Monetary policy application and stock market reaction during Covid-19 Pandemic: Evidence from Turkey

Özkan Haykır; Özlem Öztürk Çetenak

doi:10.25287/ohuiibf.983443

TR EN

Covid-19 pandemi döneminde para politikası uygulamaları ve borsanın tepkisi: Türkiye örneği

Öz

Bu çalışma da pandemi duyurusu ve sonrasında değişen üç para politikasının (hedef faiz oranının düşürülmesi) Türkiye hisse senedi piyasasında getiri, likidite ve oynaklık üzerinde etkisinin olup olmadığını araştırılmıştır. Pandemi duyurusuna ve faiz oranlarındaki ilk düşüşün duyurusuna hisse senedi piyasasında olumsuz bir tepki olduğunu görülmesine rağmen, faiz oranlarındaki ikinci ve üçüncü düşüşe hisse senedi getirisi ve likidite açısından olumlu bir tepki oluştuğu tespit edilmiştir. Ayrıca BİST-100 endeksinde yer alan ve türev piyasada da işlem gören firmaların hisse senedi getirisi ve likiditesi pandemiden daha az etkilenmiştir. Sonuçlar ayrıca piyasa değeri en az, likit olmayan, volatilitesi yüksek ve Google’da çok aranan şirketlerin pandemi duyurusundan ve faiz oranındaki ilk düşüşten daha fazla etkilendiğini bulunmuştur.

Anahtar Kelimeler

COVID-19 , Likidite , Volatilite , Google Arama , Para Politikası

Monetary policy application and stock market reaction during Covid-19 Pandemic: Evidence from Turkey

Abstract

We investigate whether the pandemic announcement and three monetary policies changed after that (reducing target interest rate) have an impact on the return, liquidity, and volatility in the Turkish stock market. We find that there is a negative reaction to the pandemic announcement and the announcement of the first decline in interest rates, but we discover a positive reaction to the second and third reduction in interest rates in terms of stock return and liquidity. Moreover, the stock return and liquidity of firms that are listed on the BIST-100 index and have associated derivatives are affected less by the pandemic. Results also suggest that the smallest, illiquid, volatile, and highly searched companies on Google are affected more by the pandemic announcement and the first decline in the interest rate.

Keywords

COVID-19 , Liquidity , Volatility , Google Search , Monetary Policy

Kaynakça

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Ayrıntılar

Birincil Dil

İngilizce

Konular

-

Bölüm

Araştırma Makalesi

Yazarlar

Özkan Haykır ^*
0000-0003-2800-8699
Türkiye

Özlem Öztürk Çetenak
0000-0003-2014-0740
Türkiye

Yayımlanma Tarihi

31 Ocak 2022

Gönderilme Tarihi

16 Ağustos 2021

Kabul Tarihi

30 Kasım 2021

Yayımlandığı Sayı

Yıl 2022 Cilt: 15 Sayı: 1

DOI

https://doi.org/10.25287/ohuiibf.983443

IZ

https://izlik.org/JA64BK55BC

APA

Haykır, Ö., & Öztürk Çetenak, Ö. (2022). Monetary policy application and stock market reaction during Covid-19 Pandemic: Evidence from Turkey. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 15(1), 149-164. https://doi.org/10.25287/ohuiibf.983443

Cited By

COVID-19 Pandemic and Stock Performance: Evidence from the Sub-Saharan African Stock Markets

Economies

https://doi.org/10.3390/economies11030095

Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Creative Commons Atıf-GayriTicari-AynıLisanslaPaylaş 4.0 Uluslararası Lisansı ile lisanslanmıştır.

Covid-19 pandemi döneminde para politikası uygulamaları ve borsanın tepkisi: Türkiye örneği

Öz

Anahtar Kelimeler

Monetary policy application and stock market reaction during Covid-19 Pandemic: Evidence from Turkey

Abstract

Keywords

Kaynakça

Ayrıntılar

Birincil Dil

Konular

Bölüm

Yazarlar

Yayımlanma Tarihi

Gönderilme Tarihi

Kabul Tarihi

Yayımlandığı Sayı

DOI

IZ

Kaynak Göster

Cited By

COVID-19 Pandemic and Stock Performance: Evidence from the Sub-Saharan African Stock Markets