
  • Al-Awadhi et al. (2020), “Death And Contagious Infectious Diseases: Impact of the COVID-19 Virus On Stock Market Returns”, Journal of Behavioral and Experimental Finance, 27, 100326.
  • Ashraf, B.N. (2020), “Stock markets’ reaction to COVID-19: Cases or Fatalities?”, Research in International Business and Finance, 54, 101249.
  • Bash, A. (2020), “International Evidence of COVID-19 and Stock Market Returns: An Event Study Analysis”, International Journal of Economics and Financial Issues, 10(4), 34-38.
  • Brown, S.J. & J.B. Warner (1985), “Using Daily Stock Returns: The Case of Event Studies”, Journal of Financial Economics, 14(1), 3-31.
  • Chen, A.H. & T.F. Siems (2004), “The Effects of Terrorism on Global Capital Markets”, European Journal of Political Economy, 20, 349-366.
  • Chowdhury, E.K. & M.Z. Abedin (2020), “COVID-19 Effects on the US Stock Index Returns: An Event Study Approach”, Accounting, Auditing & Accountability Journal, 1-31.
  • Çetin, A.C. (2020), “Koronavirüs (Covid-19) Salgınının Türkiye’de Genel Ekonomik Faaliyetlere ve Hisse Senedi Borsa Endeksine Etkisi”, Mehmet Akif Ersoy Üniversitesi Uygulamalı Bilimler Dergisi, 4(2), 341-362.
  • Çoban, O. vd. (2020), “Covid-19 Krizinin Finansal Piyasalara Etkisi: Türkiye Örneği”, Gaziantep University Journal of Social Sciences, (Special Issue), 506-519.
  • Dyckman, T. et al. (1984), “A Comparison of Event Study Methodologies Using Daily Stock Returns: A Simulation Approach”, Journal of Accounting Research, 1-30.
  • Fama, E.F. (1970), “Efficient Capital Markets: A Rewiew of Theory and Emprical Work”, Journal of Finance, 25(2), 383-417.
  • Goodell, J.W. & T.L.D. Huynh (2020), “Did Congress trade ahead? Considering the reaction of US industries to COVID-19”, Finance Research Letters, 36, 101578.
  • Göker, İ.E. et al. (2020), “The Impact of the COVID-19 (Coronavirus) on The Borsa Istanbul Sector Index Returns: An Event Study”, Gaziantep University Journal of Social Sciences, (Special Issue), 14-41.
  • Gülhan, Ü. (2020), “Covid-19 Pandemisine BIST 100 Reaksiyonu: Ekonometrik Bir Analiz”, Turkish Studies, 15(4), 497-509.
  • He, P. et al. (2020), “COVID-19’s Impact on Stock Prices Across Different Sectors: An Event Study Based on the Chinese Stock Market”, Emerging Markets Finance and Trade, 56(10), 2198-2212.
  • Heyden, K.J. & T. Heyden (2021), “Market Reactions to the Arrival and Containment of COVID-19: An Event Study”, Finance Research Letters, 38, 101745.
  • Huo, X. & Z. Qiu (2020), “How does China’s Stock Market React to the Announcement of the COVID-19 Pandemic Lockdown?”, Economic and Political Studies, 8(4), 436-461.
  • Kılıç, Y. (2020), “Borsa İstanbul’da COVID-19 (Koronavirüs) Etkisi”, Journal of Emerging Economies and Policy, 5(1), 66-77.
  • Liu, H. et al. (2020), “The COVID-19 Outbreak and Affected Countries Stock Markets Response”, International Journal of Environmental Research and Public Health, 17(8), 2800.
  • Maneenop, S. & S. Kotcharin (2020), “The impacts of COVID-19 on the Global Airline Industry: An Event Study Approach”, Journal of Air Transport Management, 89, 101920.
  • Öztürk, Ö. et al. (2020), “Effect of COVID-19 Outbreak on Turkish Stock Market: A Sectoral-Level Analysis”, Hitit University Journal of Social Sciences Institute, 13(1), 56-68.
  • Pandey, D.K. & V. Kumari (2021), “Event study on the Reaction of the Developed and Emerging Stock Markets to the 2019-nCoV Outbreak”, International Review of Economics & Finance, 71, 467-483.
  • Peker, Y. & E. Demirhan (2020), “COVID-19 Küresel Salgınının Borsa İstanbul’daki Sektörel Etkileri”, TEPAV Değerlendirme Notu, N202012, <https://www.tepav.org.tr/upload/files/1586752188-0.COVID_19_Kuresel_Salgininin_Borsa_ Istanbuldaki_Sektorel_Etkileri.pdf>, 28.01.2021.
  • Rahman, M.L. et al. (2021), “The COVID-19 Outbreak and Stock Market Reactions: Evidence from Australia”, Finance Research Letters, 38, 101832.
  • Saka-Ilgın, K. & S.S. Sarı (2020), “COVID-19 Pandemisinin Hisse Senedi Piyasalarına Etkisi: Vaka ve Ölümlerin Yoğun Olduğu Ülkeler ile Türkiye İncelemesi”, Karadeniz Sosyal Bilimler Dergisi, 12(23), 434-453.
  • Schwert, G.W. (1981), “Using Financial Data to Measure Effects of Regulation”, Journal of Law and Economics, 24, 121-158.
  • Singh, B. et al. (2020), “The Outbreak of COVID-19 and Stock Market Responses: An Event Study and Panel Data Analysis for G-20 Countries”, Global Business Review, 1-26.
  • Sun, Y. et al. (2021), “The impact of COVID-19 on the Chinese Stock Market: Sentimental or Substantial?”, Finance Research Letters, 38.
  • Tayar, T. vd. (2020), “Covid-19 Krizinin Türkiye’deki Sektörler Üzerinde Etkileri: Borsa İstanbul Sektör Endeksleri Araştırması”, Van Yüzüncü Yıl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, (Salgın Hastalıklar Özel Sayısı), 293-320.
  • Xiong, H. et al. (2020), “Which Firm-Specific Characteristics Affect The Market Reaction of Chinese Listed Companies to the COVID-19 Pandemic?”, Emerging Markets Finance and Trade, 56(10), 2231-2242.
  • Yıldız-Contuk, F. (2020), “Covid-19’un Borsa İstanbul Üzerindeki Etkisi: Bir ARDL Sınır Testi Modeli”, Muhasebe ve Finansman Dergisi, 89, 101-112.
  • Yong, H.H.A. & E. Laing (2020), “Stock Market Reaction to COVID-19: Evidence from U.S. Firms’ International Exposure”, International Review of Financial Analysis, 76, 101656.
  • Zeren, F. & A.E. Hızarcı (2020), “The Impact of Covid-19 Coronavirus on Stock Markets: Evidence From Selected Countries”, Muhasebe ve Finans İncelemeleri Dergisi, 3(1), 78-84.

The Effects of Covid-19 and Vaccine News on The BIST Industrial Indexes: A Case Study Analysis

Year 2022, Volume: 30 Issue: 51, 471 - 486, 31.01.2022

Kemal Özdemir Burcu Hiçyılmaz

https://doi.org/10.17233/sosyoekonomi.2022.01.23
Cited By: 1

Abstract

The coronavirus (Covid-19) originated from China. It spread across the globe, and the news regarding the development of various vaccines has affected the economies of numerous countries and capital markets alongside the BIST industrial indexes. This study investigates how the declaration of the pandemic by the World Health Organization (WHO), the news of the first case of the virus, the first death caused by the virus and the first shipment of the vaccine for the virus impacted the BIST industrial indexes by way of using daily data and constructing a case study. According to the results obtained from the analysis, it was detected that the first event day and the second event day caused mostly abnormal losses on the sectors, and the third event day caused positive abnormal returns on the sectors. As a result of the news, it has been determined that the sector with the most abnormal returns and losses is tourism.

Keywords

Covid-19 Stock Markets Borsa İstanbul Sector Indices Event Study

References

  • Aksoy, M. (2014), “The Effects of Terrorism on Turkish Stock Market”, Ege Academic Review, 14(1), 31-41.
  • AlAli, M.S. (2020), “The Effect of WHO COVID-19 Announcement On Asian Stock Markets Returns: An Event Study Analysis”, Journal of Economics and Business, 3(3), 1051-1054.
  • Alam, M.N. et al. (2020), “Stock Market Response During COVID-19 Lockdown Period in India: An Event Study”, The Journal of Asian Finance, Economics, and Business, 7(7), 131-137.
  • Al-Awadhi et al. (2020), “Death And Contagious Infectious Diseases: Impact of the COVID-19 Virus On Stock Market Returns”, Journal of Behavioral and Experimental Finance, 27, 100326.
  • Ashraf, B.N. (2020), “Stock markets’ reaction to COVID-19: Cases or Fatalities?”, Research in International Business and Finance, 54, 101249.
  • Bash, A. (2020), “International Evidence of COVID-19 and Stock Market Returns: An Event Study Analysis”, International Journal of Economics and Financial Issues, 10(4), 34-38.
  • Brown, S.J. & J.B. Warner (1985), “Using Daily Stock Returns: The Case of Event Studies”, Journal of Financial Economics, 14(1), 3-31.
  • Chen, A.H. & T.F. Siems (2004), “The Effects of Terrorism on Global Capital Markets”, European Journal of Political Economy, 20, 349-366.
  • Chowdhury, E.K. & M.Z. Abedin (2020), “COVID-19 Effects on the US Stock Index Returns: An Event Study Approach”, Accounting, Auditing & Accountability Journal, 1-31.
  • Çetin, A.C. (2020), “Koronavirüs (Covid-19) Salgınının Türkiye’de Genel Ekonomik Faaliyetlere ve Hisse Senedi Borsa Endeksine Etkisi”, Mehmet Akif Ersoy Üniversitesi Uygulamalı Bilimler Dergisi, 4(2), 341-362.
  • Çoban, O. vd. (2020), “Covid-19 Krizinin Finansal Piyasalara Etkisi: Türkiye Örneği”, Gaziantep University Journal of Social Sciences, (Special Issue), 506-519.
  • Dyckman, T. et al. (1984), “A Comparison of Event Study Methodologies Using Daily Stock Returns: A Simulation Approach”, Journal of Accounting Research, 1-30.
  • Fama, E.F. (1970), “Efficient Capital Markets: A Rewiew of Theory and Emprical Work”, Journal of Finance, 25(2), 383-417.
  • Goodell, J.W. & T.L.D. Huynh (2020), “Did Congress trade ahead? Considering the reaction of US industries to COVID-19”, Finance Research Letters, 36, 101578.
  • Göker, İ.E. et al. (2020), “The Impact of the COVID-19 (Coronavirus) on The Borsa Istanbul Sector Index Returns: An Event Study”, Gaziantep University Journal of Social Sciences, (Special Issue), 14-41.
  • Gülhan, Ü. (2020), “Covid-19 Pandemisine BIST 100 Reaksiyonu: Ekonometrik Bir Analiz”, Turkish Studies, 15(4), 497-509.
  • He, P. et al. (2020), “COVID-19’s Impact on Stock Prices Across Different Sectors: An Event Study Based on the Chinese Stock Market”, Emerging Markets Finance and Trade, 56(10), 2198-2212.
  • Heyden, K.J. & T. Heyden (2021), “Market Reactions to the Arrival and Containment of COVID-19: An Event Study”, Finance Research Letters, 38, 101745.
  • Huo, X. & Z. Qiu (2020), “How does China’s Stock Market React to the Announcement of the COVID-19 Pandemic Lockdown?”, Economic and Political Studies, 8(4), 436-461.
  • Kılıç, Y. (2020), “Borsa İstanbul’da COVID-19 (Koronavirüs) Etkisi”, Journal of Emerging Economies and Policy, 5(1), 66-77.
  • Liu, H. et al. (2020), “The COVID-19 Outbreak and Affected Countries Stock Markets Response”, International Journal of Environmental Research and Public Health, 17(8), 2800.
  • Maneenop, S. & S. Kotcharin (2020), “The impacts of COVID-19 on the Global Airline Industry: An Event Study Approach”, Journal of Air Transport Management, 89, 101920.
  • Öztürk, Ö. et al. (2020), “Effect of COVID-19 Outbreak on Turkish Stock Market: A Sectoral-Level Analysis”, Hitit University Journal of Social Sciences Institute, 13(1), 56-68.
  • Pandey, D.K. & V. Kumari (2021), “Event study on the Reaction of the Developed and Emerging Stock Markets to the 2019-nCoV Outbreak”, International Review of Economics & Finance, 71, 467-483.
  • Peker, Y. & E. Demirhan (2020), “COVID-19 Küresel Salgınının Borsa İstanbul’daki Sektörel Etkileri”, TEPAV Değerlendirme Notu, N202012, <https://www.tepav.org.tr/upload/files/1586752188-0.COVID_19_Kuresel_Salgininin_Borsa_ Istanbuldaki_Sektorel_Etkileri.pdf>, 28.01.2021.
  • Rahman, M.L. et al. (2021), “The COVID-19 Outbreak and Stock Market Reactions: Evidence from Australia”, Finance Research Letters, 38, 101832.
  • Saka-Ilgın, K. & S.S. Sarı (2020), “COVID-19 Pandemisinin Hisse Senedi Piyasalarına Etkisi: Vaka ve Ölümlerin Yoğun Olduğu Ülkeler ile Türkiye İncelemesi”, Karadeniz Sosyal Bilimler Dergisi, 12(23), 434-453.
  • Schwert, G.W. (1981), “Using Financial Data to Measure Effects of Regulation”, Journal of Law and Economics, 24, 121-158.
  • Singh, B. et al. (2020), “The Outbreak of COVID-19 and Stock Market Responses: An Event Study and Panel Data Analysis for G-20 Countries”, Global Business Review, 1-26.
  • Sun, Y. et al. (2021), “The impact of COVID-19 on the Chinese Stock Market: Sentimental or Substantial?”, Finance Research Letters, 38.
  • Tayar, T. vd. (2020), “Covid-19 Krizinin Türkiye’deki Sektörler Üzerinde Etkileri: Borsa İstanbul Sektör Endeksleri Araştırması”, Van Yüzüncü Yıl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, (Salgın Hastalıklar Özel Sayısı), 293-320.
  • Xiong, H. et al. (2020), “Which Firm-Specific Characteristics Affect The Market Reaction of Chinese Listed Companies to the COVID-19 Pandemic?”, Emerging Markets Finance and Trade, 56(10), 2231-2242.
  • Yıldız-Contuk, F. (2020), “Covid-19’un Borsa İstanbul Üzerindeki Etkisi: Bir ARDL Sınır Testi Modeli”, Muhasebe ve Finansman Dergisi, 89, 101-112.
  • Yong, H.H.A. & E. Laing (2020), “Stock Market Reaction to COVID-19: Evidence from U.S. Firms’ International Exposure”, International Review of Financial Analysis, 76, 101656.
  • Zeren, F. & A.E. Hızarcı (2020), “The Impact of Covid-19 Coronavirus on Stock Markets: Evidence From Selected Countries”, Muhasebe ve Finans İncelemeleri Dergisi, 3(1), 78-84.
There are 35 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Kemal Özdemir 0000-0003-0644-6460

Burcu Hiçyılmaz 0000-0003-3501-2012

Early Pub Date January 28, 2022
Publication Date January 31, 2022
Submission Date April 26, 2021
Published in Issue Year 2022 Volume: 30 Issue: 51

Cite

APA Özdemir, K., & Hiçyılmaz, B. (2022). COVİD-19 ve Aşı Haberlerinin Borsa İstanbul Sektör Endekslerine Etkisi: Bir Olay Etüdü Analizi. Sosyoekonomi, 30(51), 471-486. https://doi.org/10.17233/sosyoekonomi.2022.01.23
AMA Özdemir K, Hiçyılmaz B. COVİD-19 ve Aşı Haberlerinin Borsa İstanbul Sektör Endekslerine Etkisi: Bir Olay Etüdü Analizi. Sosyoekonomi. January 2022;30(51):471-486. doi:10.17233/sosyoekonomi.2022.01.23
Chicago Özdemir, Kemal, and Burcu Hiçyılmaz. “COVİD-19 Ve Aşı Haberlerinin Borsa İstanbul Sektör Endekslerine Etkisi: Bir Olay Etüdü Analizi”. Sosyoekonomi 30, no. 51 (January 2022): 471-86. https://doi.org/10.17233/sosyoekonomi.2022.01.23.
EndNote Özdemir K, Hiçyılmaz B (January 1, 2022) COVİD-19 ve Aşı Haberlerinin Borsa İstanbul Sektör Endekslerine Etkisi: Bir Olay Etüdü Analizi. Sosyoekonomi 30 51 471–486.
IEEE K. Özdemir and B. Hiçyılmaz, “COVİD-19 ve Aşı Haberlerinin Borsa İstanbul Sektör Endekslerine Etkisi: Bir Olay Etüdü Analizi”, Sosyoekonomi, vol. 30, no. 51, pp. 471–486, 2022, doi: 10.17233/sosyoekonomi.2022.01.23.
ISNAD Özdemir, Kemal - Hiçyılmaz, Burcu. “COVİD-19 Ve Aşı Haberlerinin Borsa İstanbul Sektör Endekslerine Etkisi: Bir Olay Etüdü Analizi”. Sosyoekonomi 30/51 (January 2022), 471-486. https://doi.org/10.17233/sosyoekonomi.2022.01.23.
JAMA Özdemir K, Hiçyılmaz B. COVİD-19 ve Aşı Haberlerinin Borsa İstanbul Sektör Endekslerine Etkisi: Bir Olay Etüdü Analizi. Sosyoekonomi. 2022;30:471–486.
MLA Özdemir, Kemal and Burcu Hiçyılmaz. “COVİD-19 Ve Aşı Haberlerinin Borsa İstanbul Sektör Endekslerine Etkisi: Bir Olay Etüdü Analizi”. Sosyoekonomi, vol. 30, no. 51, 2022, pp. 471-86, doi:10.17233/sosyoekonomi.2022.01.23.
Vancouver Özdemir K, Hiçyılmaz B. COVİD-19 ve Aşı Haberlerinin Borsa İstanbul Sektör Endekslerine Etkisi: Bir Olay Etüdü Analizi. Sosyoekonomi. 2022;30(51):471-86.

Cited By

The impact of covid-19 vaccination on stock markets: a comparative analysis of the USA and China
Journal of Chinese Economic and Business Studies
https://doi.org/10.1080/14765284.2023.2245275
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