Do Sleep Disorders Affect Stock Markets? Evidence from Borsa Istanbul

Öz

Bu çalışmanın amacı, 1988-2015 yılları arasında Borsa İstanbu’da faaliyet gösteren hisse senetleri üzerinde yaz saati uygulamasının etkisini araştırmaktır. Bu kapsamda, yaz saati uygulaması anomalisinin saat değişimlerini takip eden gün ve hafta içerisinde hisse senedi getirileri ve volatilite üzerindeki etkisi analiz edilmektedir. Araştırma sonuçları, hisse senedi getirileri ve volatilitenin yaz saati değişikliklerinden etkilenmediğini göstermektedir. Diğer bir ifadeyle, Borsa İstanbul’da yaz saati uygulamasının etkisine dair her hangi bir bulguya rastlanmamıştır.

Anahtar Kelimeler

• Uyku Bozuklukları,
• Yaz Saati Uygulaması,
• Borsa İstanbul

Do Sleep Disorders Affect Stock Markets? Evidence from Borsa Istanbul

Abstract

The aim of this study is to investigate the effect of “daylight saving time” (DST) changes on Borsa Istanbul, covering the periods from 1988 to 2015. In this context, daylight saving anomaly was examined by using stock market returns and volatilities following DST changes on daily and weekly basis. The results indicate that both market returns and volatilities following daylight saving time changes do not differ from other days and weeks. Thus, it can be said that there is no evidence of daylight saving time effect in Borsa Istanbul.

Keywords

• Sleep Disorders
• Daylight Saving Time
• Borsa Istanbul

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