Araştırma Makalesi
Yıl 2020,
Cilt: 19 Sayı: COVID-19 Special Issue, 14 - 41, 31.10.2020
Öz
This study aims to analyze the impact of the COVID-19 outbreak on the Borsa Istanbul sector index returns. COVID-19 first emerged in Wuhan, China in December 2019 and spread to many countries in a short time. With the declaration of the COVID-19 outbreak a global pandemic by the World Health Organization on March 11, 2020, commercial and financial mobility is restricted at both national and international levels. This directly affects both the financial and real sectors. When the effects of previous outbreaks on the economies of the countries are analyzed, it is observed that there are differences on a sector basis. From this point of view this study reveals the impact of the pandemic on sector basis. The data of 26 sectors in BIST are analyzed by the event study. According to the findings, in most of the event windows examined, most of the sectors have negative cummulative abnormal returns (CAAR); in some periods, it is seen that few sectors have positive CAARs. Although the abnormal return rates vary according to different event windows, the highest lost is found in the Sports, Tourism and Transportation sectors.
Anahtar Kelimeler
Kaynakça
- Agrawal, J., & Kamakura, W. A. (1995). The economic worth of celebrity endorsers: An event study analysis. Journal of Marketing, 59(3), 56-62.
- Alber N. (2020). The effect of coronavirus spread on stock markets: The case of the worst 6 countries, http://ssrn.com/abstract=3578080.
- Ali N., Nassir A. M., Hassan T., Abidin S. Z. (2010). Short-run stock overreaction: Evidence from Bursa Malaysia, International Journal of Economics and Management, 4(2), 319-333.
- Babacan, B., & Özer G. (2013). Şirketlerin gönüllü açıklamalarının hisse senedi getirileri üzerine etkileri. Yönetim ve Ekonomi: Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 20(2), 91-104.
- Basdas, U., & Oran, A. (2014). Event studies in Turkey. Borsa Istanbul Review, 14(3), 167-188.
- Chen M. H., Jang S. S., & Kim W. G. (2007). The impact of SARS outbreak on Taiwanese hotel stock performance: An evet-study approach, Hospitality Management, 26, 200-212.
- Chen C. D., Chen C. C., Tang W. W., Huang B. Y. (2009). The positive and negative impacts of the SARS outbreak: A case of the Taiwan industries, The Journal of Developing Areas, 43(1), 281-293.
- Chen M. P., Lee C. C., Lin Y. H., Chen W. Y. (2018). Did the SARS epidemic weaken the integration of Asian stock markets? Evidence from smooth time-varying cointegration analysis, Economic Research, 31 (1), 908-926.
- Cheung, A. W. K. (2011). Do stock investors value corporate sustainability? Evidence from an event study. Journal of Business Ethics, 99(2), 145-165.
- Consolandi, C., Jaiswal-Dale, A., Poggiani, E., & Vercelli, A. (2009). Global standards and ethical stock indexes: The case of the Dow Jones Sustainability Stoxx Index. Journal of Business Ethics, 87(1), 185-197.
- Curran, M. M., & Moran, D. (2007). Impact of the FTSE4Good Index on firm price: An event study. Journal of Environmental Management, 82(4), 529-537.
- Fernandez N. (2020). Economic effects of coronavirus outbreak (Covid-19) on the world economy, http://ssrn.com/abstract=3557504.
- Gunay, S. (2020). A new form of financial contagion: Covid-19 and stock market responses, http://ssrn.com/abstract=3585069.
- Hai W., Zhao Z., Wang J. (2004). The short-term impact of SARS on the Chinese economy, Asian Economic Papers, 3(1), 57-61.
- Ichev R., Marinc M. (2018). Stock prices and geographic proximity of information: Evidence from the evola outbreak, International Review of Financial Analysis, 56, 153-166.
- Malkiel, B. G., & Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25(2), 383-417.
- Nippani S., Washer K. M. (2004). SARS: A non-event for affected countries' stock markets? Applied Financial Economics, 14, 1105-1110.
- Overby J., Rayburn M., Hammond K. (2004). The China syndrome: the impact of the SARS epidemic in Southeast Asia, Asia Pacific Journal of Marketing and Logistics, 16(1), 69-94.
- Pine R., McKercher B. (2004). The impact of SARS on Hong Kong's tourism industry, International Journal of Contemporary Hospitality Management, 16(2), 139-143.
- Sansa N.A. (2020). The impact of Covid-19 on the financial markets: evidence from China and USA, http://ssrn.com/abstract=3562530
- Siu A. , Wong Y.C.R. (2004). The economic impact of SARS: The case of Hong Kong, Asian Economic Papers, 3(1), 62-83.
- Xinhua (2020). China financial markets remains stable amid Covid-19 impact, https://www.chinadailyhk.com/article/125145
- Wang T. H., Yang F. J., Chen L. J. (2013). An investor's perspective on infectious diseases and their influence on market behaviour, Journal of Business Economics and Management, 14 (1), 112-127.
- Yan, C. COVID-19 Outbreak and Stock Prices: Evidence from China, http://ssrn.com/abstract=3574374.
- Zeren F., 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.
COVID-19 (Koronavirüs)’un Borsa İstanbul Sektör Endeks Getirileri Üzerindeki Etkisi: Bir Olay Çalışması
Öz
Bu çalışma COVID-19 salgınının Borsa İstanbul sektör endeks getirileri üzerindeki etkisini analiz etmeyi amaçlamaktadır. COVID-19 ilk olarak 2019 yılı Aralık ayında Çin’in Wuhan kentinde ortaya çıkmış olup kısa sürede pek çok ülkeye yayılmıştır. Dünya Sağlık Örgütü tarafından pandemi ilan edilmesi ile gerek ulusal gerekse uluslarası düzeyde ticari ve mali hareketlilikler kısıtlanmıştır. Bu durum, hem finansal hem de reel sektörü doğrudan etkilemiştir. Dünyada daha önce yaşanan salgınların ülke ekonomileri üzerine etkileri incelediğinde sektör bazında farklılaşmalar olduğu görülmüştür. Bu noktadan hareket ederek bu çalışma, salgından etkilenme durumunu sektör bazında ortaya koymaktadır. BIST’te yer alan 26 sektöre ait veriler kullanılarak yapılan olay çalışması bulgularına göre, incelenen olay dönemlerinin çoğunda çoğu sektörün negatif Birikimli Ortalama Olağanüstü Getiri (CAAR) elde ettiği, bazı dönemlerde ise farklı sektörlerin CAAR değerlerinin pozitif olduğu görülmüştür. Farklı olay pencerelerine göre oranlar değişmekle birlikte en yüksek kaybın Spor, Turizm ve Taşımacılık sektörlerinde olduğu tespit edilmiştir.
Anahtar Kelimeler
Kaynakça
- Agrawal, J., & Kamakura, W. A. (1995). The economic worth of celebrity endorsers: An event study analysis. Journal of Marketing, 59(3), 56-62.
- Alber N. (2020). The effect of coronavirus spread on stock markets: The case of the worst 6 countries, http://ssrn.com/abstract=3578080.
- Ali N., Nassir A. M., Hassan T., Abidin S. Z. (2010). Short-run stock overreaction: Evidence from Bursa Malaysia, International Journal of Economics and Management, 4(2), 319-333.
- Babacan, B., & Özer G. (2013). Şirketlerin gönüllü açıklamalarının hisse senedi getirileri üzerine etkileri. Yönetim ve Ekonomi: Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 20(2), 91-104.
- Basdas, U., & Oran, A. (2014). Event studies in Turkey. Borsa Istanbul Review, 14(3), 167-188.
- Chen M. H., Jang S. S., & Kim W. G. (2007). The impact of SARS outbreak on Taiwanese hotel stock performance: An evet-study approach, Hospitality Management, 26, 200-212.
- Chen C. D., Chen C. C., Tang W. W., Huang B. Y. (2009). The positive and negative impacts of the SARS outbreak: A case of the Taiwan industries, The Journal of Developing Areas, 43(1), 281-293.
- Chen M. P., Lee C. C., Lin Y. H., Chen W. Y. (2018). Did the SARS epidemic weaken the integration of Asian stock markets? Evidence from smooth time-varying cointegration analysis, Economic Research, 31 (1), 908-926.
- Cheung, A. W. K. (2011). Do stock investors value corporate sustainability? Evidence from an event study. Journal of Business Ethics, 99(2), 145-165.
- Consolandi, C., Jaiswal-Dale, A., Poggiani, E., & Vercelli, A. (2009). Global standards and ethical stock indexes: The case of the Dow Jones Sustainability Stoxx Index. Journal of Business Ethics, 87(1), 185-197.
- Curran, M. M., & Moran, D. (2007). Impact of the FTSE4Good Index on firm price: An event study. Journal of Environmental Management, 82(4), 529-537.
- Fernandez N. (2020). Economic effects of coronavirus outbreak (Covid-19) on the world economy, http://ssrn.com/abstract=3557504.
- Gunay, S. (2020). A new form of financial contagion: Covid-19 and stock market responses, http://ssrn.com/abstract=3585069.
- Hai W., Zhao Z., Wang J. (2004). The short-term impact of SARS on the Chinese economy, Asian Economic Papers, 3(1), 57-61.
- Ichev R., Marinc M. (2018). Stock prices and geographic proximity of information: Evidence from the evola outbreak, International Review of Financial Analysis, 56, 153-166.
- Malkiel, B. G., & Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25(2), 383-417.
- Nippani S., Washer K. M. (2004). SARS: A non-event for affected countries' stock markets? Applied Financial Economics, 14, 1105-1110.
- Overby J., Rayburn M., Hammond K. (2004). The China syndrome: the impact of the SARS epidemic in Southeast Asia, Asia Pacific Journal of Marketing and Logistics, 16(1), 69-94.
- Pine R., McKercher B. (2004). The impact of SARS on Hong Kong's tourism industry, International Journal of Contemporary Hospitality Management, 16(2), 139-143.
- Sansa N.A. (2020). The impact of Covid-19 on the financial markets: evidence from China and USA, http://ssrn.com/abstract=3562530
- Siu A. , Wong Y.C.R. (2004). The economic impact of SARS: The case of Hong Kong, Asian Economic Papers, 3(1), 62-83.
- Xinhua (2020). China financial markets remains stable amid Covid-19 impact, https://www.chinadailyhk.com/article/125145
- Wang T. H., Yang F. J., Chen L. J. (2013). An investor's perspective on infectious diseases and their influence on market behaviour, Journal of Business Economics and Management, 14 (1), 112-127.
- Yan, C. COVID-19 Outbreak and Stock Prices: Evidence from China, http://ssrn.com/abstract=3574374.
- Zeren F., 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.
Toplam 25 adet kaynakça vardır.
Ayrıntılar
| Birincil Dil | İngilizce |
|---|---|
| Konular | Finans |
| Bölüm | İşletme Finans |
| Yazarlar | |
| Yayımlanma Tarihi | 31 Ekim 2020 |
| Gönderilme Tarihi | 4 Mayıs 2020 |
| Kabul Tarihi | 11 Haziran 2020 |
| Yayımlandığı Sayı | Yıl 2020 Cilt: 19 Sayı: COVID-19 Special Issue |