Nikos CHRISTOFIS, Christos KOLLIAS, Stefanos PAPADAMOU, Apostolos STAGIANNIS

İSTANBUL BORSASININ TERÖRİST SALDIRILARA REAKSİYONU

Terörist saldırıların sermaye piyasalarını da kapsayan birçok sektör ve faaliyet üzerinde olumsuz etki yaratabilecek çeşitli ekonomik yansıması olabilmektedir. Bu makale, üç ana terörist saldırının önemli yükselen uluslararası borsalardan biri olan İstanbul Borsası üzerindeki etkilerini incelemektedir. Hem genel endeksin hem de sektörel endekslerin verdiği tepkiler araştırılmaktadır. Burada sunulan sonuçlara göre bazı durumlarda anlamlı tepkiler verilmiş olsa da bu tepkiler kısa süreli olmuş ve endeks çabuk toparlanmıştır. Sektörel endekslerden en olumsuz etkilenen turizm sektörü olmuştur

Anahtar Kelimeler:

Vaka Çalışması, Terörizm, Volatilite, İstanbul Borsası

ISTANBUL STOCK MARKET’S REACTION TO TERRORIST ATTACKS

Terrorist attacks can have a multitude of economic consequences that may adversely affect a number of economic sectors and activities including capital markets. This paper examines the impact of three major terrorist incidents on the Istanbul Stock Exchange, one of the major emerging markets internationally. The reaction of both the general index as well as sectorial indices is investigated. The findings reported herein indicate that the impact, although significant in certain cases, had only short-lived effects since the market rebound was fairly quick. Of the sectorial indices, the tourist industry is found to be more adversely affected by these events.

Keywords:

Event Study, Terrorism, Volatility, Istanbul Stock Market,

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