Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 1301-8752 1309-6338 Hacettepe Üniversitesi 10.17065/huniibf.331942 IS BORSA ISTANBUL AFFECTED BY AIR POLLUTION? HAVA KİRLİLİĞİ BORSA İSTANBUL’U ETKİLER Mİ? Eyüboğlu Sinem KARADENİZ TEKNİK ÜNİVERSİTESİ Eyüboğlu Kemal KARADENİZ TEKNİK ÜNİVERSİTESİ 09 27 2018 36 3 71 87 07 31 2017 05 07 2018 Copyright © 1983, Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 1983 Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi

Nowadays, studies examining the effects of environmental factors on human behaviorare increasing rapidly. Some of these studies focus on investor behaviors in financialmarkets. In this study, it is examined whether or not air pollution, which isan environmental factor that may have an effect on investor behaviors, has aneffect on stock returns for the period of 01.02.2007-20.07.2016 in BIST. As aresult of the analysis, it is determined that air pollution has significant andnegative current-time effect on BIST Services and lagged-time effect on BIST100, BIST Industrials and BIST Financials indices returns.

Günümüzde çevresel faktörlerin insandavranışları üzerindeki etkisini araştıran çalışmalar hızla artmaktadır. Buçalışmaların bir kısmı ise finansal piyasalardaki yatırımcı davranışları üzerindeodaklanmaktadır. Bu çalışmada 01.02.2007-20.07.2016 dönemi için yatırımcıdavranışları üzerinde etkisi olabilecek çevresel bir faktör olan havakirliliğinin hisse senedi getirileri üzerinde etkisi olup olmadığı araştırılmıştır.Çalışmada Borsa İstanbul’da hesaplanan BIST-100, Sınai, Mali ve Hizmetlerendeksleri ele alınmıştır. Yapılan analizler sonucunda ise hava kirliliğinin endeksgetirileri üzerinde anlamlı bir etkisi olmadığı belirlenmiştir.

 Hava kirliliği davranışsal finans Borsa İstanbul Akhtari, M. (2011), “Reassessment of the Weather Effect: Stock Prices and Wall Street Weather”, Undergraduate Economic Review, 7(1), 1-25. Cao, M., J. Wei. (2005), “Stock Market Returns: A Note on Temperature Anomaly”, Journal of Banking and Finance, 29, 1559-1573. Chang, T., Chien-Chung, N., Ming Jing Y., Tse-Yu, Y. (2006), “Are Stock Market Returns Related to the Weather Effects?, Empirical Evidence from Taiwan”, Physica A: Statistical Mechanics and Its Applications, 364, 343-354. Chang, S., S. Chen, R. Chou, Y., Lin. (2008). “Weather and Intraday Patterns in Stock Returns and Trading Activity”, Journal of Banking and Finance, 1754-1766. Evans, G., S. Jacobs. (1981), “Air Pollution and Human Behavior”, Journal of Social Issues, 37, 95-125. Evans, G., S. Colome, D., Shearer. (1988), “Psychological Reactions to Air Pollution”, Environmental Research, 45, 1-15. Garrett, I., M. Kamstra, L. Kramer. (2005), “Winter Blues and Time Variation in the Price of Risk”, Journal of Empirical Finance, 12, 291-316. Goetzmann, W., Zhu, N., Ning. (2005), “Rain or Shine: Where is the Weather Effect?”, European Financial Management, 11(5), 559-578. Hirshleifer, D., T. Shumway. (2003), “Good Day Sunshine: Stock Returns and the Weather”, The Journal of Finance, 58,1099-1032. Hu, X., Li, Z. O., Lin, Y. (2014), “Particles, Pollutions and Prices”, http://abfer.org/docs/2015/program-5/particles-pollutions-and-prices.pdf Lepori, G.M. (2016), “Air Pollution and Stock Returns: Evidence from A Natural Experiment”, Journal of Empirical Finance, 35, 25-42. Jones, J. (1978), “Adverse Emotional Reactions of Nonsmokers to Secondary Cigarette Smoke”, Environmental Psychology & Nonverbal Behavior, 3, 125-127. Kamstra, M., L. Kramer, Levi, M. (2000), “Losing Sleep at the Market: The Daylight Saving Anomaly”, The American Economic Review, 90, 1005-1011. Kamstra, M., L. Kramer, Levi, M. (2003), “Winter Blues: A Sad Stock Market Cycle”, The American Economic Review, 93, 324-343. Kelly, P., F. Meschke. (2010), “Sentiment and Stock Returns: The SAD Anomaly Revisited”, Journal of Banking and Finance, 34, 1308-1326. Levy, T., Yagil, J. (2011), “Air Pollution and Stock Returns in the US”, Journal of Economic Psychology, 32, 374-383. Levy, T. ve Yagil, J. (2013). “Air Pollution and Stock Returns- Extensions and International Perspective”, International Journal of Engineering, Business and Enterprise Applications (IJEBEA), 13(107), 1-14. Loughran, T., Schultz, P. (2004), “Weather, Stock Returns and the Impact of Localized Trading Behavior”, Journal of Financial and Quantitative Analysis, 39, 343-364. Merkezi Kayıt Kurumu (2016), https://-portal.mkk.com.tr/-portal/-Dashboard.jsp#MonthlyStatistical-Data, 10.08.2016. Rotton, J. (1983), “Affective and Cognitive Consequences of Malodorous Pollution”, Basic and Applied Social Psychology, 4, 171-191. Saunders, E. (1993), “Stock Price and Wall Street Weather”, The American Economic Review, 83, 1337-1345. Stone, J., Breidenbach, S. ve Heimstra, N. (1979), “Annoyance Response of Nonsmokers to Cigarette Smoke”, Perceptual and Motor Skills 49, 907-916. T.C. Çevre ve Şehircilik Bakanlığı Hava Kalitesi İzleme İstasyonları Web Sitesi, http://www.havaizleme.gov.tr/Default.ltr.aspx, 06.08.2016. Yuan, K., Zheng, L., Zhu, Q. (2006), “Are Investors Moonstuck? Lunar Phases and Stock Returns”, Journal of Empirical Finance 13, 1-23.