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THE EFFECT OF PARTIAL AND FULL LOCKDOWN DECISIONS ON STOCK RETURNS IN THE COVID-19 PROCESS: A SECTOR-BASED ANALYSIS IN BORSA ISTANBUL

Year 2022, Volume: 24 Issue: COVID-19 Özel Sayısı, 211 - 229, 30.06.2022

Mehmet Tursun

https://doi.org/10.31460/mbdd.1060929
Cited By: 2

Abstract

In this study, the sectoral effects of partial lockdown dated 13.04.2021 and full lockdown dated 26.04.2021, which were taken in Turkey during the COVID-19 epidemic process, on the BIST market were tried to be determined. In the study, in which the Event Study method was used, the efficiency of the stock market and whether sector-based abnormal returns could be obtained from this market was measured. In the analysis, it was seen that the partial lockdown decisions taken during the COVID-19 pandemic process had a negative effect on the selected markets within the BIST. In addition, it was concluded that the decision of full lockdown had a positive effect on the markets, and it was seen that the market was not efficient in the semi-strong form.

Keywords

Covid-19 Sectoral Indices Event Study

References

  • Alam MM, Wei H, Wahid ANM. COVID-19 outbreak and sectoral performance of the Australian stock market: An event study analysis. Aust Econ Pap. 2021; 60: 482–495. https://doi.org/10.1111/1467-8454.12215
  • Albulescu, C. T. (2021). COVID-19 and the United States financial markets’ volatility. Finance Research Letters, 38, 101699. https://doi.org/10.1016/j.frl.2020.101699
  • Baek, S., Mohanty, S. K. and Glambosky, M. (2020). COVID-19 and stock market volatility: An industry level analysis. Finance Research Letters, 37, 101748. https://doi.org/10.1016/j.frl.2020.101748
  • Çetin, A. C. (2020). Koronavirüs (COVİD-19) Salgınının Türkiye'de Genel Ekonomik Faaliyetlere ve Hisse Senedi Borsa Endeksine Etkisi. Mehmet Akif Ersoy Üniversitesi Uygulamalı Bilimler Dergisi, 4(2), 341-362. https://doi.org/10.31200/makuubd.766901
  • Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25(2), 383-417. https://doi.org/10.2307/2325486
  • Goodell, J. W. and Huyn, T. L. D. (2020). Did Congress Trade Ahead? Considering the Reaction of US industries to COVID-19. Finance Research Letters, 36, 101578. https://doi.org/10.1016/j.frl.2020.101578
  • Heyden, K. J., & Heyden, T. (2021). Market reactions to the arrival and containment of COVID-19: an event study. Finance research letters, 38, 101745. https://doi.org/10.1016/j.frl.2020.101745
  • Hirshleifer, D. (2015). Behavioral finance. Annual Review of Financial Economics, 7, 133-159. https://doi.org/10.1146/annurev-financial-092214-043752
  • Kaderli, Y. (2007). Yapılan İhracat Bağlantılarının İlgili Firmaların Hisse Senedi Getirileri Üzerindeki Etkisinin Olay Etüdü ile İncelenmesi: İstanbul Menkul Kıymetler Borsası’ndaki Bazı Firmalar Üzerine Bir Uygulama. Muhasebe ve Finansman Dergisi, (36), 144-154.
  • Kaderli, Y., & Demir, S. (2009). Yatırım Kararı Duyurularının Hisse Senedi Getirileri Üzerindeki Etkisinin Ölçülmesi: Olay Etüdü Yöntemi. Mali Çözüm, (91), 45-65.
  • Khatatbeh, I. N., Hani, M. B., & Abu-Alfoul, M. N. (2020). The impact of COVID-19 pandemic on global stock markets: An event study. International Journal of Economics and Business Administration, 8(4), 505-514.
  • Maijama’a, R., Musa, K. S., Garba, A., & Baba, U. M. (2020). Corona virus outbreak and the global energy demand: A case of people’s republic of china. American Journal of Environmental and Resource Economics, 5(1), 10-13. doi: 10.11648/j.ajere.20200501.12
  • Maneenop, S., & Kotcharin, S. (2020). The impacts of COVID-19 on the global airline industry: An event study approach. Journal of air transport management, 89, 101920. https://doi.org/10.1016/j.jairtraman.2020.101920
  • Mazgit, İ. (2013). Endeks Kapsamında Olmanın Hisse Senedi Getirilerine Etkisi: BIST Temettü 25 Endeksi Üzerine Bir Uygulama. Sosyoekonomi, 20 (20), Retrieved from https://dergipark.org.tr/en/pub/sosyoekonomi/issue/21080/226971
  • Mazur, M., Dang, M. and Vega, M. (2020). COVID-19 and March 2020 stock market crash: Evidence from S&P1500. Finance Research Letters, 38, 101690. https://doi.org/10.1016/j.frl.2020.101690
  • Özdemir, L. (2020). COVİD-19 Pandemisinin BİST Sektör Endeksleri Üzerine Asimetrik Etkisi. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 5(3), 546-556. https://doi.org/10.29106/fesa.797658
  • Rahman, M. L., Amin, A., & Al Mamun, M. A. (2021). The COVID-19 outbreak and stock market reactions: Evidence from Australia. Finance Research Letters, 38, 101832. https://doi.org/10.1016/j.frl.2020.101832
  • Sakarya, Ş., & Sezgin, H. (2015). Sendikasyon Kredisi Kullanımının Bankaların Hisse Senedi Getirilerine Etkisi: Olay Çalışması Yöntemiyle BİST’de Bir Uygulama. Bankacılar Dergisi, 92, 5-24. https://hdl.handle.net/20.500.12462/4052
  • Sansa, N. A. (2020). The Impact of the COVID-19 on the Financial Markets: Evidence from China and USA. Electronic Research Journal of Social Sciences and Humanities, 2 (2), 29-39. http://dx.doi.org/10.2139/ssrn.3567901
  • Serra, A. P. (2002). Event Study Tests: A Brief Survey (FEP Working Paper No. 117). Universidade do Porto, Faculdade de Economia do Porto.
  • Sun, Y., Wu, M., Zeng, X., & Peng, Z. (2021). The impact of COVID-19 on the Chinese Stock Market: Sentimental or Substantial? Finance Research Letters, 38, 101838. https://doi.org/10.1016/j.frl.2020.101838
  • Tuominen, T. (2005). Corporate Layoff Announcements And Shareholder Value: Empirical evidence from Finland. https://urn.fi/URN:NBN:fi-fe20051947
  • Wang, W., & Enilov, M. (2020). The global impact of COVID-19 on financial markets. Available at SSRN 3588021. http://dx.doi.org/10.2139/ssrn.3588021
  • Yağcılar, G. G. (2021). Borsa İstanbul’da COVID-19 Etkisi: Kısa Dönemli Sektörel Piyasa Tepkilerinin Endeks Bazında Ölçülmesi. Ekonomi Politika ve Finans Araştırmaları Dergisi, 6(2), 439-463. https://doi.org/10.30784/epfad.865285
  • https://www.icisleri.gov.tr/81-il-valiligine-tam-kapanma-tedbirleri-genelgesi-gonderildi E.T:10.01.2022

COVID-19 SÜRECİNDE KISMİ VE TAM KAPANMA KARARLARININ PAY SENEDİ GETİRİLERİNE ETKİSİ: BORSA İSTANBUL’DA SEKTÖREL BAZLI BİR ANALİZ

Year 2022, Volume: 24 Issue: COVID-19 Özel Sayısı, 211 - 229, 30.06.2022

Mehmet Tursun

https://doi.org/10.31460/mbdd.1060929
Cited By: 2

Abstract

Bu çalışmada, COVİD-19 salgın sürecinde Türkiye’de alınan 13.04.2021 tarihli kısmi kapanma ve 26.04.2021 tarihli tam kapanma kararlarının BİST piyasasındaki sektörel etkileri belirlenmeye çalışılmıştır. Olay Çalışması (Event Study) yönteminin kullanıldığı çalışmada, pay senedi piyasasının etkinliği ve bu piyasadan sektörel bazlı anormal getirilerin elde edilip edilemeyeceği ölçülmüştür. Yapılan analizde, COVİD-19 pandemisi sürecinde alınan kısmi kapanma kararlarının BİST bünyesindeki seçilmiş piyasalar üzerinde negatif yönde etkisinin olduğu görülmüştür. Ayrıca, tam kapanma kararının ise piyasalar üzerinde pozitif yönde etkisinin olduğu sonucuna ulaşılmış ve piyasanın yarı güçlü formda etkin olmadığı görülmüştür.

Keywords

Covid-19 Sektörel Endeksler Olay Çalışması

References

  • Alam MM, Wei H, Wahid ANM. COVID-19 outbreak and sectoral performance of the Australian stock market: An event study analysis. Aust Econ Pap. 2021; 60: 482–495. https://doi.org/10.1111/1467-8454.12215
  • Albulescu, C. T. (2021). COVID-19 and the United States financial markets’ volatility. Finance Research Letters, 38, 101699. https://doi.org/10.1016/j.frl.2020.101699
  • Baek, S., Mohanty, S. K. and Glambosky, M. (2020). COVID-19 and stock market volatility: An industry level analysis. Finance Research Letters, 37, 101748. https://doi.org/10.1016/j.frl.2020.101748
  • Çetin, A. C. (2020). Koronavirüs (COVİD-19) Salgınının Türkiye'de Genel Ekonomik Faaliyetlere ve Hisse Senedi Borsa Endeksine Etkisi. Mehmet Akif Ersoy Üniversitesi Uygulamalı Bilimler Dergisi, 4(2), 341-362. https://doi.org/10.31200/makuubd.766901
  • Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25(2), 383-417. https://doi.org/10.2307/2325486
  • Goodell, J. W. and Huyn, T. L. D. (2020). Did Congress Trade Ahead? Considering the Reaction of US industries to COVID-19. Finance Research Letters, 36, 101578. https://doi.org/10.1016/j.frl.2020.101578
  • Heyden, K. J., & Heyden, T. (2021). Market reactions to the arrival and containment of COVID-19: an event study. Finance research letters, 38, 101745. https://doi.org/10.1016/j.frl.2020.101745
  • Hirshleifer, D. (2015). Behavioral finance. Annual Review of Financial Economics, 7, 133-159. https://doi.org/10.1146/annurev-financial-092214-043752
  • Kaderli, Y. (2007). Yapılan İhracat Bağlantılarının İlgili Firmaların Hisse Senedi Getirileri Üzerindeki Etkisinin Olay Etüdü ile İncelenmesi: İstanbul Menkul Kıymetler Borsası’ndaki Bazı Firmalar Üzerine Bir Uygulama. Muhasebe ve Finansman Dergisi, (36), 144-154.
  • Kaderli, Y., & Demir, S. (2009). Yatırım Kararı Duyurularının Hisse Senedi Getirileri Üzerindeki Etkisinin Ölçülmesi: Olay Etüdü Yöntemi. Mali Çözüm, (91), 45-65.
  • Khatatbeh, I. N., Hani, M. B., & Abu-Alfoul, M. N. (2020). The impact of COVID-19 pandemic on global stock markets: An event study. International Journal of Economics and Business Administration, 8(4), 505-514.
  • Maijama’a, R., Musa, K. S., Garba, A., & Baba, U. M. (2020). Corona virus outbreak and the global energy demand: A case of people’s republic of china. American Journal of Environmental and Resource Economics, 5(1), 10-13. doi: 10.11648/j.ajere.20200501.12
  • Maneenop, S., & Kotcharin, S. (2020). The impacts of COVID-19 on the global airline industry: An event study approach. Journal of air transport management, 89, 101920. https://doi.org/10.1016/j.jairtraman.2020.101920
  • Mazgit, İ. (2013). Endeks Kapsamında Olmanın Hisse Senedi Getirilerine Etkisi: BIST Temettü 25 Endeksi Üzerine Bir Uygulama. Sosyoekonomi, 20 (20), Retrieved from https://dergipark.org.tr/en/pub/sosyoekonomi/issue/21080/226971
  • Mazur, M., Dang, M. and Vega, M. (2020). COVID-19 and March 2020 stock market crash: Evidence from S&P1500. Finance Research Letters, 38, 101690. https://doi.org/10.1016/j.frl.2020.101690
  • Özdemir, L. (2020). COVİD-19 Pandemisinin BİST Sektör Endeksleri Üzerine Asimetrik Etkisi. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 5(3), 546-556. https://doi.org/10.29106/fesa.797658
  • Rahman, M. L., Amin, A., & Al Mamun, M. A. (2021). The COVID-19 outbreak and stock market reactions: Evidence from Australia. Finance Research Letters, 38, 101832. https://doi.org/10.1016/j.frl.2020.101832
  • Sakarya, Ş., & Sezgin, H. (2015). Sendikasyon Kredisi Kullanımının Bankaların Hisse Senedi Getirilerine Etkisi: Olay Çalışması Yöntemiyle BİST’de Bir Uygulama. Bankacılar Dergisi, 92, 5-24. https://hdl.handle.net/20.500.12462/4052
  • Sansa, N. A. (2020). The Impact of the COVID-19 on the Financial Markets: Evidence from China and USA. Electronic Research Journal of Social Sciences and Humanities, 2 (2), 29-39. http://dx.doi.org/10.2139/ssrn.3567901
  • Serra, A. P. (2002). Event Study Tests: A Brief Survey (FEP Working Paper No. 117). Universidade do Porto, Faculdade de Economia do Porto.
  • Sun, Y., Wu, M., Zeng, X., & Peng, Z. (2021). The impact of COVID-19 on the Chinese Stock Market: Sentimental or Substantial? Finance Research Letters, 38, 101838. https://doi.org/10.1016/j.frl.2020.101838
  • Tuominen, T. (2005). Corporate Layoff Announcements And Shareholder Value: Empirical evidence from Finland. https://urn.fi/URN:NBN:fi-fe20051947
  • Wang, W., & Enilov, M. (2020). The global impact of COVID-19 on financial markets. Available at SSRN 3588021. http://dx.doi.org/10.2139/ssrn.3588021
  • Yağcılar, G. G. (2021). Borsa İstanbul’da COVID-19 Etkisi: Kısa Dönemli Sektörel Piyasa Tepkilerinin Endeks Bazında Ölçülmesi. Ekonomi Politika ve Finans Araştırmaları Dergisi, 6(2), 439-463. https://doi.org/10.30784/epfad.865285
  • https://www.icisleri.gov.tr/81-il-valiligine-tam-kapanma-tedbirleri-genelgesi-gonderildi E.T:10.01.2022
There are 25 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section MAIN SECTION
Authors

Mehmet Tursun 0000-0001-9731-2198

Early Pub Date June 6, 2022
Publication Date June 30, 2022
Submission Date January 20, 2022
Published in Issue Year 2022 Volume: 24 Issue: COVID-19 Özel Sayısı

Cite

APA Tursun, M. (2022). COVID-19 SÜRECİNDE KISMİ VE TAM KAPANMA KARARLARININ PAY SENEDİ GETİRİLERİNE ETKİSİ: BORSA İSTANBUL’DA SEKTÖREL BAZLI BİR ANALİZ. Muhasebe Bilim Dünyası Dergisi, 24(COVID-19 Özel Sayısı), 211-229. https://doi.org/10.31460/mbdd.1060929

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Covid-19’un enerji piyasasına etkisinin BIST 100’de en çok kazandıran beş enerji hisse senedi üzerinden değerlendirilmesi
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