Infectious Diseases and Stock Markets: An Application Through Global Health Indices

Year 2024, , 13 - 27, 30.06.2024

Nurten Terkeş Samet Gürsoy Mert Baran Tunçel

https://doi.org/10.56668/jefr.1489513

Abstract

In this study, the EMV (Equity Market Volatility: Infectious Disease Tracker) index, which measures the volatility of infectious diseases in the stock markets, the EMHC (Emerging Markets Health Care) index, which measures the share performance of companies in the health sector in emerging markets, and the EMHC (Emerging Markets Health Care) index, which measures the performance of companies investing in the health sector in Europe. Relationships between the EHC (Europe Health Care) index, the WORLDH (World Health Care) index, which measures the performance of companies operating in the healthcare sector worldwide, and the ASIAPASH (Stoxx Europe 600 Health Care) index, which measures the performance of companies in the healthcare sector traded on European stock exchanges. December 2007 - December It was examined using monthly data (193 observations) for the period 2023. According to the results obtained from the analyses, while it was seen that the EMV index, EMHC index, EHC index, WORLDH index and ASIAPASH index moved together in the long term, no causality relationship was found between the variables. According to these results, we can recommend that investors should consider not only the effects of infectious diseases on stock markets but also general market conditions when investing in companies operating in the healthcare sector.

Keywords

EMV Index, EMHC Index, WORLDDH Index, ASIAPASH Index, Maki Cointegration Test, Fourier Toda - Yamamoto Causality Test

Enfeksiyon Hastalıkları ve Hisse Senedi Piyasaları: Küresel Sağlık Endeksleri Üzerinden Bir Uygulama

Abstract

Bu çalışmada, Equity Market Volatility: Infectious Disease Tracker endeksi ile Emerging Markets Health Care endeksi, Europe Health Care endeksi, World Health Care endeksi ve Stoxx Europe 600 Health Care endeksi arasındaki ilişkiler Aralık 2007- Aralık 2023 dönemine ait aylık veriler (193 gözlem) kullanılarak incelenmiştir. Elde edilen sonuçlarda, EMV endeksi ile EMHC endeksi, EHC endeksi, WORLDH endeksi ve ASIAPASH endeksinin uzun dönemde birlikte hareket ettikleri görülürken, değişkenler arasında herhangi bir nedensellik ilişkisine rastlanılmamıştır. Sonuçlara göre, yatırımcıların sağlık sektöründe faaliyet gösteren şirketlere yatırım yaparken, yalnızca enfeksiyon hastalıklarının hisse senedi piyasalarındaki etkilerini değil, aynı zamanda genel piyasa koşullarını da değerlendirmelerini önerilebilir.

Keywords

EMV Endeksi, EMHC Endeksi, WORLDH Endeksi, ASIAPASH Endeksi, Maki Eşbütünleşme Testi, Fourier Toda - Yamamoto Nedensellik Testi

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