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Journals / Gaziantep Üniversitesi Sosyal Bilimler Dergisi / 2020 / Cilt: 19 Sayı: COVID-19 Special Issue Özel Sayı

The Impact of the COVID-19 (Coronavirus) on The Borsa Istanbul Sector Index Returns: An Event Study

COVID-19 (Koronavirüs)’un Borsa İstanbul Sektör Endeks Getirileri Üzerindeki Etkisi: Bir Olay Çalışması

İlkut Elif Kandil Göker(KIRIKKALE ÜNİVERSİTESİ)0000-0002-5290-3514
Binali Selman Eren(BİTLİS EREN ÜNİVERSİTESİ)0000-0001-5136-6406
Süleyman Serdar Karaca(TOKAT GAZİOSMANPAŞA ÜNİVERSİTESİ)0000-0002-5424-5359
Pages
14–41
Publication Date
2020-10-31
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

Although the abnormal return rates vary according to different event windows, the highest lost is found in the Sports, Tourism and Transportation sectors.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This study aims to analyze the impact of the COVID-19 outbreak on the Borsa Istanbul sector index returns.
📊
Key Findings & Data:COVID-19 first emerged in Wuhan, China in December 2019 and spread to many countries in a short time.
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Conclusion & Impact:Although the abnormal return rates vary according to different event windows, the highest lost is found in the Sports, Tourism and Transportation sectors.
🔬Design:Araştırma Makalesi
📍Scope:2019 Verileri
⚙️Variables:Covid-19 · Koronovirüs · Borsa Getirisi

Abstract

This study aims to analyze the impact of the COVID-19 outbreak on the Borsa Istanbul sector index returns. COVID-19 first emerged in Wuhan, China in December 2019 and spread to many countries in a short time. With the declaration of the COVID-19 outbreak a global pandemic by the World Health Organization on March 11, 2020, commercial and financial mobility is restricted at both national and international levels. This directly affects both the financial and real sectors. When the effects of previous outbreaks on the economies of the countries are analyzed, it is observed that there are differences on a sector basis. From this point of view this study reveals the impact of the pandemic on sector basis. The data of 26 sectors in BIST are analyzed by the event study. According to the findings, in most of the event windows examined, most of the sectors have negative cummulative abnormal returns (CAAR); in some periods, it is seen that few sectors have positive CAARs. Although the abnormal return rates vary according to different event windows, the highest lost is found in the Sports, Tourism and Transportation sectors.

Özet

Bu çalışma COVID-19 salgınının Borsa İstanbul sektör endeks getirileri üzerindeki etkisini analiz etmeyi amaçlamaktadır. COVID-19 ilk olarak 2019 yılı Aralık ayında Çin’in Wuhan kentinde ortaya çıkmış olup kısa sürede pek çok ülkeye yayılmıştır. Dünya Sağlık Örgütü tarafından pandemi ilan edilmesi ile gerek ulusal gerekse uluslarası düzeyde ticari ve mali hareketlilikler kısıtlanmıştır. Bu durum, hem finansal hem de reel sektörü doğrudan etkilemiştir. Dünyada daha önce yaşanan salgınların ülke ekonomileri üzerine etkileri incelediğinde sektör bazında farklılaşmalar olduğu görülmüştür. Bu noktadan hareket ederek bu çalışma, salgından etkilenme durumunu sektör bazında ortaya koymaktadır. BIST’te yer alan 26 sektöre ait veriler kullanılarak yapılan olay çalışması bulgularına göre, incelenen olay dönemlerinin çoğunda çoğu sektörün negatif Birikimli Ortalama Olağanüstü Getiri (CAAR) elde ettiği, bazı dönemlerde ise farklı sektörlerin CAAR değerlerinin pozitif olduğu görülmüştür. Farklı olay pencerelerine göre oranlar değişmekle birlikte en yüksek kaybın Spor, Turizm ve Taşımacılık sektörlerinde olduğu tespit edilmiştir.

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Cite This Article

Göker, İ. E. K., Eren, B. S., Karaca, S. S. (2020). The Impact of the COVID-19 (Coronavirus) on The Borsa Istanbul Sector Index Returns: An Event Study. Gaziantep Üniversitesi Sosyal Bilimler Dergisi, Cilt: 19 Sayı: COVID-19 Special Issue Özel Sayı, 14–41. https://doi.org/10.21547/jss.731980

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