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COVID-19 Finansal Çalkantısı Sırasında Pandemi ile İlgili Haberlerin Borsa İstanbul’a Etkisi

Year 2021, Issue: 37, 109 - 124, 30.06.2021

Ömer Faruk Tan

https://doi.org/10.17829/turcom.859299
Cited By: 6

Abstract

Aralık 2019’da ortaya çıkan ve ardından dünyaya yayılan COVID-19 salgını sadece ekonomik ve sosyal
hayatı değil finansal piyasaları da etkilemiştir Yatırımcılar büyük ölçüde paniklemiş ve kararlarını
etkilemiştir. Bu çalışmada, COVID-19 ile ilgili haberlerin Borsa İstanbul üzerindeki etkisi panel kantil
regresyon yöntemi kullanılarak analiz edilmiştir. Çalışma dönemi olarak 10 Mart 2020 ile 17 Nisan
2020 tarihleri arası belirlenmiştir. Analiz için RavenPack veri platformu tarafından oluşturulan panik
endeksi, medyatiklik endeksi, sahte haber endeksi, ülke duyarlılık endeksi, infodemi endeksi ve medya
ilgi endeksi kullanılmıştır. Sonuçlara göre haberlerin etkisi kantiller arasında değişiklik göstermektedir ve Borsa İstanbul’un getirisi ile COVID-19 ile ilgili haberler arasında asimetrik bir bağımlılık vardır.
Sonuçlar, COVID-19 ile bağlantılı finansal çalkantıyı hafifletmek için daha verimli iletişim kanallarının
kullanılması gerektiğini göstermektedir.

Keywords

COVID-19 Borsa Istanbul Finansal piyasalar sahte haber endeksi ülke duyarlılık endeksi Panel Kantil Regresyon

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The Impact of News about Pandemic on Borsa Istanbul during the COVID-19 Financial Turmoil

Year 2021, Issue: 37, 109 - 124, 30.06.2021

Ömer Faruk Tan

https://doi.org/10.17829/turcom.859299
Cited By: 6

Abstract

The COVID-19 pandemic, which emerged in December 2019 and then spread worldwide, has affected
not only economic and social life but also the financial markets. It has left investors greatly panicked
and affected their decisions. In this study, the effect of COVID-19 related news on Borsa Istanbul
is analyzed using the panel quantile regression method. The study period is set between 10 March
2020 and 17 April 2020. The panic index, media hype index, fake news index, country sentiment
index, infodemic index, and media coverage index created by the RavenPack data platform are used
for the analysis. The impact of news, it was found, varies amongst the quantiles, and there exists an
asymmetric dependence between the returns of Borsa Istanbul and COVID-19 related news. More
efficient communication channels, the results indicate, should be used to alleviate the financial turmoil
caused by COVID-19.

Keywords

COVID-19 Borsa Istanbul financial markets Fake News Index Country Sentiment Index Panel Quantile Regression

References

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  • Ali, M., Alam, N., & Rizvi, S. A. R. (2020). Coronavirus (COVID-19) – An epidemic or pandemic for financial markets. Journal of Behavioral and Experimental Finance, 27, 1–6. https://doi.org/10.1016/j. jbef.2020.100341
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  • Ashraf, B. N. (2020a). Economic impact of government interventions during the COVID-19 pandemic: International evidence from financial markets. Journal of Behavioral and Experimental Finance, 27, 1–9. https://doi.org/10.1016/j.jbef.2020.100371
  • Ashraf, B. N. (2020b). Stock markets’ reaction to COVID-19: Cases or fatalities? Research in International Business and Finance, 54, 1–7. https://doi.org/10.1016/j.ribaf.2020.101249
  • Ashraf, B. N. (2020c). Stock markets’ reaction to COVID-19: Moderating role of national culture. Finance Research Letters, 1–20. https://doi.org/10.1016/j.frl.2020.101857
  • Bahrini, R., & Filfilan, A. (2020). Impact of novel coronavirus on stock market returns: Evidence form GCC countries. Quantitative Finance and Economics, 4(4), 640–653. https://doi.org/10.1191/146.342.301 682157692
  • Baig, A. S., Butt, H. A., Haroon, O., & Rizvi, S. A. R. (2020). Deaths, panic, lockdowns and US equity markets: The case of COVID-19 pandemic. Finance Research Letters, (July). https://doi.org/10.1016/j. frl.2020.101701
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  • Blitz, D., Huisman, R., Swinkels, L., & van Vliet, P. (2020). Media attention and the volatility effect. Finance Research Letters, 36, 1–6. https://doi.org/10.1016/j.frl.2019.101317
  • Broadstock, D. C., & Zhang, D. (2019). Social-media and intraday stock returns: The pricing power of sentiment. Finance Research Letters, 30(January), 116–123. https://doi.org/10.1016/j.frl.2019.03.030
  • Cavlak, H. (2020). Covid-19 pandemisinin finansal raporlama üzerindeki olası etkileri: BİST 100 Endeksi’ndeki işletmelerin ara dönem finansal raporlarının incelenmesi. Gaziantep University Journal of Social Sciences, (Special Issue), 143–168.
  • Cepoi, C. O. (2020). Asymmetric dependence between stock market returns and news during COVID-19 financial turmoil. Finance Research Letters, 36, 1–5. https://doi.org/10.1016/j.frl.2020.101658
  • Chellaswamy, K. P., Natchimuthu, N., & Faniband, M. (2020). Stock market sensitivity to macroeconomic factors: Evidence from China and India. Asian Economic and Financial Review, 10(2), 146–159. https://doi.org/10.18488/journal.aefr.2020.102.146.159
  • Chen, M.-H., Demir, E., García-Gómez, C. D., & Zaremba, A. (2020). The impact of policy responses to COVID-19 on U.S. travel and leisure companies. Annals of Tourism Research Empirical Insights, 1, 1–8. https://doi.org/10.1016/j.annale.2020.100003
  • Coban, O., Coşkun, Ö., & Coban, A. (2020). The impact of the COVID-19 crisis on financial markets: The case of Turkey. Gaziantep University Journal of Social Sciences, (COVID-19 Special Issue), 506–519. https://doi.org/10.21547/jss.787158
  • Conlon, T., & McGee, R. (2020). Safe haven or risky hazard? Bitcoin during the Covid-19 bear market. Finance Research Letters, 35(May). https://doi.org/10.1016/j.frl.2020.101607
  • Contessi, S., & Pierangelo, D. P. (2020). The international spread of COVID-19 stock market collapses. Finance Research Letters, (November).
  • Corbet, S., Goodell, J. W., & Günay, S. (2020). Co-movements and spillovers of oil and renewable firms under extreme conditions: New evidence from negative WTI prices during COVID-19. Energy Economics, 92, 1–24. https://doi.org/10.1016/j.eneco.2020.104978
  • Corbet, S., Hou, Y., Hu, Y., Lucey, B., & Oxley, L. (2020). Aye Corona! The contagion effects of being named Corona during the COVID-19 pandemic. Finance Research Letters, 1–9. https://doi.org/10.1016/j. frl.2020.101591
  • Corbet, S., Larkin, C., & Lucey, B. (2020). The contagion effects of the COVID-19 pandemic: Evidence from gold and cryptocurrencies. Finance Research Letters, 35(March). https://doi.org/10.1016/j. frl.2020.101554
  • Demir, E., Bilgin, M. H., Karabulut, G., & Doker, A. C. (2020). The relationship between cryptocurrencies and COVID-19 pandemic. Eurasian Economic Review, 10(3), 349–360. https://doi.org/10.1007/ s40822.020.00154-1
  • Demir, E., Simonyan, S., Chen, M. H., & Marco Lau, C. K. (2020). Asymmetric effects of geopolitical risks on Turkey’s tourist arrivals. Journal of Hospitality and Tourism Management, 45, 23–26. https://doi. org/10.1016/j.jhtm.2020.04.006
  • Devpura, N., & Narayan, P. K. (2020). Hourly oil price volatility: The role of COVID-19. Energy Research Letters, 1, 1–5. https://doi.org/10.46557/001c.13683
  • du Plooy, S. (2019). On the financial interpretation of risk contributions: An analysis using Quantile Simulation. Investment Analysts Journal, 48(3), 188–204. https://doi.org/10.1080/10293.523.2019. 1643126
  • Dzielinski, M. (2011). News Sensitivity and the Cross-Section of Stock Returns (NCRR Finrisk Working Paper No. 719).
  • Fang, L., & Peress, J. (2009). Media coverage and the cross-section of stock returns. International Review of Finance, 59(5), 2023–2052. https://doi.org/10.1111/irfi.12191
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Details

Primary Language English
Subjects Communication and Media Studies
Journal Section Research Articles
Authors

Ömer Faruk Tan 0000-0002-8875-4696

Publication Date June 30, 2021
Submission Date January 12, 2021
Published in Issue Year 2021 Issue: 37

Cite

APA Tan, Ö. F. (2021). The Impact of News about Pandemic on Borsa Istanbul during the COVID-19 Financial Turmoil. Türkiye İletişim Araştırmaları Dergisi(37), 109-124. https://doi.org/10.17829/turcom.859299

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