Araştırma Makalesi
BibTex RIS Kaynak Göster

Yıl 2021, Cilt: 6 Sayı: 1, 69 - 79, 21.06.2021

Mehtap Öner Aslı Aybars

Öz

Kaynakça

  • Al-Awadhi, A. M., Alsaifi, K., Al-Awadhi, A., & Alhammadi, S. (2020). Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns, Journal of Behavioral and Experimental Finance, 27, 1-5.
  • Ashraf, B. N. (2020). Stock markets’ reaction to COVID-19: Cases or fatalities?, Research in International Business and Finance, 54, 1-7.
  • Ashraf, B. N. (2021). Stock markets’ reaction to Covid-19: Moderating role of national culture. Finance Research Letters, Retrieved from https://doi.org/10.1016/j.frl.2020.101857.
  • Baltagi, B. H. (2013). Econometric Analysis of Panel Data, 5th Edition, England, John Wiley & Sons Ltd.
  • Chia, R. C. J., Liew, V. K. S., & Rowland, R. (2020). Daily new Covid-19 cases, The movement control order, and Malaysian stock market returns, International Journal of Business and Society, 21(2), 553-568.
  • Contessi, S., & De Pace, P. (2021). The international spread of COVID-19 stock market collapses, Finance Research Letters, Retrieved from https://doi.org/10.1016/j.frl.2020.101894.
  • Erdem, O. (2020). Freedom and stock market performance during Covid-19 outbreak, Finance Research Letters, 36, 1- 6.
  • Fernandez-Perez, A., Gilbert, A., Indriawan, I., & Nguyen N. H. (2021). COVID-19 pandemic and stock market response: A culture effect, Journal of Behavioral and Experimental Finance, 29, 1-10.
  • Kartal, M. T. (2020). The behavior of sovereign credit default swaps (CDS) spread: evidence from Turkey with the effect of Covid-19 pandemic, Quantitative Finance and Economics, 4(3), 489–502.
  • Khan, K., Zhao, K., Zhang, H., YANG, H., Shah, M. H., & Jahanger, A. (2020). The impact of COVID-19 pandemic on stock markets: An empirical analysis of World Major Stock Indices’, Journal of Asian Finance, Economics and Business,7(7), 463 – 474.
  • Mazur, M., Dang, M., & Vega, M. (2021). COVID-19 and the march 2020 stock market crash. Evidence from S&P1500, Finance Research Letters, Retrieved from https://doi.org/10.1016/j.frl.2020.101690.
  • Öztürk, Ö., Şişman, M.Y., Uslu, H., & Çıtak, F. (2020). KOVİD-19 pandemisinin Türkiye hisse senedi piyasasına etkileri: Sektörel bir analiz. Hitit Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 13(1), 56-68.
  • Ramelli, S., & Wagner, A. F. (2020). Feverish stock price reactions to COVID-19, The Review of Corporate Finance Studies, 9, 622–655.
  • Takyi, O., & Bentum-Ennin, I. (2021). The impact of COVID-19 on stock market performance in Africa: A Bayesian structural time series approach, Journal of Economics and Business, Retrieved from https://doi.org/10.1016/j.jeconbus.2020.105968.
  • Tatoğlu, F. Y. (2020). Panel Veri Ekonometrisi, Stata Uygulamalı, 5. Basım, İstanbul, Beta Yayınları
  • Topcu, M. & Gulal, O. S. (2020). The impact of COVID-19 on emerging stock markets, Finance Research Letters, 36, 1-4.
  • WHO. (2020a). Novel Coronavirus (2019-nCoV) Situation Report 1, World Health Organization, 21 January 2020, 1-5.
  • WHO. (2020b). Virtual press conference on COVID-19, World Health Organization, 11 March 2020, 1-17.
  • Wooldridge, J. M. (2002). Econometric Analysis of Cross Section and Panel Data. London, The MIT Press.
  • Trotsenburg, A. V. (2021, February 9). COVID-19 response: Where we stand now, and the road ahead. World Bank. Retrieved from https://blogs.worldbank.org/voices/covid-19-response-where-we-stand-now-and-road-ahead.
  • World Health Organization. (2021, February 26). Numbers at a glance. https://www.who.int/emergencies/diseases/novel-coronavirus-2019.
  • Xu, L. (2021). Stock Return and the COVID-19 pandemic: Evidence from Canada and the US’, Finance Research Letters, 38, 1-7.

HOW BORSA ISTANBUL (BIST) REACTS TO THE NOVEL CORONAVIRUS: THE COVID-19 CASE

Yıl 2021, Cilt: 6 Sayı: 1, 69 - 79, 21.06.2021

Mehtap Öner Aslı Aybars

Öz

The purpose of this study is to investigate the response of the Turkish stock market to the novel coronavirus pandemic. To probe the issue, a dataset based on a total of 23 selected Borsa Istanbul (BIST) subindices of BIST Industrials, Services, and Financial indices for the period between 20 March, 2020 and 31 December, 2020 is utilized together with the growth in the weekly numbers of new COVID-19 cases and deaths both for Turkey and the world. A total of four models are run using panel data analysis on 943 index-date observations. The results of the One-way random effects models with time effects reveal that BIST indices react negatively to the growth in weekly COVID-19 new case and death numbers for both Turkey and the world. Further findings as to the control variables show that while Credit Default Swap (CDS) figures reduce selected stock index returns, Chicago Board Options Exchange Volatility Index figures known as Fear Index (VIX) are found to increase them during the observation period.

Anahtar Kelimeler

COVID-19 pandemic stock market index return panel data

Kaynakça

  • Al-Awadhi, A. M., Alsaifi, K., Al-Awadhi, A., & Alhammadi, S. (2020). Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns, Journal of Behavioral and Experimental Finance, 27, 1-5.
  • Ashraf, B. N. (2020). Stock markets’ reaction to COVID-19: Cases or fatalities?, Research in International Business and Finance, 54, 1-7.
  • Ashraf, B. N. (2021). Stock markets’ reaction to Covid-19: Moderating role of national culture. Finance Research Letters, Retrieved from https://doi.org/10.1016/j.frl.2020.101857.
  • Baltagi, B. H. (2013). Econometric Analysis of Panel Data, 5th Edition, England, John Wiley & Sons Ltd.
  • Chia, R. C. J., Liew, V. K. S., & Rowland, R. (2020). Daily new Covid-19 cases, The movement control order, and Malaysian stock market returns, International Journal of Business and Society, 21(2), 553-568.
  • Contessi, S., & De Pace, P. (2021). The international spread of COVID-19 stock market collapses, Finance Research Letters, Retrieved from https://doi.org/10.1016/j.frl.2020.101894.
  • Erdem, O. (2020). Freedom and stock market performance during Covid-19 outbreak, Finance Research Letters, 36, 1- 6.
  • Fernandez-Perez, A., Gilbert, A., Indriawan, I., & Nguyen N. H. (2021). COVID-19 pandemic and stock market response: A culture effect, Journal of Behavioral and Experimental Finance, 29, 1-10.
  • Kartal, M. T. (2020). The behavior of sovereign credit default swaps (CDS) spread: evidence from Turkey with the effect of Covid-19 pandemic, Quantitative Finance and Economics, 4(3), 489–502.
  • Khan, K., Zhao, K., Zhang, H., YANG, H., Shah, M. H., & Jahanger, A. (2020). The impact of COVID-19 pandemic on stock markets: An empirical analysis of World Major Stock Indices’, Journal of Asian Finance, Economics and Business,7(7), 463 – 474.
  • Mazur, M., Dang, M., & Vega, M. (2021). COVID-19 and the march 2020 stock market crash. Evidence from S&P1500, Finance Research Letters, Retrieved from https://doi.org/10.1016/j.frl.2020.101690.
  • Öztürk, Ö., Şişman, M.Y., Uslu, H., & Çıtak, F. (2020). KOVİD-19 pandemisinin Türkiye hisse senedi piyasasına etkileri: Sektörel bir analiz. Hitit Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 13(1), 56-68.
  • Ramelli, S., & Wagner, A. F. (2020). Feverish stock price reactions to COVID-19, The Review of Corporate Finance Studies, 9, 622–655.
  • Takyi, O., & Bentum-Ennin, I. (2021). The impact of COVID-19 on stock market performance in Africa: A Bayesian structural time series approach, Journal of Economics and Business, Retrieved from https://doi.org/10.1016/j.jeconbus.2020.105968.
  • Tatoğlu, F. Y. (2020). Panel Veri Ekonometrisi, Stata Uygulamalı, 5. Basım, İstanbul, Beta Yayınları
  • Topcu, M. & Gulal, O. S. (2020). The impact of COVID-19 on emerging stock markets, Finance Research Letters, 36, 1-4.
  • WHO. (2020a). Novel Coronavirus (2019-nCoV) Situation Report 1, World Health Organization, 21 January 2020, 1-5.
  • WHO. (2020b). Virtual press conference on COVID-19, World Health Organization, 11 March 2020, 1-17.
  • Wooldridge, J. M. (2002). Econometric Analysis of Cross Section and Panel Data. London, The MIT Press.
  • Trotsenburg, A. V. (2021, February 9). COVID-19 response: Where we stand now, and the road ahead. World Bank. Retrieved from https://blogs.worldbank.org/voices/covid-19-response-where-we-stand-now-and-road-ahead.
  • World Health Organization. (2021, February 26). Numbers at a glance. https://www.who.int/emergencies/diseases/novel-coronavirus-2019.
  • Xu, L. (2021). Stock Return and the COVID-19 pandemic: Evidence from Canada and the US’, Finance Research Letters, 38, 1-7.
Toplam 22 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm Makaleler
Yazarlar

Mehtap Öner 0000-0001-7527-5875

Aslı Aybars 0000-0002-7899-2367

Yayımlanma Tarihi 21 Haziran 2021
Gönderilme Tarihi 10 Mart 2021
Kabul Tarihi 2 Nisan 2021
Yayımlandığı Sayı Yıl 2021 Cilt: 6 Sayı: 1

Kaynak Göster

APA Öner, M., & Aybars, A. (2021). HOW BORSA ISTANBUL (BIST) REACTS TO THE NOVEL CORONAVIRUS: THE COVID-19 CASE. Journal of Research in Business, 6(1), 69-79.