Covid-19 Salgınında Borsa İstanbul Şirketlerinin Fiyatlamalarının Etkinliği

Bu çalışmada COVID-19 salgını sırasında Borsa İstanbul’da faaliyet gösteren şirketlerin ne derece etkin bir şekilde fiyatlandığı ve salgının değişik sektörlere yaptığı finansal etkiler araştırılmış ayrıca aşırı tepki hipotezinin geçerliliği test edilmiştir. Borsa İstanbul’da faaliyet gösteren bütün şirketlerin dahil edildiği araştırmada şirketler hisse senedi fiyat performanslarına göre %10’luk dilimlere ayrılmış ve t testi yöntemi ile farklı dilimlerdeki şirketlerin özellikleri ve farklı değişkenlere ait performansları kıyaslanmıştır. Elde edilen bulgulara göre daha küçük piyasa değerine, halka açık piyasa değerine, piyasa değeri / defter değeri oranına ve yabancı yatırımcı oranına sahip şirketlerde COVID-19 salgını sırasında daha olumsuz fiyatlamalar görülmüştür. Sektör bazında bakıldığında havayolları, ulaştırma lojistik, turizm, deri giyim ve pazarlama sektörlerinin hem hisse fiyat performansı hem de finansal performans olarak COVID-19 salgınından en kötü etkilenen sektörler olduğu görülmektedir. Salgının yayıldığı dönemde en düşük fiyat performansına sahip şirketlerin takip eden dönemde en yüksek fiyat performansına sahip olduğu görülmektedir; bu da aşırı tepki hipotezini destekler niteliktedir.

Anahtar Kelimeler:

COVID-19, Borsa İstanbul, Aşırı Tepki Hipotezi, Hisse Senedi Getirileri

Efficiency of Market Pricing of Borsa Istanbul Companies During the Covid-19 Pandemic

In this study, during the COVID-19 pandemic, the efficiency of the market pricing of companies operating in Borsa Istanbul and the financial effects of the pandemic on different sectors were investigated, and the validity of the overreaction hypothesis was tested. In the study in which all companies operating in Borsa Istanbul were included, companies were separated by 10% quantiles according to their stock price performance, and the characteristics of companies in different quantiles and performances of different variables were compared with the t-test method. According to the findings, companies with smaller market capitalization, publicly traded market value, market value/book value, and foreign investor ratio have seen more negative pricing during the COVID-19 pandemic. When viewed from a sectoral perspective, it is seen that airlines, transportation logistics, tourism, leather clothing, and marketing sectors are the worst affected by the COVID-19 pandemic, both in terms of share price performance and financial performance. It is observed that the companies with the lowest price performance in the period during the spread of the pandemic, had the highest price performance in the following period. This is supporting the overreaction hypothesis.

Keywords:

COVID-19, Borsa İstanbul, Overreaction Hypothesis, Stock Market Returns,

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