Mesut DOĞAN

The Impact of The Russia-Ukraine War on Stock Returns

The aim of this paper is to investigate the effect of the Russia-Ukraine war on the stock returns of companies. Russian President Vladimir Putin declared that they started to invade Ukraine on February 24, 2022, with the approval of the Russian parliament. In terms of this pre-and post-historical period, the returns on the stock prices of 209 companies operating in Borsa Istanbul (BIST) were examined. In the research where the event study method was used, one-sample t-test was used to determine whether the abnormal returns were different from zero. As a result of the research, the average abnormal and cumulative abnormal returns were positive on the first day of the war; the second, third, fourth, and fifth days were found to be negative and statistically significant. In addition, the first day before the war was positive, whereas the second, third, and fourth days before the war were negative, average abnormal and cumulative abnormal returns were determined. In this respect, the average abnormal and cumulative abnormal returns show that BIST is not an efficient market in semi-strong form for the BIST companies. The results obtained from the study are important for investors who invest in short-term stocks.

Anahtar Kelimeler:

Russia-Ukraine war, Stock returns, BIST

The Impact of The Russia-Ukraine War on Stock Returns

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