TY  - JOUR
T1  - Heterogeneous Market Reactions of the G20 Stock Markets to the Hamas-Israel War
TT  - Hamas-İsrail Savaşına Karşı G20 Borsalarının Heterojen Piyasa Tepkileri
AU  - Aksoy, Mine
AU  - Yılmaz, Mustafa Kemal
AU  - Kalkan Küçüksolak, Övgü
PY  - 2025
DA  - October
Y2  - 2025
DO  - 10.33203/mfy.1670587
JF  - Maliye ve Finans Yazıları
PB  - Maliye ve Finans Yazıları Yayıncılık Ltd. Şti.
WT  - DergiPark
SN  - 1308-6014
SP  - 21
EP  - 35
IS  - 124
LA  - en
AB  - This study aims to examine the impact of the Hamas-Israel conflict on G20 stock markets and gold prices by employing an event study approach. The results show a continuous decline of the stock markets in the following 10 working days in the aftermath of the attack. The country-wise findings indicate that there are no significant abnormal returns in any stock market on the first day following the conflict. For longer event windows (+3, +5, +10), China, France, Germany, India, Italy, Mexico, South Africa, Türkiye, and the US exhibited negative and significant cumulative abnormal returns (CARs), while Argentina and Russia had positive and significant CARs. The findings also reveal that gold preserves its role as a safe-heaven asset during high tension periods.
KW  - Geopolitical conflicts
KW  - Gold
KW  - Hamas-Israel war
KW  - Stock market returns
N2  - Bu çalışma, Ekim 2023 tarihinde gerçekleşen Hamas-İsrail çatışmasının G20 ülkelerinin borsa endeksleri ve altın fiyatları üzerindeki etkisini incelemeyi amaçlamaktadır. Çalışmada olay etüdü yöntemi kullanılmıştır. Sonuçlar Hamas saldırıları ardından gelen 10 iş günü boyunca G20 borsalarında sürekli bir düşüş yaşandığını ortaya koymaktadır. Ülke bazında sonuçlar, çatışmayı takip eden ilk gün herhangi bir borsa endeksinde anlamlı anormal getiri bulunmadığını göstermektedir. Daha uzun olay pencerelerinde (+3, +5, +10) Çin, Fransa, Almanya, Hindistan, İtalya, Meksika, Güney Afrika, Türkiye ve ABD borsalarında negatif ve anlamlı kümülatif anormal getiriler, Arjantin ve Rusya’da ise pozitif ve anlamlı kümülatif anormal getiriler tespit edilmiştir. Ayrıca bulgular, altının çatışma döneminde geleneksel güvenli liman rolünü koruduğunu göstermektedir.
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UR  - https://doi.org/10.33203/mfy.1670587
L1  - https://dergipark.org.tr/en/download/article-file/4747935
ER  -