Adem BÖYÜKASLAN, Fatih GÜNAY

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COVID-19 SALGINININ BORSA İSTANBUL ALT SEKTÖR ENDEKS GETİRİLERİNE ETKİLERİNİN OLAY ÇALIŞMASI YÖNTEMİYLE İNCELENMESİ

Tüm dünyayı yıkıcı biçimde etkileyen COVID-19 salgını üç ay gibi kısa bir sürede geniş bir alana yayılmış, reel ekonomi ve finansal piyasalar üzerinde risk ve belirsizliğin artmasına neden olmuştur. Bu çalışmada COVID-19 salgınının finansal piyasalarda yarattığı etkilerin değerlendirilmesi ve Türkiye’de birinci dalga döneminde Borsa İstanbul (BIST) alt sektör endeks getirilerinin olay çalışması yöntemiyle incelenmesi amaçlanmıştır. Bulgular, tüm sektörlerde Türkiye’de ilk vakanın açıklandığı 11 Mart 2020’de büyük şok yaşandığını, özellikle Banka, Finansal Kiralama ve Faktoring Şirketleri, Metal Eşya Makine ve Spor endekslerinde yüksek kayıplar olduğunu ve ilk normalleşme adımları sonunda salgın öncesi endeks seviyelerine ulaşılamadığını göstermiştir. Ticaret, Sigorta ve Bilişim sektörlerinde ise normalleşmenin başlaması ile bu sektörlerin endeks değerlerinin de yükseldiği gözlenmektedir. Sonuç olarak, salgınla ilgili gelişmelerin incelenen sektörlerde piyasa bilgilerini kullanan yatırımcı tepkilerini etkilediği, ayrıca sektörler bazında yatırımcıların kararlarının gerek salgınla ilgili yeni gelişmelere gerekse alınan kamusal önlemlerin açıklanmasına bağlı olarak farklılaştığı tespit edilmiştir.

INVESTIGATION OF THE EFFECTS OF THE COVID-19 OUTBREAK ON BORSA ISTANBUL SUB-INDEX RETURNS BY EVENT STUDY METHOD

The COVID-19 pandemic caused an increase in uncertainty and risk on real economy and financial markets. In this study, it is aimed to evaluate the effects to markets of the COVID-19 pandemic on financial markets and to examine the BIST sub-sector index returns in the first wave period of COVID-19 in Turkey with the event study method. Results showed that all sectors had experienced a big shock when the first COVID-19 case was announced on 2020, March 11 in Turkey, especially banking, financial institutions, metalware and sport industries faced with high losses. It is also observed that the index values of the trade, insurance and information technology industries have increased with the normalization. In addition, it is found that the decisions of the investors on the basis of sectors differ depending on both the new developments related to the epidemic and the announcements of the public measures taken.
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Finans Politik ve Ekonomik Yorumlar Dergisi-Cover
  • ISSN: 1307-7112
  • Yayın Aralığı: Yılda 4 Sayı
  • Başlangıç: 1963
  • Yayıncı: İSTANBUL OKAN ÜNİVERSİTESİ
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