Covid-19 Salgını Hisse Senedi Piyasalarını Etkiledi Mi? Seçilen Ülkelerden Kanıtlar

Yıl 2022, , 955 - 976, 28.09.2022

Serpil Altınırmak Yavuz Gül

https://doi.org/10.18037/ausbd.1181541

Öz

Bu çalışma, COVID-19 salgınının hisse senedi piyasaları üzerindeki etkisini araştırmaktadır. Bu kapsamda, hisse senedi getiri ve risklerinin 1 Şubat 2020 – 31 Temmuz 2020 (COVID-19 dönemi) ile 1 Şubat 2019 – 31 Temmuz 2019 dönemleri (COVİD-19 öncesi dönem) arasında farklılaşıp farklılaşmadığını tespit etmek için Wilcoxon İşaretli Sıra testi kullanılmıştır. Yapılan analizler neticesinde, COVID-19 döneminde piyasalar arasındaki korelasyonların genellikle artış sergilediği bulunmuştur. Ayrıca, aynı dönemde piyasalarda standart sapmaların yükseldiği ve ortalama getirilerin düştüğü (DSEX, JSE, KSE, MERV hariç) gözlemlenmiştir. Wilcoxon testi sonuçları, hisse senedi getirileri ve standart sapmalar açısından dönemler arasındaki farkların istatistiksel olarak anlamlı olduğunu kanıtlamaktadır. Bu bulgular, COVID-19 salgınının hisse senedi piyasalarını olumsuz etkilediğini işaret etmektedir.

Anahtar Kelimeler

COVID-19, Hisse senedi piyasaları, Koronavirüs

Kaynakça

• Akhtaruzzaman, M.D., Boubaker, S. ve Şensoy, A. (2021). Financial contagion during Covid-19 crisis. Finance Research Letters, 38, 1-20. https://doi.org/10.1016/j.frl.2020.101604.
• Al-Awadhi, A.M., Alsaifi, K., Al-Awadhi, A. ve Alhammadi, S. (2020). Death and contagious infectious diseases: Impact of the Covid-19 virus on stock market returns. Journal of Behavioral and Experimental Finance, 27, 1-5. https://doi.org/10.1016/j.jbef.2020.100326.
• Albulescu, C.T. (2020). Coronavirus and financial volatility: 40 days of fasting and fear. SSRN papers. Erişim adresi: https://ssrn.com/abstract=3550630.
• Ali, M., Alam, N. ve 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.
• Al-Qudah A.A. ve Houcine, A. (2022). Stock markets’ reaction to COVID-19: Evidence from the six WHO regions. Journal of Economic Studies, 49(2), 274-289. https://doi.org/10.1108/JES-09-2020-0477.
• Ashraf, B.N. (2020). 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.
• Baker, S.R., Bloom, N., Davis, S.J., Kost, K.J., Sammon, M.C. ve Viratyosin, T. (2020). The unprecedented stock market impact of Covid-19. (Working Paper No. 26945). Cambridge: The National Bureau of Economic Research. Erişim adresi: https://www.nber.org/papers/w26945.
• Bannigidadmath, D., Narayan, P.K., Phan, D.H.B. ve Gong, Q. (2022). How stock markets reacted to COVID-19? Evidence from 25 countries. Finance Research Letters, 45, 1-12. https://doi.org/10.1016/j.frl.2021.102161.
• Barberis, N., Shleifer, A. ve Vishny, R. (1998). A model of investor sentiment. Journal of Financial Economics, 49(3), 307-343. https://doi.org/10.1016/S0304-405X(98)00027-0.
• Bhuyan, R., Lin, E.C. ve Ricci, P.F. (2010). Asian stock markets and severe acute respiratory syndrome (SARS) epidemic: Implications for health risk management. International Journal of Enviroment and Health, 4(1), 40-56. https://doi.org/10.1504/IJEnvH.2010.033033.
• Conlon, T. ve McGee, R. (2020). Safe haven or risky hazard? Bitcoin during the Covid-19 bear market. Finance Research Letters, 35, 1-5. https://doi.org/10.1016/j.frl.2020.101607.
• Contessi, S. ve Pace, P.D. (2021). The international spread of COVID-19 stock market collapses. Finance Research Letters, 42, 1-11. https://doi.org/10.1016/j.frl.2020.101894.
• Corbet, S., Larkin, C. ve Lucey, B. (2020). The contagion effects of the Covid-19 pandemic: Evidence from gold and cryptocurrencies. Finance Research Letters, 35, 1-7. https://doi.org/10.1016/j.frl.2020.101554.
• Croce, M.M., Ferroni, P. ve Wolfskeil, I. (2020). When the markets get Covid: Contagion, viruses, and information diffusion. CEPR Discussion Paper No: DP14674. Erişim adresi: https://ssrn.com/abstract=3594307.
• Fernandez-Perez, A., Gilbert, A., Indriawan, I. ve Nguyen, N.H. (2021). COVID-19 pandemic and stock market response: A culture effect. Journal of Behavioral and Experimental Finance, 29, 1-10. https://doi.org/10.1016/j.jbef.2020.100454.
• Günay, S. (2021). Comparing COVID-19 with the GFC: A shockwave analysis of currency markets. Research in International Business and Finance, 56, 1-13. https://doi.org/10.1016/j.ribaf.2020.101377.
• Harjoto, M.A., Rossi, F. ve Paglia, J.K. (2021). COVID-19: Stock market reactions to the shock and the stimulus. Applied Economic Letters, 28(10), 795-801. https://doi.org/10.1080/13504851.2020.1781767.
• Haroon, O. ve Rizvi, S.A.R. (2020). Covid-19: Media coverage and financial markets behavior – A sectoral inquiry. Journal of Behavioral and Experimental Finance, 27, 1-5. https://doi.org/10.1016/j.jbef.2020.100343.
• Hatmanu, M. ve Cautisanu, C. (2021). The impact of COVID-19 pandemic on stock market: Evidence from Romania. International Journal of Environmental Research and Public Health, 18(17), 1-22. https://doi.org/10.3390/ijerph18179315.
• Herwany, A., Febrian, E., Anwar, M. ve Gunardi A. (2021). The influence of the COVID-19 pandemic on stock market returns in Indonesia Stock Exchange. Journal of Asian Finance, Economics and Business, 8(3), 39-47. https://doi.org/10.13106/jafeb.2021.vol8.no3.0039.
• Kusumahadi, T.A. ve Permana, F.C. (2021). Impact of COVID-19 on global stock market volatility. Journal of Economic Integration, 36(1), 20-45. https://doi.org/10.11130/jei.2021.36.1.20.
• Li, Y., Zhuang, X., Wang, J. ve Dong, Z. (2021). Analysis of the impact of COVID-19 pandemic on G20 stock markets. The North American Journal of Economics and Finance, 58, 1-26. https://doi.org/10.1016/j.najef.2021.101530.
• Liu, H., Manzoor, A., Wang, C.Y., Zhang, L. ve Manzoor, Z. (2020). The Covid-19 outbreak and affected countries stock markets response. International Journal of Environmental Research and Public Health, 17(8), 1-19. https://doi.org/10.3390/ijerph17082800.
• Liu, Z., Huynh, T.L.D. ve Dai, P.F. (2021). The impact of COVID-19 on the stock market crash risk in China. Research in International Business and Finance, 57, 1-10. https://doi.org/10.1016/j.ribaf.2021.101419.
• Liu, Y., Wei, Y., Wang, Q. ve Liu, Y. (2022). International stock market risk contagion during the COVID-19 pandemic. Finance Research Letters, 45, 1-11. https://doi.org/10.1016/j.frl.2021.102145.
• Lu, H., Stratton, C.W. ve Tang, Y.W. (2020). Outbreak of pneumonia of unknown etiology in Wuhan, China: The mystery and the miracle. Journal of Medical Virology, 92(4), 401-402. https://doi.org/10.1002/jmv.25678.
• Mazur, M., Dang, M. ve Vega, M. (2021). COVID-19 and March 2020 stock market crash: Evidence from S&P 1500. Finance Research Letters, 38, 1-8. https://doi.org/10.1016/j.frl.2020.101690.
• Ozili, P. ve Arun, T. (2020). Spillover of Covid-19: Impact on the global economy. SSRN papers. Erişim adresi: https://ssrn.com/abstract=3562570.
• Rahman, M.L., Amin, A. ve Mamun, M.A.A. (2021). The Covid-19 outbreak and stock market reactions: Evidence from Australia. Finance Research Letters, 38, 1-7. https://doi.org/10.1016/j.frl.2020.101832.
• Ramelli, S. ve Wagner, A.F. (2020). Feverish stock Price reactions to COVID-19. The Review of Corporate Finance Studies, 9(3), 622-655. https://doi.org/10.1093/rcfs/cfaa012.
• Scherf, M., Matschke, X. ve Rieger, M.O. (2022). Stock market reactions to COVID-19 lockdown: A global analysis. Finance Research Letters, 45, 1-6. https://doi.org/10.1016/j.frl.2021.102245.
• Sohrabi, C., Alsafi, Z., O’Neill, N., Khan, M., Kerwan, A., Al-Jabir, A., Iosifidis, C. ve Agha, R. (2020). World Health Organization declares global emergency: A review of the 2019 novel Coronavirus (Covid-19). International Journal of Surgery, 76, 71-76. https://doi.org/10.1016/j.ijsu.2020.02.034.
• Wagner, A.F. (2020). What the stock market tells us about the post Covid-19 world. Nature Human Behavior, 4, 440. https://doi.org/10.1038/s41562-020-0869-y.
• Wang, D., Hu, B., Hu, C., Zhu, F., Liu, X., Zhang, J., Wang, B., Xiang, H., Cheng, Z., Xiong, Y., Zhao, Y., Li, Y., Wang, X. ve Peng, Z. (2020). Clinical characteristics of 138 hospitalized patients with 2019 novel Coronavirus – Infected pneumonia in Wuhan, China. The Journal of the American Medical Association, 323(11), 1061-1069. https://doi.org/10.1001/jama.2020.1585.
• Xu, L. (2021). Stock return and the COVID-19 pandemic: Evidence from Canada and the US. Finance Research Letters, 38, 1-7. https://doi.org/10.1016/j.frl.2020.101872.
• Yan, C. (2020). Covid-19 outbreak and stock prices: Evidence from China. SSRN papers. Erişim adresi: https://ssrn.com/abstract=3574374.
• Yarovaya, L., Matkovskyy, R. ve Jalan, A. (2021). The effects of a ‘’Black Swan’’ event (COVID-19) on herding behavior in cryptocurrency markets. Journal of International Financial Markets, Institutions and Money, 75, 1-16. https://doi.org/10.1016/j.intfin.2021.101321.
• Zehri, C. (2021). Stock market comovements: Evidence from the COVID-19 pandemic. The Journal of Economic Asymmetries, 24, 1-13. https://doi.org/10.1016/j.jeca.2021.e00228.
• Zeren, F. ve Hızarcı, A.E. (2020). The impact of Covid-19 Coronavirus on stock markets: Evidence from selected countries. Muhasebe ve Finans İncelemeleri Dergisi, 3(1), 78-84. https://doi.org/10.32951/mufider.706159.
• Zhang, D., Hu, M. ve Ji, Q. (2020). Financial markets under the global pandemic of Covid-19. Finance Research Letters, 36, 1-6. https://doi.org/10.1016/j.frl.2020.101528.
• Zhang, W. ve Hamori, S. (2021). Crude oil market and stock markets during the COVID-19 pandemic. Evidence from the US, Japan, and Germany. International Review of Financial Analysis, 74, 1-13. https://doi.org/10.1016/j.irfa.2021.101702.