This study tests the relationship between investor sentiment generated by COVID-19-related media coverage and BIST100 Index returns. In this context, the study is based on the ground laid by Tetlock’s (2007) study, which stated that media content and stock market activity are correlated. The effect of investor sentiment on the BIST 100 Index is examined in this study for the period 11 March 2020 – 19 August 2020 through the news on the COVID-19 pandemic. In this context, panic, fear, media coverage and vaccine indices are used in the study as investor sentiment proxies based on media coverage of COVID-19. The Dolado-Lütkepohl causality test and the ARDL method were used to investigate the effects of indices on the BIST100 Index return and subsequently, the cross-correlation relationship has been examined to check the robustness of the results. It is found that media-coverage-based investor sentiment indices are related to BIST100 Index returns. However, our evidence does not support investor sentiment theory.
Al-Awadhi, A.M., Alsaifi, K., Al-Awadhi, A. and 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, 100326.
Albulescu, C. (2020). Coronavirus and financial volatility: 40
days of fasting and fear, 2020, SSRN Electronic Journal.
http://dx.doi.org/10.2139/ssrn.3550630
Ali, N., Nassir, A., Hassan, T. and Abidin, S. (2010). Short run stock
overreaction: Evidence from Bursa Malaysia, International
Journal of Economics and Management, 4(2), 319–333.
Ashraf, B.N. (2020). Stock markets’ reaction to Covid-19: Cases
or fatalities? Research in International Business and Finance,
54, 101249. http://dx.doi.org/10.2139/ssrn.3585789
Baig, A.S., Butt, H.A., Haroon, O. and Rizvi, S. (2020). Deaths, panic,
lockdowns and US equity markets: The case of COVID-19
pandemic, Finance Research Letters, 101701. https://doi.
org/10.1016/j.frl.2020.101701
Baker, M. and Stein, J.C. (2004). Market liquidity as a sentiment
indicator, Journal of Financial Markets, 7(3), 271–299.
Baker, M. and Wurgler, J. (2006). Investor sentiment and the
cross-section of stock returns. Journal of Finance, American
Finance Association, 61(4), 1645–1680.
Baker, M. and Wurgler, J. (2007). Investor sentiment in the stock
market, Journal of Economic Perspectives, 21 (2), 129–152.
DOI: 10.1257/jep.21.2.129
Baker, S.R., Bloom, N., Davis, S.J., Kost, K.J., Sammon, M.C. and
Tasaneeya, V. (2020). The unprecedented stock market impact
of COVID-19. NBER Working Papers 26945. Cambridge,
MA: National Bureau of Economic Research.
Bathia, D. and Bredin, D. (2013). An examination of investor
sentiment effect on G7 stock market returns, The
European Journal of Finance, 19(9), 909–937. DOI:
10.1080/1351847X.2011.636834
Becker, R., Endes, W. and Lee, J. (2006). A stationarity test in
the presence of an unknown number of smooth breaks,
Journal of Time Series Analysis, 3(5), 381–409.
Bollen, J., Mao, H. and Zeng, X. (2011). Twitter mood predicts
the stock market, Journal of Computational Science, 2(1),
1–8.
Caswell, M. (2020). IAG reports €2.2 billion second quarter loss.
Business Traveller, 31 July. www.businesstraveller.com/
business-travel/2020/07/31/iag-reports-e2-2-billion-second-
quarter-loss, (Accessed 31 July 2020).
Cepoi C.O. (2020). Asymmetric dependence between stock
market returns and news during COVID-19 financial
turmoil, Finance Research Letters, 36, 101658. https://doi.
org/10.1016/j.frl.2020.101658
Chen, M.H., Jang, S.S. and Kim, W.G. (2007). The impact of the
SARS outbreak on Taiwanese hotel stock performance: An
event-study approach, International Journal of Hospitality
Management, 26(1), 200–212. https://doi.org/10.1016/j.
ijhm.2005.11.004
Chen, M.-P., Lee, C.-C., Lin, Y.-H. and Chen, W.-Y. (2018). Did the
S.A.R.S. epidemic weaken the integration of Asian stock
markets? Evidence from smooth time varying cointegration
analysis, Economic Research-Ekonomska Istraživanja,
31(1), 908–926. DOI: 10.1080/1331677X.2018.1456354
Christopoulos, D.K. and León-Ledesma, M.A. (2010). Smooth
breaks and non-linear mean reversion: Post-Bretton
Woods real exchange rates, Journal of International Money
and Finance, 29(6), 1076–1093. DOI: 10.1016/j.jimonfin.
2010.02.003.
CNBC (2020). Norwegian Air cancels 97 Boeing planes,
claims compensation. 29 June. https://www.cnbc.
com/2020/06/29/norwegian-air-cancels-97-boeing-
planes-claims-compensation.html, (Accessed 29 June
2020).
Da, Z., Engelberg, J. and Gao, P. (2015). The sum of all fears
investor sentiment and asset prices, The Review of Financial
Studies, 28(1), 1–32.
De Bondt, Werner F.M. and Thaler, R. (1985). Does the stock
market overreact? The Journal of Finance, 40(3), 793–805.
DOI: 10.2307/2327804
De Long, J., Shleifer, A., Summers, L.and Waldmann, R. (1990).
Noise trader risk in financial markets, Journal of Political
Economy, 98(4), 703–738.
Destek, M.A. and Okumuş, İ. (2016). Satın Alma Gücü Paritesi
Hipotezi Geçerliliğinin Fourier Birim Kök Testleri ile
İncelenmesi: OECD Ülkeleri Örneği, Gaziantep University
Journal of Social Sciences, 15(1), 73–87.
Dickey, D.A. and Fuller, W.A. (1981). Likelihood ratio statistics for
autoregressive time series with a unit root, Econometrica,
49(4), 1057–1072.
Dolado, J.J. and Lütkepohl, H. (1996). Making wald tests work
for cointegrated VAR systems, Econometric Theory, 15(4),
369–386.
Donadelli, M., Kizys, R. and Riedel, M. (2017). Dangerous infectious
diseases: Bad news for Main Street, good news for
Wall Street? Journal of Financial Markets, 35(C), 84–103.
Enders, W. and Lee, J. (2012). The flexible Fourier form and the
Dickey-Fuller type unit root tests, Economics Letters, 117,
196–199.
Engelhardt, N., Krause, M., Neukirchen, D. and Posch, P. (2020).
What drives stocks during the corona-crash? News attention
vs. rational expectation, Sustainability, MDPI 12(12),
1–12.
Fama, E.F. (1995). Random walks in stock market prices, Financial
Analysts Journal, 51(1), 75–80. DOI: 10.2469/faj.v51.
n1.1861
Fisher, K.L. and Statman, M. (2000). Investor sentiment and
stock returns, Financial Analysts Journal, 56(2), 16–23.
www.jstor.org/stable/4480229
French, J. (2018). Market moods: An investor sentiment event
study, Foresight, 20(5), 488–506.
Haroon, O. and Rizvi, S. (2020). COVID-19: Media coverage and
financial markets behavior – a sectoral inquiry, Journal of
Behavioral and Experimental Finance, 27, 100343. https://
doi.org/10.1016/j.jbef.2020.100343
He, P., Sun,Y., Zhang, Y. and Li, T. (2020). COVID–19’s impact on
stock prices across different sectors: An event study based
on the Chinese stock market, Emerging Markets Finance
and Trade, 56(10), 2198–2212.
Hon, M.T., Strauss, J. and Yong, S.‐K. (2004). Contagion in financial
markets after September 11: Myth or reality? Journal
of Financial Research, 27(1), 95–114. DOI: 10.1111/j.1475-
6803.2004.00079.x
ILO (2020). COVID-19 and the world of work: Impact and policy
responses. ilo.org/global/topics/coronavirus (Accessed 1
May 2020).
Jones, L., Palumbo, D. and Brown, D. (2020). Coronavirus: A visual
guide to the economic impact, www.bbc.com/news/
business-51706225 (Accessed 30 June 2020).
Kahneman, D. and Tversky, A. (1979). Prospect theory: An
analysis of decision under risk. Champaign: University of Illinois
at Urbana-Champaign’s Academy for Entrepreneurial
Leadership Historical Research Reference in Entrepreneurship.
https://ssrn.com/abstract=1505880
Kandır, S.Y., Cerci, G. and Uzkaralar, O. (2013). Investor sentiment
proxies: An example of closed end fund discount and
consumer confidence index, Journal of BRSA Banking and
Financial Markets, 7(2), 55–75.
Kaplanski, G. and Levy, H. (2010). Sentiment and stock prices:
The case of aviation disasters, Journal of Financial Economics,
95(2), 174–201. https://ssrn.com/abstract=1084533
Kaplanski, G. and Levy, H. (2014). Sentiment, irrationality and
market efficiency: The case of the 2010 FIFA World Cup,
Journal of Behavioral and Experimental Economics, 49(C),
35–43.
Lee, H.S. (2020). Exploring the initial impact of COVID-19 sentiment
on US stock market using big data, Sustainability,
12(16), 1–16.
Li, K. (2018). Do high-frequency fleeting orders exacerbate market
illiquidity? Electronic Commerce Research, 18, 241–255.
Liu, H., Manzoor, A., Wang, C., Zhang, L. and Manzoor, Z. (2020).
The COVID-19 outbreak and affected countries stock
markets response, International Journal of Environmental
Research and Public Health, 17(8), 2800.
Mian, G.M. and Sankaraguruswamy, S. (2012). Investor sentiment
and stock market response to earnings news, The
Accounting Review, 87(4), 1357–1384.
Narayan, P.K. and Smyth, R. (2006). What determines migration
flows from low-income to high-income countries? An
empirical investigation of Fiji–U.S. migration 1972–2001,
Contemporary Economic Policy, 24(2), 332–342.
Oliveira-Brochado, A. (2019). Google search-based sentiment
indexes, IIMB Management Review, in press. https://doi.
org/10.1016/j.iimb.2019.10.015
Pesaran, M.H., Shın, Y. and Smıth, R.J. (2001). Bounds testing
approaches to the analysis of level relationships, Journal of
Applied Econometrics, 16, 289–326.
Reuters (2020). Air France-KLM loss gives first taste of coronavirus
impact. 7 May. www.reuters.com/article/us-air-franceklm-
results/air-france-klm-loss-gives-first-taste-of-coronavirus-
impact-idUSKBN22J0IZ, (Accessed 7 May 2020).
Salisu, A.A. and Vo, X.V. (2020). Predicting stock returns in the
presence of COVID-19 pandemic: The role of health news,
International Review of Financial Analysis, 71, 101546.
https://doi.org/10.1016/j.irfa.2020.101546
Schell, D., Mei, W. and Toan Luu Duc, H. (2020). This time is indeed
different: A study on global market reactions to public
health crisis. 16 April. https://ssrn.com/abstract=3577418
Sevüktekin, M. and Nargeleçekenler, M. (2010). Ekonometrik
Zaman Serileri Analizi Eviews Uygulamalı. Nobel Yayın
Dağıtım 3. baskı, Ankara.
Shleifer, A. and Summers, L.H. (1990). The noise trader approach
to finance, Journal of Economic Perspectives, 4 (2), 19–33.
Shleifer, A. and Vishny, R.W. (1997). The limits of arbitrage, Journal
of Finance, 52(1). https://ssrn.com/abstract=8043
Shu, H.-C. (2010). Investor mood and financial markets, Journal
of Economic Behavior & Organization, 76(2), 267–282.
Smales, L.A. (2017). The importance of fear: investor sentiment
and stock market returns. Applied Economics, 49(34),
3395–3421.
Tas, O. and Sen, M.C. (2019). The comparative analysis of
investor sentiment effect on two major earthquakes and
tsunami incidents, PressAcademia Procedia, 10, 12–16.
Tetlock, P.C. (2007). Giving content to investor sentiment: The
role of media in the stock market, Journal of Finance 62(3),
1139–1168.
Verma, R., Baklaci, H. and Gokce S. (2008). The impact of rational
and irrational sentiments of individual and institutional
investors on DJIA and S&P500 index returns, Applied Financial
Economics, 18(16), 1303–1317.
World Bank, 2020. Assessing the impact and policy responses
in support of private-sector firms in the context of the
COVID-19 pandemic. Equitable Growth, Finance and
Institutions, COVID-19 Notes, Finance Series. Washington
DC, World Bank. http://pubdocs.worldbank.org/
en/879461586478617078/COVID-19-Outbreak-Supportto-
Firms.pdf, (Accessed 26 March 2020).
Al-Awadhi, A.M., Alsaifi, K., Al-Awadhi, A. and 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, 100326.
Albulescu, C. (2020). Coronavirus and financial volatility: 40
days of fasting and fear, 2020, SSRN Electronic Journal.
http://dx.doi.org/10.2139/ssrn.3550630
Ali, N., Nassir, A., Hassan, T. and Abidin, S. (2010). Short run stock
overreaction: Evidence from Bursa Malaysia, International
Journal of Economics and Management, 4(2), 319–333.
Ashraf, B.N. (2020). Stock markets’ reaction to Covid-19: Cases
or fatalities? Research in International Business and Finance,
54, 101249. http://dx.doi.org/10.2139/ssrn.3585789
Baig, A.S., Butt, H.A., Haroon, O. and Rizvi, S. (2020). Deaths, panic,
lockdowns and US equity markets: The case of COVID-19
pandemic, Finance Research Letters, 101701. https://doi.
org/10.1016/j.frl.2020.101701
Baker, M. and Stein, J.C. (2004). Market liquidity as a sentiment
indicator, Journal of Financial Markets, 7(3), 271–299.
Baker, M. and Wurgler, J. (2006). Investor sentiment and the
cross-section of stock returns. Journal of Finance, American
Finance Association, 61(4), 1645–1680.
Baker, M. and Wurgler, J. (2007). Investor sentiment in the stock
market, Journal of Economic Perspectives, 21 (2), 129–152.
DOI: 10.1257/jep.21.2.129
Baker, S.R., Bloom, N., Davis, S.J., Kost, K.J., Sammon, M.C. and
Tasaneeya, V. (2020). The unprecedented stock market impact
of COVID-19. NBER Working Papers 26945. Cambridge,
MA: National Bureau of Economic Research.
Bathia, D. and Bredin, D. (2013). An examination of investor
sentiment effect on G7 stock market returns, The
European Journal of Finance, 19(9), 909–937. DOI:
10.1080/1351847X.2011.636834
Becker, R., Endes, W. and Lee, J. (2006). A stationarity test in
the presence of an unknown number of smooth breaks,
Journal of Time Series Analysis, 3(5), 381–409.
Bollen, J., Mao, H. and Zeng, X. (2011). Twitter mood predicts
the stock market, Journal of Computational Science, 2(1),
1–8.
Caswell, M. (2020). IAG reports €2.2 billion second quarter loss.
Business Traveller, 31 July. www.businesstraveller.com/
business-travel/2020/07/31/iag-reports-e2-2-billion-second-
quarter-loss, (Accessed 31 July 2020).
Cepoi C.O. (2020). Asymmetric dependence between stock
market returns and news during COVID-19 financial
turmoil, Finance Research Letters, 36, 101658. https://doi.
org/10.1016/j.frl.2020.101658
Chen, M.H., Jang, S.S. and Kim, W.G. (2007). The impact of the
SARS outbreak on Taiwanese hotel stock performance: An
event-study approach, International Journal of Hospitality
Management, 26(1), 200–212. https://doi.org/10.1016/j.
ijhm.2005.11.004
Chen, M.-P., Lee, C.-C., Lin, Y.-H. and Chen, W.-Y. (2018). Did the
S.A.R.S. epidemic weaken the integration of Asian stock
markets? Evidence from smooth time varying cointegration
analysis, Economic Research-Ekonomska Istraživanja,
31(1), 908–926. DOI: 10.1080/1331677X.2018.1456354
Christopoulos, D.K. and León-Ledesma, M.A. (2010). Smooth
breaks and non-linear mean reversion: Post-Bretton
Woods real exchange rates, Journal of International Money
and Finance, 29(6), 1076–1093. DOI: 10.1016/j.jimonfin.
2010.02.003.
CNBC (2020). Norwegian Air cancels 97 Boeing planes,
claims compensation. 29 June. https://www.cnbc.
com/2020/06/29/norwegian-air-cancels-97-boeing-
planes-claims-compensation.html, (Accessed 29 June
2020).
Da, Z., Engelberg, J. and Gao, P. (2015). The sum of all fears
investor sentiment and asset prices, The Review of Financial
Studies, 28(1), 1–32.
De Bondt, Werner F.M. and Thaler, R. (1985). Does the stock
market overreact? The Journal of Finance, 40(3), 793–805.
DOI: 10.2307/2327804
De Long, J., Shleifer, A., Summers, L.and Waldmann, R. (1990).
Noise trader risk in financial markets, Journal of Political
Economy, 98(4), 703–738.
Destek, M.A. and Okumuş, İ. (2016). Satın Alma Gücü Paritesi
Hipotezi Geçerliliğinin Fourier Birim Kök Testleri ile
İncelenmesi: OECD Ülkeleri Örneği, Gaziantep University
Journal of Social Sciences, 15(1), 73–87.
Dickey, D.A. and Fuller, W.A. (1981). Likelihood ratio statistics for
autoregressive time series with a unit root, Econometrica,
49(4), 1057–1072.
Dolado, J.J. and Lütkepohl, H. (1996). Making wald tests work
for cointegrated VAR systems, Econometric Theory, 15(4),
369–386.
Donadelli, M., Kizys, R. and Riedel, M. (2017). Dangerous infectious
diseases: Bad news for Main Street, good news for
Wall Street? Journal of Financial Markets, 35(C), 84–103.
Enders, W. and Lee, J. (2012). The flexible Fourier form and the
Dickey-Fuller type unit root tests, Economics Letters, 117,
196–199.
Engelhardt, N., Krause, M., Neukirchen, D. and Posch, P. (2020).
What drives stocks during the corona-crash? News attention
vs. rational expectation, Sustainability, MDPI 12(12),
1–12.
Fama, E.F. (1995). Random walks in stock market prices, Financial
Analysts Journal, 51(1), 75–80. DOI: 10.2469/faj.v51.
n1.1861
Fisher, K.L. and Statman, M. (2000). Investor sentiment and
stock returns, Financial Analysts Journal, 56(2), 16–23.
www.jstor.org/stable/4480229
French, J. (2018). Market moods: An investor sentiment event
study, Foresight, 20(5), 488–506.
Haroon, O. and Rizvi, S. (2020). COVID-19: Media coverage and
financial markets behavior – a sectoral inquiry, Journal of
Behavioral and Experimental Finance, 27, 100343. https://
doi.org/10.1016/j.jbef.2020.100343
He, P., Sun,Y., Zhang, Y. and Li, T. (2020). COVID–19’s impact on
stock prices across different sectors: An event study based
on the Chinese stock market, Emerging Markets Finance
and Trade, 56(10), 2198–2212.
Hon, M.T., Strauss, J. and Yong, S.‐K. (2004). Contagion in financial
markets after September 11: Myth or reality? Journal
of Financial Research, 27(1), 95–114. DOI: 10.1111/j.1475-
6803.2004.00079.x
ILO (2020). COVID-19 and the world of work: Impact and policy
responses. ilo.org/global/topics/coronavirus (Accessed 1
May 2020).
Jones, L., Palumbo, D. and Brown, D. (2020). Coronavirus: A visual
guide to the economic impact, www.bbc.com/news/
business-51706225 (Accessed 30 June 2020).
Kahneman, D. and Tversky, A. (1979). Prospect theory: An
analysis of decision under risk. Champaign: University of Illinois
at Urbana-Champaign’s Academy for Entrepreneurial
Leadership Historical Research Reference in Entrepreneurship.
https://ssrn.com/abstract=1505880
Kandır, S.Y., Cerci, G. and Uzkaralar, O. (2013). Investor sentiment
proxies: An example of closed end fund discount and
consumer confidence index, Journal of BRSA Banking and
Financial Markets, 7(2), 55–75.
Kaplanski, G. and Levy, H. (2010). Sentiment and stock prices:
The case of aviation disasters, Journal of Financial Economics,
95(2), 174–201. https://ssrn.com/abstract=1084533
Kaplanski, G. and Levy, H. (2014). Sentiment, irrationality and
market efficiency: The case of the 2010 FIFA World Cup,
Journal of Behavioral and Experimental Economics, 49(C),
35–43.
Lee, H.S. (2020). Exploring the initial impact of COVID-19 sentiment
on US stock market using big data, Sustainability,
12(16), 1–16.
Li, K. (2018). Do high-frequency fleeting orders exacerbate market
illiquidity? Electronic Commerce Research, 18, 241–255.
Liu, H., Manzoor, A., Wang, C., Zhang, L. and Manzoor, Z. (2020).
The COVID-19 outbreak and affected countries stock
markets response, International Journal of Environmental
Research and Public Health, 17(8), 2800.
Mian, G.M. and Sankaraguruswamy, S. (2012). Investor sentiment
and stock market response to earnings news, The
Accounting Review, 87(4), 1357–1384.
Narayan, P.K. and Smyth, R. (2006). What determines migration
flows from low-income to high-income countries? An
empirical investigation of Fiji–U.S. migration 1972–2001,
Contemporary Economic Policy, 24(2), 332–342.
Oliveira-Brochado, A. (2019). Google search-based sentiment
indexes, IIMB Management Review, in press. https://doi.
org/10.1016/j.iimb.2019.10.015
Pesaran, M.H., Shın, Y. and Smıth, R.J. (2001). Bounds testing
approaches to the analysis of level relationships, Journal of
Applied Econometrics, 16, 289–326.
Reuters (2020). Air France-KLM loss gives first taste of coronavirus
impact. 7 May. www.reuters.com/article/us-air-franceklm-
results/air-france-klm-loss-gives-first-taste-of-coronavirus-
impact-idUSKBN22J0IZ, (Accessed 7 May 2020).
Salisu, A.A. and Vo, X.V. (2020). Predicting stock returns in the
presence of COVID-19 pandemic: The role of health news,
International Review of Financial Analysis, 71, 101546.
https://doi.org/10.1016/j.irfa.2020.101546
Schell, D., Mei, W. and Toan Luu Duc, H. (2020). This time is indeed
different: A study on global market reactions to public
health crisis. 16 April. https://ssrn.com/abstract=3577418
Sevüktekin, M. and Nargeleçekenler, M. (2010). Ekonometrik
Zaman Serileri Analizi Eviews Uygulamalı. Nobel Yayın
Dağıtım 3. baskı, Ankara.
Shleifer, A. and Summers, L.H. (1990). The noise trader approach
to finance, Journal of Economic Perspectives, 4 (2), 19–33.
Shleifer, A. and Vishny, R.W. (1997). The limits of arbitrage, Journal
of Finance, 52(1). https://ssrn.com/abstract=8043
Shu, H.-C. (2010). Investor mood and financial markets, Journal
of Economic Behavior & Organization, 76(2), 267–282.
Smales, L.A. (2017). The importance of fear: investor sentiment
and stock market returns. Applied Economics, 49(34),
3395–3421.
Tas, O. and Sen, M.C. (2019). The comparative analysis of
investor sentiment effect on two major earthquakes and
tsunami incidents, PressAcademia Procedia, 10, 12–16.
Tetlock, P.C. (2007). Giving content to investor sentiment: The
role of media in the stock market, Journal of Finance 62(3),
1139–1168.
Verma, R., Baklaci, H. and Gokce S. (2008). The impact of rational
and irrational sentiments of individual and institutional
investors on DJIA and S&P500 index returns, Applied Financial
Economics, 18(16), 1303–1317.
World Bank, 2020. Assessing the impact and policy responses
in support of private-sector firms in the context of the
COVID-19 pandemic. Equitable Growth, Finance and
Institutions, COVID-19 Notes, Finance Series. Washington
DC, World Bank. http://pubdocs.worldbank.org/
en/879461586478617078/COVID-19-Outbreak-Supportto-
Firms.pdf, (Accessed 26 March 2020).
Bulut, E., Akbulut Bekar, S., & Çizgici Akyüz, G. (2021). Media-Coverage-Related Investor Sentiment during the COVID-19 Pandemic. Ege Academic Review, 21(4), 357-372. https://doi.org/10.21121/eab.1015661
AMA
Bulut E, Akbulut Bekar S, Çizgici Akyüz G. Media-Coverage-Related Investor Sentiment during the COVID-19 Pandemic. eab. Ekim 2021;21(4):357-372. doi:10.21121/eab.1015661
Chicago
Bulut, Esra, Seval Akbulut Bekar, ve Gülay Çizgici Akyüz. “Media-Coverage-Related Investor Sentiment During the COVID-19 Pandemic”. Ege Academic Review 21, sy. 4 (Ekim 2021): 357-72. https://doi.org/10.21121/eab.1015661.
EndNote
Bulut E, Akbulut Bekar S, Çizgici Akyüz G (01 Ekim 2021) Media-Coverage-Related Investor Sentiment during the COVID-19 Pandemic. Ege Academic Review 21 4 357–372.
IEEE
E. Bulut, S. Akbulut Bekar, ve G. Çizgici Akyüz, “Media-Coverage-Related Investor Sentiment during the COVID-19 Pandemic”, eab, c. 21, sy. 4, ss. 357–372, 2021, doi: 10.21121/eab.1015661.
ISNAD
Bulut, Esra vd. “Media-Coverage-Related Investor Sentiment During the COVID-19 Pandemic”. Ege Academic Review 21/4 (Ekim 2021), 357-372. https://doi.org/10.21121/eab.1015661.
JAMA
Bulut E, Akbulut Bekar S, Çizgici Akyüz G. Media-Coverage-Related Investor Sentiment during the COVID-19 Pandemic. eab. 2021;21:357–372.
MLA
Bulut, Esra vd. “Media-Coverage-Related Investor Sentiment During the COVID-19 Pandemic”. Ege Academic Review, c. 21, sy. 4, 2021, ss. 357-72, doi:10.21121/eab.1015661.
Vancouver
Bulut E, Akbulut Bekar S, Çizgici Akyüz G. Media-Coverage-Related Investor Sentiment during the COVID-19 Pandemic. eab. 2021;21(4):357-72.