THE EFFECT OF COVID-19 OUTBREAK ON FINANCIAL MARKETS: EVIDENCE FROM BORSA ISTANBUL

Year 2022, Volume: 7 Issue: 14, 77 - 89, 30.06.2022

Esra Karpuz Yasemin Deniz Koç

Abstract

The purpose of the study is to measure the effects of the COVID-19

outbreak on financial markets. In this context, the impact of COVID-19 on the BIST 30 index

companies, which consist of 30 companies with the highest market value in the Borsa Istanbul stock

market, were analyzed by the Event Study method and Paired Samples t Test. As a result of the

analysis, it was found that while the virus case announced in China had no effect on the BIST 30

index returns, there is a statistically significant decrease in the cumulative abnormal returns of the

BIST 30 index with the announcement of the first virus case in Turkey. The findings are meaningful

in terms of showing the effect of systematic risk such as COVID-19 on the markets.

Keywords

COVID-19, Event Study, BIST 30 Index

COVID-19 PANDEMİSİNİN FİNANSAL PİYASALAR ÜZERİNDEKİ ETKİSİ: BORSA İSTANBUL ÖRNEĞİ

Abstract

Bu çalışmanın amacı, COVID-19 salgınının finansal piyasalar üzerindeki etkisinin
ölçülmesidir. Bu bağlamda COVID-19’un Borsa İstanbul pay piyasasında en yüksek piyasa değerine
sahip 30 şirketten oluşan BİST 30 endeksi şirketlerine olan etkisi Olay Çalışması yöntemi ve Bağımlı
Örneklem t testi ile analiz edilmektedir. Analiz bulgularında, Çin’de duyurulan virüs vakasının BİST
30 endeks getirileri üzerinde bir etkisine rastlanmazken, Türkiye’de ilk virüs vakasının duyurulması
ile BİST 30 endeksinin kümülatif anormal getirilerinde (CAR) düşüş olduğu bu düşüşün de istatistiksel
olarak anlamlı olduğu saptanmıştır. Elde edilen bulgular COVID-19 gibi sistematik riskin piyasalara
etkisini göstermesi açısından anlamlıdır.

Keywords

COVID-19, Olay Çalışması, BİST 30 Endeksi

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