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COVID-19 Effect on Borsa Istanbul: Measuring Industry-Specific Market Responses on the Basis of Indices

Yıl 2021, Cilt: 6 Sayı: 2, 439 - 463, 27.08.2021

Gamze Göçmen Yağcılar

https://doi.org/10.30784/epfad.865285
Cited By: 6

Öz

The aim of this study is to examine the short-run impact of pandemic-related events on Borsa Istanbul sectoral indices and investigate the differentials among industry responses. Following the event study approach, 12 sectoral stock indices are taken and their responses to two positive and two negative pandemic-related events are analysed. Event days chosen are declaration of international public health emergency on 30 January 2020 by World Health Organization (WHO); the first confirmed case in Turkey and WHO declaration of pandemic on 11 March 2020; introduction to public rules of normalization process on 4 May 2020; and announcement of vaccine efficacy against coronavirus. Results suggest that Technology, Transportation, Tourism, SME and IT indices are the most sensitive indices against COVID-19 related events. These indices generated negative AR and CAR values against negative events and positive AR and CARs against positive events. Banking and Telecom indices generated significant AR and CAR values but coefficients are generally opposed to the aspects of the events.

Anahtar Kelimeler

Stock Markets Sector Indices Event Study Abnormal Returns COVID-19

Kaynakça

  • Amankwah-Amoah, J., Khan, Z. and Wood, G. (2021). COVID-19 and business failures: The paradoxes of experience, scale, and scope for theory and practice. European Management Journal, 39(2), 179-184. https://doi.org/10.1016/j.emj.2020.09.002
  • Andres, C., Betzer, A., van den Bongard, I., Haesner, C. and Theissen, E. (2012). Dividend announcements reconsidered: Dividend changes versus dividend surprises (University of Cologne, CFR Working Paper, No. 12-03). Retrieved from https://ideas.repec.org/
  • Ashraf, B. N. (2020a). Stock markets’ reaction to COVID-19: Cases or fatalities? Research in International Business and Finance, 54, 101249. https://doi.org/10.1016/j.ribaf.2020.101249
  • Ashraf, B. N. (2020b). Stock markets’ reaction to COVID-19: Moderating role of national culture. Finance Research Letters, 41, 101857. https://doi.org/10.1016/j.frl.2020.101857
  • Baek, S., Mohanty, S. K. and Glambosky, M. (2020). COVID-19 and stock market volatility: An industry level analysis. Finance Research Letters, 37, 101748. https://doi.org/10.1016/j.frl.2020.101748
  • Baig, A. S., Butt, H. A., Haroon, O. and Rizvi, S. A. R. (2020). Deaths, panic, lockdowns and US equity markets: The case of COVID-19 pandemic. Finance Research Letters, 38, 101701. https://doi.org/10.1016/j.frl.2020.101701
  • Baker, S. R., Bloom, N., Davis, S. J., Kost, K. J., Sammon, M. C. and Viratyosini T. (2020). The unprecedented stock market impact of COVID-19 (NBER Working Paper Series, No. 26945.) doi:10.3386/w26945
  • Bernanke, B. S. and Kuttner, K. N. (2005). What explains the stock market’s reaction to Federal Reserve policy? The Journal of Finance, 60(3), 1221-1257. Retrieved from http://www.jstor.org/
  • Bloomberg HT. (2020). BIST100 24 Mart 2020. Erişim adresi: https://www.bloomberght.com/bist-100-gunu-koronaviruse-karsi-ekonomik-tedbirlerin-etkisiyle-yuzde-5-98-yukselisle-kapatti-2250996
  • Choi, S-Y. (2020). Industry volatility and economic uncertainty due to the COVID-19 Pandemic: Evidence from wavelet coherence analysis. Finance Research Letters, 37, 101783. https://doi.org/10.1016/j.frl.2020.101783
  • Dünya Gazetesi. (2020, 26 Haziran). Küresel ekonomi aşı haberiyle canlandı. Dünya Gazetesi. Erişim adresi: https://www.dunya.com/dunya/kuresel-ekonomi-asi-haberiyle-canlandi-haberi-488385, Erişim tarihi: 15.01.2020.
  • Eğri, T. ve Doğaner, A. (2020). COVID-19 ve ekonomik kriz: KOBİ’ler özelinde bir değerlendirme ve politika önerileri [COVID-19 sosyal bilimler özel sayısı]. İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 19(37), 128-145. Erişim adresi: https://dergipark.org.tr/en/pub/iticusbe
  • Eleftheriou, K. and Patsoulis, P. (2021). COVID-19 containment measures and stock market returns: An international spatial econometrics investigation. Journal of Behavioral and Experimental Finance, 29, 100428. https://doi.org/10.1016/j.jbef.2020.100428
  • Engelhardt, N., Krause, M., Naukirchen, D. and Prosch, P. N. (2020). Trust and stock market volatility during the COVID-19 crisis. Finance Research Letters, 38, 101873. https://doi.org/10.1016/j.frl.2020.101873
  • Erdem, O. (2020). Freedom and stock market performance during Covid-19 outbreak. Finance Research Letters, 36, 101671. doi:10.1016/j.frl.2020.101671
  • Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25(2), 383-417. https://doi.org/10.2307/2325486
  • Goodell, J. W. (2020). COVID-19 and finance: Agendas for future research. Finance Research Letters, 35, 101512. https://doi.org/10.1016/j.frl.2020.101512
  • Goodell, J. W. and Goutte, S. (2021). Co-movement of COVID-19 and Bitcoin: Evidence from wavelet coherence analysis. Finance Research Letters, 38, 101625. https://doi.org/10.1016/j.frl.2020.101625
  • Goodell, J. W. and Huyn, T. L. D. (2020). Did congress trade ahead? Considering the reaction of US industries to COVID-19. Finance Research Letters, 36, 101578. https://doi.org/10.1016/j.frl.2020.101578
  • Gormsen, N. J. and Koijen, R. S. J. (2020). Coronavirus: Impact of stock prices and growth expectations. Review of Asset Pricing Studies, 10(4), 574-597. https://doi.org/10.1093/rapstu/raaa013
  • Hacıevliyagil, N. ve Gümüş, A. (2020). COVID-19’un en etkili olduğu ülkelerde salgın-borsa ilişkisi [COVID-19 special issue]. Gaziantep Univercity Journal of Social Sciences, 19, 354-364. https://doi.org/10.21547/jss.742893
  • Heyden, K. J and Heyden, T. (2020). Market reactions to the arrival and containment of COVID-19: An event study. Finance Research Letters, 38, 101745. https://doi.org/10.1016/j.frl.2020.101745
  • Jagedeesh, N. and Livnat, J. (2006). Revenue surprises and stock returns. Journal of Accounting and Economics, 41(1-2), 147-171. https://doi.org/10.1016/j.jacceco.2005.10.003
  • Just, M. and Echaust, K. (2020). Stock market returns, volatility, correlation and liquidity during the COVID-19 crisis: Evidence from the Markov Switching approach. Finance Research Letters, 37, 101775. https://doi.org/10.1016/j.frl.2020.101775
  • Kandil Göker, İ. E., Eren, B. S. and Karaca, S. S. (2020). The impact of COVID-19 (Coronavirus) on the Borsa İstanbul sector index returns: An event study [COVID-19 special issue]. Gaziantep University, Journal of Social Sciences, 19, 14-41. https://doi.org/10.21547/jss.731980
  • Kartal, M. T., Depren, Ö. and Depren, S. (2020). The determinants of main stock exchange index changes in emerging countries: Evidence from Turkey in COVID-19 pandemic age. Quantitative Finance and Economics, 4(4), 526-541. doi:10.3934/qfe.2020025
  • Keleş, E. (2020). COVID-19 ve BIST 30 endeksi üzerine kısa dönemli etkileri. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, 42(1), 91-105. https://doi.org/10.14780/muiibd.763962
  • Kılıç, Y. (2020). Borsa İstanbul’da COVID-19 (Koronavirüs) etkisi. Journal of Emerging Economies and Policy, 5(1), 66-77. https://dergipark.org.tr/en/pub/joeep/
  • Kothari, S. P, Lewellen, J. and Warner, J. B. (2006). Stock returns, aggregate earnings surprises and behavioral finance. Journal of Financial Economics, 79(3), 537-568. doi:10.1016/j.jfineco.2004.06.016
  • Kothari, S. P. and Warner, J. B. (2007). Econometrics of event studies. In B.E. Eckbo (Ed.), Handbook of corporate finance: Empirical corporate finance (pp. 3-36). Amsterdam: Elsevier.
  • Lai, Y. and Hu, Y. (2021). A study of systemic risk of global stock markets under COVID-19 based on complex financial networks. Physica A, 566, 125613. doi:10.1016/j.physa.2020.125613
  • Maneenop, S. and Kotcharin, S. (2020). The impacts of COVID-19 on the global airline industry: An event study approach. Journal of Air Transport Management, 89, 101920. https://doi.org/10.1016/j.jairtraman.2020.101920
  • Mazumder, S. (2020). How important is social trust during the COVID-19 crisis period? Evidence from the FED announcements. Journal of Behavioral and Experimental Finance, 28, 100387. doi:10.1016/j.jbef.2020.100387
  • Mazur, M., Dang, M. and Vega, M. (2020). COVID-19 and March 2020 stock market crash: Evidence from S&P1500. Finance Research Letters, 38, 101690. https://doi.org/10.1016/j.frl.2020.101690
  • Narayan, P. K., Phan, D. H. B. and Liu, G. (2021). COVID-19 lockdowns, stimulus packages, travel bans, and stock returns. Finance Research Letters, 38, 101732. https://doi.org/10.1016/j.frl.2020.101732
  • Okorie, D. I. and Lin, B. (2021). Stock markets and the COVID-19 fractal contagion effects. Finance Research Letters, 38, 101640. https://doi.org/10.1016/j.frl.2020.101640
  • Pagano, M., Wagner, C. and Zechner, J. (2020). Disaster resilience and asset prices (CEPR Discussion Paper Series). http://dx.doi.org/10.2139/ssrn.3603666
  • Pandey, D. K. and Kumari, V. (2021). Event study on the reaction of the developed and emerging stock markets to the 2019-nCoV outbreak. International Review of Economics and Finance, 71, 467-483. doi:10.1016/j.iref.2020.09.014
  • Pearce, D. K. and Roley, V. V. (1983). The reaction of stock prices to unanticipated changes in money: A note. The Journal of Finance, 38(4), 1323-1333. https://doi.org/10.2307/2328032
  • Peker, Y. ve Demirhan, E. (2020). COVID-19 küresel salgınının Borsa İstanbul’daki sektörel etkileri (TEPAV Değerlendirme Notu, N202012). Erişim adresi: https://www.tepav.org.tr/tr/yayin/s/1486
  • Rahman, M. L., Amin, A. and Al Mamun, M. A. (2021). The COVID-19 outbreak and stock market reactions: Evidence from Australia. Finance Research Letters, 38, 101832. https://doi.org/10.1016/j.frl.2020.101832
  • Seyahat Sağlığı. (2020). Dünya Sağlık Örgütünün 30.01.2020 tarihli yeni koronavirüs (2019-nCoV) durum raporu. Erişim adresi: https://www.seyahatsagligi.gov.tr/Site/HaberDetayi/2220
  • Sharif, A., Aloui, C. and Yarovaya, L. (2020). COVID-19 pandemic, oil prices, stock market, geopolitical risk and policy uncertainty nexus in the US economy: Fresh evidence from wavelet-based approach. International Review of Financial Analysis, 70, 101496. https://doi.org/10.1016/j.irfa.2020.101496
  • Sun, Y., Wu, M., Zeng, X. and Peng, Z. (2020). The impact of COVID-19 on the Chinese stock exchange: Sentimental or substantial? Finance Research Letters, 38. https://doi.org/10.1016/j.frl.2020.101838
  • Topcu, M. and Gulal, O. S. (2020). The impact of COVID-19 on emerging stock markets. Finance Research Letters, 36, 101691. https://doi.org/10.1016/j.frl.2020.101691
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  • Uğur, N. G. and Akbıyık A. (2020). Impacts of COVID-19 on global tourism industry: An cross-regional comparison. Tourism Management Perspectives, 36, 100744. https://doi.org/10.1016/j.tmp.2020.100744
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Borsa İstanbul’da COVID-19 Etkisi: Kısa Dönemli Sektörel Piyasa Tepkilerinin Endeks Bazında Ölçülmesi

Yıl 2021, Cilt: 6 Sayı: 2, 439 - 463, 27.08.2021

Gamze Göçmen Yağcılar

https://doi.org/10.30784/epfad.865285
Cited By: 6

Öz

Çalışmanın amacı, COVID-19 pandemisinin Borsa İstanbul (BİST) üzerindeki kısa dönemli etkisini ölçmek ve endekslerin pandemi ile ilişkili olaylar karışında verdikleri tepkilerde bir farklılaşma olup olmadığını tespit etmektir. Bu amaçla BİST’te yer alan sektörel endekslerden arasından seçilmiş 12 endeks üzerinde incelemeler yapılmış, olay analizi yöntemi kullanılarak pandemi ile ilişkili ikisi pozitif ikisi negatif olmak üzere 4 olaya karşı endekslerin tepkileri karşılaştırılmıştır. Seçilen olay günleri 30 Ocak 2020 tarihinde Dünya Sağlık Örgütü (DSÖ) tarafından Uluslararası halk sağlığı acil durumu ilanı, 11 Mart 2020’de Türkiye’de ilk vakanın görülmesi, 4 Mayıs 2020’de normalleşmeye ilişkin planlamaların duyurulması ve 9 Kasım 2020’de aşı çalışmalarının başarıya ulaştığı haberinin duyurulmasıdır. Bulgular değerlendirilirken Mart ayı boyunca meydana gelen farklı olayların etkileri de günlük anormal getiriler dikkate alınarak yorumlanmaya çalışılmıştır. Elde edilen sonuçlar pandemi ile ilişkili olaylar karşısında duyarlılığı en yüksek olan endekslerin Teknoloji, Ulaştırma, Turizm, KOBİ ve Bilişim sektörlerine ait olduğunu göstermiştir. Bu endekslerde pozitif olaylar karşısında pozitif, negatif olaylar karşısında negatif anormal getiriler meydana gelmiştir. Banka ve İletişim endekslerinde oluşan anormal getiriler ise öncekilerle genellikle ters yönlü olarak ortaya çıkmıştır.

Anahtar Kelimeler

COVID-19 Borsa Olay Çalışması Anormal Getiriler Sektör Endeksleri

Kaynakça

  • Amankwah-Amoah, J., Khan, Z. and Wood, G. (2021). COVID-19 and business failures: The paradoxes of experience, scale, and scope for theory and practice. European Management Journal, 39(2), 179-184. https://doi.org/10.1016/j.emj.2020.09.002
  • Andres, C., Betzer, A., van den Bongard, I., Haesner, C. and Theissen, E. (2012). Dividend announcements reconsidered: Dividend changes versus dividend surprises (University of Cologne, CFR Working Paper, No. 12-03). Retrieved from https://ideas.repec.org/
  • Ashraf, B. N. (2020a). Stock markets’ reaction to COVID-19: Cases or fatalities? Research in International Business and Finance, 54, 101249. https://doi.org/10.1016/j.ribaf.2020.101249
  • Ashraf, B. N. (2020b). Stock markets’ reaction to COVID-19: Moderating role of national culture. Finance Research Letters, 41, 101857. https://doi.org/10.1016/j.frl.2020.101857
  • Baek, S., Mohanty, S. K. and Glambosky, M. (2020). COVID-19 and stock market volatility: An industry level analysis. Finance Research Letters, 37, 101748. https://doi.org/10.1016/j.frl.2020.101748
  • Baig, A. S., Butt, H. A., Haroon, O. and Rizvi, S. A. R. (2020). Deaths, panic, lockdowns and US equity markets: The case of COVID-19 pandemic. Finance Research Letters, 38, 101701. https://doi.org/10.1016/j.frl.2020.101701
  • Baker, S. R., Bloom, N., Davis, S. J., Kost, K. J., Sammon, M. C. and Viratyosini T. (2020). The unprecedented stock market impact of COVID-19 (NBER Working Paper Series, No. 26945.) doi:10.3386/w26945
  • Bernanke, B. S. and Kuttner, K. N. (2005). What explains the stock market’s reaction to Federal Reserve policy? The Journal of Finance, 60(3), 1221-1257. Retrieved from http://www.jstor.org/
  • Bloomberg HT. (2020). BIST100 24 Mart 2020. Erişim adresi: https://www.bloomberght.com/bist-100-gunu-koronaviruse-karsi-ekonomik-tedbirlerin-etkisiyle-yuzde-5-98-yukselisle-kapatti-2250996
  • Choi, S-Y. (2020). Industry volatility and economic uncertainty due to the COVID-19 Pandemic: Evidence from wavelet coherence analysis. Finance Research Letters, 37, 101783. https://doi.org/10.1016/j.frl.2020.101783
  • Dünya Gazetesi. (2020, 26 Haziran). Küresel ekonomi aşı haberiyle canlandı. Dünya Gazetesi. Erişim adresi: https://www.dunya.com/dunya/kuresel-ekonomi-asi-haberiyle-canlandi-haberi-488385, Erişim tarihi: 15.01.2020.
  • Eğri, T. ve Doğaner, A. (2020). COVID-19 ve ekonomik kriz: KOBİ’ler özelinde bir değerlendirme ve politika önerileri [COVID-19 sosyal bilimler özel sayısı]. İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 19(37), 128-145. Erişim adresi: https://dergipark.org.tr/en/pub/iticusbe
  • Eleftheriou, K. and Patsoulis, P. (2021). COVID-19 containment measures and stock market returns: An international spatial econometrics investigation. Journal of Behavioral and Experimental Finance, 29, 100428. https://doi.org/10.1016/j.jbef.2020.100428
  • Engelhardt, N., Krause, M., Naukirchen, D. and Prosch, P. N. (2020). Trust and stock market volatility during the COVID-19 crisis. Finance Research Letters, 38, 101873. https://doi.org/10.1016/j.frl.2020.101873
  • Erdem, O. (2020). Freedom and stock market performance during Covid-19 outbreak. Finance Research Letters, 36, 101671. doi:10.1016/j.frl.2020.101671
  • Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25(2), 383-417. https://doi.org/10.2307/2325486
  • Goodell, J. W. (2020). COVID-19 and finance: Agendas for future research. Finance Research Letters, 35, 101512. https://doi.org/10.1016/j.frl.2020.101512
  • Goodell, J. W. and Goutte, S. (2021). Co-movement of COVID-19 and Bitcoin: Evidence from wavelet coherence analysis. Finance Research Letters, 38, 101625. https://doi.org/10.1016/j.frl.2020.101625
  • Goodell, J. W. and Huyn, T. L. D. (2020). Did congress trade ahead? Considering the reaction of US industries to COVID-19. Finance Research Letters, 36, 101578. https://doi.org/10.1016/j.frl.2020.101578
  • Gormsen, N. J. and Koijen, R. S. J. (2020). Coronavirus: Impact of stock prices and growth expectations. Review of Asset Pricing Studies, 10(4), 574-597. https://doi.org/10.1093/rapstu/raaa013
  • Hacıevliyagil, N. ve Gümüş, A. (2020). COVID-19’un en etkili olduğu ülkelerde salgın-borsa ilişkisi [COVID-19 special issue]. Gaziantep Univercity Journal of Social Sciences, 19, 354-364. https://doi.org/10.21547/jss.742893
  • Heyden, K. J and Heyden, T. (2020). Market reactions to the arrival and containment of COVID-19: An event study. Finance Research Letters, 38, 101745. https://doi.org/10.1016/j.frl.2020.101745
  • Jagedeesh, N. and Livnat, J. (2006). Revenue surprises and stock returns. Journal of Accounting and Economics, 41(1-2), 147-171. https://doi.org/10.1016/j.jacceco.2005.10.003
  • Just, M. and Echaust, K. (2020). Stock market returns, volatility, correlation and liquidity during the COVID-19 crisis: Evidence from the Markov Switching approach. Finance Research Letters, 37, 101775. https://doi.org/10.1016/j.frl.2020.101775
  • Kandil Göker, İ. E., Eren, B. S. and Karaca, S. S. (2020). The impact of COVID-19 (Coronavirus) on the Borsa İstanbul sector index returns: An event study [COVID-19 special issue]. Gaziantep University, Journal of Social Sciences, 19, 14-41. https://doi.org/10.21547/jss.731980
  • Kartal, M. T., Depren, Ö. and Depren, S. (2020). The determinants of main stock exchange index changes in emerging countries: Evidence from Turkey in COVID-19 pandemic age. Quantitative Finance and Economics, 4(4), 526-541. doi:10.3934/qfe.2020025
  • Keleş, E. (2020). COVID-19 ve BIST 30 endeksi üzerine kısa dönemli etkileri. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, 42(1), 91-105. https://doi.org/10.14780/muiibd.763962
  • Kılıç, Y. (2020). Borsa İstanbul’da COVID-19 (Koronavirüs) etkisi. Journal of Emerging Economies and Policy, 5(1), 66-77. https://dergipark.org.tr/en/pub/joeep/
  • Kothari, S. P, Lewellen, J. and Warner, J. B. (2006). Stock returns, aggregate earnings surprises and behavioral finance. Journal of Financial Economics, 79(3), 537-568. doi:10.1016/j.jfineco.2004.06.016
  • Kothari, S. P. and Warner, J. B. (2007). Econometrics of event studies. In B.E. Eckbo (Ed.), Handbook of corporate finance: Empirical corporate finance (pp. 3-36). Amsterdam: Elsevier.
  • Lai, Y. and Hu, Y. (2021). A study of systemic risk of global stock markets under COVID-19 based on complex financial networks. Physica A, 566, 125613. doi:10.1016/j.physa.2020.125613
  • Maneenop, S. and Kotcharin, S. (2020). The impacts of COVID-19 on the global airline industry: An event study approach. Journal of Air Transport Management, 89, 101920. https://doi.org/10.1016/j.jairtraman.2020.101920
  • Mazumder, S. (2020). How important is social trust during the COVID-19 crisis period? Evidence from the FED announcements. Journal of Behavioral and Experimental Finance, 28, 100387. doi:10.1016/j.jbef.2020.100387
  • Mazur, M., Dang, M. and Vega, M. (2020). COVID-19 and March 2020 stock market crash: Evidence from S&P1500. Finance Research Letters, 38, 101690. https://doi.org/10.1016/j.frl.2020.101690
  • Narayan, P. K., Phan, D. H. B. and Liu, G. (2021). COVID-19 lockdowns, stimulus packages, travel bans, and stock returns. Finance Research Letters, 38, 101732. https://doi.org/10.1016/j.frl.2020.101732
  • Okorie, D. I. and Lin, B. (2021). Stock markets and the COVID-19 fractal contagion effects. Finance Research Letters, 38, 101640. https://doi.org/10.1016/j.frl.2020.101640
  • Pagano, M., Wagner, C. and Zechner, J. (2020). Disaster resilience and asset prices (CEPR Discussion Paper Series). http://dx.doi.org/10.2139/ssrn.3603666
  • Pandey, D. K. and Kumari, V. (2021). Event study on the reaction of the developed and emerging stock markets to the 2019-nCoV outbreak. International Review of Economics and Finance, 71, 467-483. doi:10.1016/j.iref.2020.09.014
  • Pearce, D. K. and Roley, V. V. (1983). The reaction of stock prices to unanticipated changes in money: A note. The Journal of Finance, 38(4), 1323-1333. https://doi.org/10.2307/2328032
  • Peker, Y. ve Demirhan, E. (2020). COVID-19 küresel salgınının Borsa İstanbul’daki sektörel etkileri (TEPAV Değerlendirme Notu, N202012). Erişim adresi: https://www.tepav.org.tr/tr/yayin/s/1486
  • Rahman, M. L., Amin, A. and Al Mamun, M. A. (2021). The COVID-19 outbreak and stock market reactions: Evidence from Australia. Finance Research Letters, 38, 101832. https://doi.org/10.1016/j.frl.2020.101832
  • Seyahat Sağlığı. (2020). Dünya Sağlık Örgütünün 30.01.2020 tarihli yeni koronavirüs (2019-nCoV) durum raporu. Erişim adresi: https://www.seyahatsagligi.gov.tr/Site/HaberDetayi/2220
  • Sharif, A., Aloui, C. and Yarovaya, L. (2020). COVID-19 pandemic, oil prices, stock market, geopolitical risk and policy uncertainty nexus in the US economy: Fresh evidence from wavelet-based approach. International Review of Financial Analysis, 70, 101496. https://doi.org/10.1016/j.irfa.2020.101496
  • Sun, Y., Wu, M., Zeng, X. and Peng, Z. (2020). The impact of COVID-19 on the Chinese stock exchange: Sentimental or substantial? Finance Research Letters, 38. https://doi.org/10.1016/j.frl.2020.101838
  • Topcu, M. and Gulal, O. S. (2020). The impact of COVID-19 on emerging stock markets. Finance Research Letters, 36, 101691. https://doi.org/10.1016/j.frl.2020.101691
  • TÜBİDER. (2020). Koronavirüsün (COVID-19) bilişim sektörüne etkileri. Erişim adresi: https://tubider.org.tr/wp-content/uploads/2020/05/TUBIDER-COVID-19-RAPORU-200504.pdf
  • Uğur, N. G. and Akbıyık A. (2020). Impacts of COVID-19 on global tourism industry: An cross-regional comparison. Tourism Management Perspectives, 36, 100744. https://doi.org/10.1016/j.tmp.2020.100744
  • World Bank Group (2020). COVID-19 outbreak: Capital market implications and response (Equitable Growth, Finance and Institutions, COVID-19 Notes, Finance Series). Retrieved from https://www.worldbank.org/en/topic/financialsector/coronavirus
  • Zaremba, A., Aharon, D. Y., Demir, E., Kizys, R. and Zawadka, D. (2021). COVID-19, government policy responses, and stock market liquidity around the world: A note. Research in International Business and Finance, 56, 101359. https://doi.org/10.1016/j.ribaf.2020.101359
  • Zaremba, A., Kizys, R., Aharon, D. Y., Demir, E., (2020). Infected markets: Novel coronavirus, government interventions, and stock return volatility around the globe. Finance Research Letters, 35, 101597. https://doi.org/10.1016/j.frl.2020.101597
  • Zeren, F. and Hızarcı, A. E. (2020). The impact of COVID-19 coronavirus on stock markets: Evidence from selected countries. Muhasebe ve Finans İncelemeleri Dergisi, 3(1). 78-84. https://doi.org/10.32951/mufider.706159
  • Zhang, D., Hu, M. and Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36, 101528. https://doi.org/10.1016/j.frl.2020.101528
Toplam 52 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Finans
Bölüm Makaleler
Yazarlar

Gamze Göçmen Yağcılar 0000-0002-5009-4696

Yayımlanma Tarihi 27 Ağustos 2021
Kabul Tarihi 11 Temmuz 2021
Yayımlandığı Sayı Yıl 2021 Cilt: 6 Sayı: 2

Kaynak Göster

APA Göçmen Yağcılar, G. (2021). Borsa İstanbul’da COVID-19 Etkisi: Kısa Dönemli Sektörel Piyasa Tepkilerinin Endeks Bazında Ölçülmesi. Ekonomi Politika Ve Finans Araştırmaları Dergisi, 6(2), 439-463. https://doi.org/10.30784/epfad.865285

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