Araştırma Makalesi
BibTex RIS Kaynak Göster

TÜRKİYE’DE İLK COVİD-19 VAKASI HABERİNİN PAY PİYASASINA ETKİSİ: BİST GIDA VE TURİZM ENDEKSLERİ ÜZERİNE BİR UYGULAMA

Yıl 2021, Cilt: 3 Sayı: 1, 44 - 58, 09.07.2021

İlhan Ege , Sevda Metin

Öz

Bu çalışmanın amacı, Türkiye’de ilk Covid-19 vakası haberinin BİST Gıda (XGIDA) ve BİST Turizm (XTRZM) endekslerinde işlem gören firmalara ilişkin pay getirileri üzerindeki etkisinin ortaya konulmasıdır. Bu amaç doğrultusunda, XGIDA ve XTRZM endeksinde işlem gören firmalara ilişkin 25.02.2020-24.03.2020 dönemi verileri kullanılarak endeks bazında ilk Covid-19 haberinin etkileri incelenmiştir. Çalışmada, Türkiye’de ilk Covid-19 vakası haberi ile pay getirileri arasındaki ilişkiyi incelemek için “Olay Çalışması” (Event Study) yöntemi kullanılmıştır. Çalışma sonucunda, ilk Covid-19 vakası haberinin XGIDA endeksinde yer alan firmaların paylarına ilişkin anormal getiriler ve kümülatif anormal getirilerde (CAR) pozitif yönlü anlamlı bir etki yarattığı tespit edilir iken, XTRZM endeksinde yer alan firmaların paylarına ilişkin anormal getiriler ve kümülatif anormal getirilerde ise negatif yönlü anlamlı bir etki yarattığı tespit edilmiştir. Elde edilen bulgular ışığında, Covid-19 gibi olumsuz bir olay karşısında gıda firmalarına ait pay getirilerinin pozitif yönde etkilendiği söylenebilirken turizm firmalarına ait pay getirilerinin ise negatif yönde etkilendiği söylenebilir. Pay piyasalarında finansal varlıklara ilişkin CAR değerlerinin sıfırdan pozitif veya negatif yönlü farklı olması, ilgili piyasada anormal bir getiri elde edilebileceğinin bir göstergesi olarak kabul edilmektedir. Dolayısıyla çalışma kapsamında incelenen XGIDA ve XTRZM endekslerinde anormal getiri elde edilmesinin mümkün olduğu söylenebilir. Bu durumda, çalışmaya konu olan pay piyasanın yarı güçlü formda etkin olmadığı ifade edilebilir.

Anahtar Kelimeler

Covid-19 BİST Gıda Endeksi BİST Turizm Endeksi Olay Çalışması

Kaynakça

  • AlAli, M. S. (2020). The Effect of Who COVID-19 Announcement on Asian Stock Markets Returns: an Event Study Analysis. Journal of Economics and Business, 3(3), p. 1050-1054.
  • Albulescu, C. (2020). Coronavirus and Financial Volatility: 40 Days of Fasting and Fear. Capital Markets: Asset Pricing & Valuation e Journal, p. 1-7.
  • Alfaro. L., Chari, A., Greenland, A., and Schott, P. (2020). Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time. National Bureau of Economic Research, p. 1-31.
  • Ashraf, B. N. (2020). Stock Markets’ Reaction to COVID-19: Cases or Fatalities?. Research in International Business and Finance, 54, p. 1-7.
  • Bahar, O., ve Çelik İlal, N. (2020). Coronavirüsün (Covid-19) Turizm Sektörü Üzerindeki Ekonomik Etkileri. International Journal of Social Sciences and Education Research, 6(1), s. 125-139.
  • Bobdey, S. and Ray, S. (2020). Going Viral–Covid-19 Impact Assessment: A Perspective Beyond Clinical Practice. Journal of Marine Medical Society, 22(1), p. 9-12.
  • Bora, D., and Basistha, D. (2020). The Outbreak of COVID‐19 Pandemic and Its Impact on Stock Market Volatility: Evidence From a Worst‐Affected Economy. Journal of Public Affairs, p. 1-10.
  • Çetin, A. C. (2020). Koronavirüs (Covid-19) Salgınının Türkiye’de Genel Ekonomik Faaliyetlere ve Hisse Senedi Borsa Endeksine Etkisi. Mehmet Akif Ersoy Üniversitesi Uygulamalı Bilimler Dergisi, 4(2), s. 341-362.
  • Ege, I. (2020). The Impact of Coronavirus Disease (Covid-19) Pandemic on Cruise İndustry: Case of Diamond Princess Cruise Ship. Mersin University Journal of Maritime Faculty, 2 (1), p. 32-37.
  • Ege, I., Nur Topaloglu, T., and Koycu, E. (2020). Coronavirus (Covid-19) and Financial Volatility: Integration Relationship Between Turkey and Chinese Stock Market. III. International Conference onEmpirical Economics and Social Sciences (e-ICEESS’20) 12th -13th December, 2020, Turkey, p. 463-478.
  • Eppli, M. J., and Tu, C. C. (2005). An Event Study Analysis of Mall Renovationand Expansion. Journal of Shopping Center Research, 12(2), p. 117-130.
  • Göker, İ. E. K., Eren, B. S. and Karaca, S. S. (2020). The Impact of the COVID-19 (Coronavirus) on the Borsa Istanbul Sector Index Returns: An Event Study. Gaziantep Üniversitesi Sosyal Bilimler Dergisi, (COVID-19 özel sayı), p. 14-41.
  • 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), p. 2198-2212.
  • Hirt, G. A., and Block, S. B. (2006). Fundamentals of Investment Management. McGraw Hill.
  • https://www.kap.org.tr/tr/Endeksler erişim tarihi: 15 Kasım 2020
  • Li,Y., Liang, C., Ma,F., and Wang, J. (2020), The Role of the IDEMV in Predicting European Stock Market Volatility During the COVID-19 Pandemic. Finance Research Letters, 36, p. 1-7.
  • 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), p. 1-19.
  • Özdemir, L. (2020). COVİD-19 Pandemisinin BİST Sektör Endeksleri Üzerine Asimetrik Etkisi. Finans Ekonomi ve Sosyal Araştırmalar Dergisi 5(3), s. 546-556.
  • Ramelli, S. and Wagner, A. (2020). What The Stock Market Tells Us About The Consequences of COVID-19. R. Baldwin, and B. W. Di Mauro (eds.) Mitigating the COVID Economic Crisis: Act Fast and Do Whatever It Takes, (p. 63-70). London: CEPR Press.
  • Sakarya, Ş. (2011). İMKB Kurumsal Yönetim Endeksi Kapsamındaki Şirketlerin Kurumsal Yönetim Derecelendirme Notu ve Hisse Senedi Getirileri Arasındaki İlişkinin Olay Çalışması (Eventstudy) Yöntemi ile Analizi. ZKÜ Sosyal Bilimler Dergisi, 7 (13), s. 147–162.
  • Sansa, N. A. (2020). The Impact of the COVID-19 on the Financial Markets: Evidence from China and USA. Electronic Research Journal of Social Sciences and Humanities, 2(2), p. 29-39.
  • Sevinç, D. (2020). Covid-19’un Uluslararası Pay Piyasalarına Etkisi. Ekonomi, Politika & Finans Araştırmaları Dergisi, 5(Özel Sayı), s. 59-75.
  • Sponholtz, C. (2005). Separating the Stock Market's Reaction to Simultaneous Dividend and Earnings Announcements. Centre for Analytical Finance, University of Aarhus, Working Paper Series no 212, p. 1-42.
  • Şenol, Z. (2020). COVID-19 Krizi ve Finansal Piyasalar. Para ve finans Dergisi, s. 75-124.
  • Topaloglu, E. E., Ege. I. and Koycu, E. (2021), Coronavirus (Covid-19) and Stock Market: Empirical Analysis with Panel Data Approach, International Journal of Economicsand Finance, 13( 3), p. 31-39.
  • Tuomınen, T. (2005). Corporate Layoff Announcements and Shareholder Value: Empirical Evidence from Finland. Master‘s Thesis, Department of Business Administration, Lappeenranta University of Technology, Kuala Lumpur.
  • Uddin, M., Chowdhury, A., Anderson, K., and Chaudhuri, K. (2021). The Effect of COVID–19 Pandemic on Global Stock Market Volatility: Can Economic Strength Help to Manage the Uncertainty?. Journal of Business Research, 128, p. 31-44.
  • WHO, 2020. Coronavirus Disease 2019 Situation Report-67. World Health Organ. https://www.who.int/emergencies/diseases/novel-coronavirus-2019/situationreports
  • Worldometer. Covid-19 Coronavirus Pandemic. Erişim tarihi: 23.05.2021, https://www.worldometers.info/coronavirus/
  • Yan, C. (2020). COVID-19 Outbreak and Stock Prices: Evidence from China. Available at SSRN 3574374.
  • Zhang, D., Hu, M. and Ji, Q. (2020). Financial Markets Under the Global Pandemic of COVID-19. Finance Research Letters, p. 36, 1-6.

The Effect of The News of The First Covid-19 Case in Turkey on The Stock Market: An Application on BIST Food and Tourism Indices

Yıl 2021, Cilt: 3 Sayı: 1, 44 - 58, 09.07.2021

İlhan Ege , Sevda Metin

Öz

The aim of this study is to reveal the effect of the news of the first Covid-19 case in Turkey on the stock returns of the companies traded in the BIST Food (XGIDA) and BIST Tourism (XTRZM) indices. For this purpose, the data for the 25.02.2020-24.03.2020 period regarding the companies traded in the XGIDA and XTRZM indices were used. In the study, the "Event Study" method was used to examine the relationship between the news of the first Covid-19 case and the stock returns. As a result of the study, it was determined that the news of the first Covid-19 case had a positive and significant effect on the abnormal returns and cumulative abnormal returns regarding the stocks of the companies in the XGIDA index, while there was a negative significant effect on the abnormal returns and cumulative abnormal returns regarding the stocks of the companies in the XTRZM index. Another result obtained in the study is that the stock market in which the XGIDA and XTRZM indices are included is not effective in the semi-strong form of the efficient markets hypothesis.

Anahtar Kelimeler

BIST Food Index BIST Tourism Index Event Study Covid-19

Kaynakça

  • AlAli, M. S. (2020). The Effect of Who COVID-19 Announcement on Asian Stock Markets Returns: an Event Study Analysis. Journal of Economics and Business, 3(3), p. 1050-1054.
  • Albulescu, C. (2020). Coronavirus and Financial Volatility: 40 Days of Fasting and Fear. Capital Markets: Asset Pricing & Valuation e Journal, p. 1-7.
  • Alfaro. L., Chari, A., Greenland, A., and Schott, P. (2020). Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time. National Bureau of Economic Research, p. 1-31.
  • Ashraf, B. N. (2020). Stock Markets’ Reaction to COVID-19: Cases or Fatalities?. Research in International Business and Finance, 54, p. 1-7.
  • Bahar, O., ve Çelik İlal, N. (2020). Coronavirüsün (Covid-19) Turizm Sektörü Üzerindeki Ekonomik Etkileri. International Journal of Social Sciences and Education Research, 6(1), s. 125-139.
  • Bobdey, S. and Ray, S. (2020). Going Viral–Covid-19 Impact Assessment: A Perspective Beyond Clinical Practice. Journal of Marine Medical Society, 22(1), p. 9-12.
  • Bora, D., and Basistha, D. (2020). The Outbreak of COVID‐19 Pandemic and Its Impact on Stock Market Volatility: Evidence From a Worst‐Affected Economy. Journal of Public Affairs, p. 1-10.
  • Çetin, A. C. (2020). Koronavirüs (Covid-19) Salgınının Türkiye’de Genel Ekonomik Faaliyetlere ve Hisse Senedi Borsa Endeksine Etkisi. Mehmet Akif Ersoy Üniversitesi Uygulamalı Bilimler Dergisi, 4(2), s. 341-362.
  • Ege, I. (2020). The Impact of Coronavirus Disease (Covid-19) Pandemic on Cruise İndustry: Case of Diamond Princess Cruise Ship. Mersin University Journal of Maritime Faculty, 2 (1), p. 32-37.
  • Ege, I., Nur Topaloglu, T., and Koycu, E. (2020). Coronavirus (Covid-19) and Financial Volatility: Integration Relationship Between Turkey and Chinese Stock Market. III. International Conference onEmpirical Economics and Social Sciences (e-ICEESS’20) 12th -13th December, 2020, Turkey, p. 463-478.
  • Eppli, M. J., and Tu, C. C. (2005). An Event Study Analysis of Mall Renovationand Expansion. Journal of Shopping Center Research, 12(2), p. 117-130.
  • Göker, İ. E. K., Eren, B. S. and Karaca, S. S. (2020). The Impact of the COVID-19 (Coronavirus) on the Borsa Istanbul Sector Index Returns: An Event Study. Gaziantep Üniversitesi Sosyal Bilimler Dergisi, (COVID-19 özel sayı), p. 14-41.
  • 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), p. 2198-2212.
  • Hirt, G. A., and Block, S. B. (2006). Fundamentals of Investment Management. McGraw Hill.
  • https://www.kap.org.tr/tr/Endeksler erişim tarihi: 15 Kasım 2020
  • Li,Y., Liang, C., Ma,F., and Wang, J. (2020), The Role of the IDEMV in Predicting European Stock Market Volatility During the COVID-19 Pandemic. Finance Research Letters, 36, p. 1-7.
  • 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), p. 1-19.
  • Özdemir, L. (2020). COVİD-19 Pandemisinin BİST Sektör Endeksleri Üzerine Asimetrik Etkisi. Finans Ekonomi ve Sosyal Araştırmalar Dergisi 5(3), s. 546-556.
  • Ramelli, S. and Wagner, A. (2020). What The Stock Market Tells Us About The Consequences of COVID-19. R. Baldwin, and B. W. Di Mauro (eds.) Mitigating the COVID Economic Crisis: Act Fast and Do Whatever It Takes, (p. 63-70). London: CEPR Press.
  • Sakarya, Ş. (2011). İMKB Kurumsal Yönetim Endeksi Kapsamındaki Şirketlerin Kurumsal Yönetim Derecelendirme Notu ve Hisse Senedi Getirileri Arasındaki İlişkinin Olay Çalışması (Eventstudy) Yöntemi ile Analizi. ZKÜ Sosyal Bilimler Dergisi, 7 (13), s. 147–162.
  • Sansa, N. A. (2020). The Impact of the COVID-19 on the Financial Markets: Evidence from China and USA. Electronic Research Journal of Social Sciences and Humanities, 2(2), p. 29-39.
  • Sevinç, D. (2020). Covid-19’un Uluslararası Pay Piyasalarına Etkisi. Ekonomi, Politika & Finans Araştırmaları Dergisi, 5(Özel Sayı), s. 59-75.
  • Sponholtz, C. (2005). Separating the Stock Market's Reaction to Simultaneous Dividend and Earnings Announcements. Centre for Analytical Finance, University of Aarhus, Working Paper Series no 212, p. 1-42.
  • Şenol, Z. (2020). COVID-19 Krizi ve Finansal Piyasalar. Para ve finans Dergisi, s. 75-124.
  • Topaloglu, E. E., Ege. I. and Koycu, E. (2021), Coronavirus (Covid-19) and Stock Market: Empirical Analysis with Panel Data Approach, International Journal of Economicsand Finance, 13( 3), p. 31-39.
  • Tuomınen, T. (2005). Corporate Layoff Announcements and Shareholder Value: Empirical Evidence from Finland. Master‘s Thesis, Department of Business Administration, Lappeenranta University of Technology, Kuala Lumpur.
  • Uddin, M., Chowdhury, A., Anderson, K., and Chaudhuri, K. (2021). The Effect of COVID–19 Pandemic on Global Stock Market Volatility: Can Economic Strength Help to Manage the Uncertainty?. Journal of Business Research, 128, p. 31-44.
  • WHO, 2020. Coronavirus Disease 2019 Situation Report-67. World Health Organ. https://www.who.int/emergencies/diseases/novel-coronavirus-2019/situationreports
  • Worldometer. Covid-19 Coronavirus Pandemic. Erişim tarihi: 23.05.2021, https://www.worldometers.info/coronavirus/
  • Yan, C. (2020). COVID-19 Outbreak and Stock Prices: Evidence from China. Available at SSRN 3574374.
  • Zhang, D., Hu, M. and Ji, Q. (2020). Financial Markets Under the Global Pandemic of COVID-19. Finance Research Letters, p. 36, 1-6.
Toplam 31 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Araştırma Makaleleri
Yazarlar

İlhan Ege 0000-0002-5765-1926

Sevda Metin 0000-0003-4189-762X

Yayımlanma Tarihi 9 Temmuz 2021
Gönderilme Tarihi 31 Mayıs 2021
Yayımlandığı Sayı Yıl 2021 Cilt: 3 Sayı: 1

Kaynak Göster

APA Ege, İ., & Metin, S. (2021). TÜRKİYE’DE İLK COVİD-19 VAKASI HABERİNİN PAY PİYASASINA ETKİSİ: BİST GIDA VE TURİZM ENDEKSLERİ ÜZERİNE BİR UYGULAMA. İktisadi Ve İdari Yaklaşımlar Dergisi, 3(1), 44-58.
 Kapak Resmi İndir