Effect of the Russian–Ukrainian Crisis on Borsa Istanbul Tourism Index

Year 2024, Volume: 38 Issue: 1, 32 - 38, 26.01.2024

Zeliha Can Ergün

Abstract

The aim of this study was to examine how the crisis between Russia and Ukraine has affected the companies included in the Borsa Istanbul tourism index. To identify abnormal returns, the event study method was applied. The event day was determined as February 24, 2022. The event and estimation periods were specified as 21 and 210 trading days, respectively. Five of the companies indicated negative abnormal returns on February 24, 2022, but among the companies, PKENT was the company that was most adversely affected by the war. According to the cumulative aver- age abnormal returns of the overall companies, there was a significant negative return only on the event day. Therefore, the tourism companies listed in Borsa Istanbul responded immediately to the Russian–Ukrainian war, but the impact quickly diminished. Investors and financial analysts could benefit from the results by developing hedging strategies through industry diversification, and policymakers could develop effective strategies to deal with similar political uncertainties.

Keywords

Borsa Istanbul, efficient market hypothesis, event study, stock markets, tourism

Rusya-Ukrayna Krizinin Borsa İstanbul Turizm Endeksine Etkisi

Abstract

Bu çalışmanın amacı, Rusya ve Ukrayna arasında yaşanan krizin Borsa İstanbul turizm endeksinde yer alan şirketleri nasıl etkilediğini incelemektir. Anormal getirileri tespit etmek için olay çalışması yöntemi uygulanmıştır. Olay günü 24 Şubat 2022 olarak belirlenmiştir. Olay ve tahmin dönem- leri sırasıyla 21 ve 210 işlem günü olarak belirlenmiştir. Şirketlerin beşi 24 Şubat 2022 tarihinde negatif anormal getiri göstermiştir, ancak şirketler arasında savaştan en olumsuz etkilenen şir- ket PKENT olmuştur. Tüm şirketlerin kümülatif ortalama anormal getirilerine göre; sadece olay gününde negatif ve anlamlı bir negatif getiri söz konusudur. Dolayısıyla, Borsa İstanbul’da işlem gören turizm şirketleri Rusya-Ukrayna savaşına hemen tepki vermiş, ancak bu etki hızla azalmıştır. Yatırımcılar ve finansal analistler sektör çeşitlendirmesi yoluyla riskten korunma stratejileri geliş- tirerek bu sonuçlardan faydalanabilir ve politika yapıcılar da benzer siyasi belirsizliklerle başa çık- mak için etkili stratejiler geliştirebilirler.

Keywords

Borsa İstanbul, etkin piyasa hipotezi, olay çalışması, hisse senedi piyasaları, turizm

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