Borsa İstanbul’da COVID-19 (Koronavirüs) Etkisi

Yıl 2020, Cilt: 5 Sayı: 1, 66 - 77, 30.06.2020

Yunus Kılıç

Öz

Yeni tip koronavirüs (COVID-19) 2019 yılı Aralık ayı sonunda Çin’de ortaya çıkmış ve kısa bir sürede dünyaya yayılmıştır. Dünya Sağlık Örgütü tarafından pandemi ilan edilmesi, uluslararası ticaret, ülke ekonomileri ve finansal piyasalar üzerinde önemli bir etki yaratmıştır. Virüsün yaratmış olduğu etki genel olarak negatif olsa da bazı sektörler pandemiden olumlu bir biçimde etkilenmiştir. Bu doğrultuda, bu çalışmada, koronavirüsün Borsa İstanbul sektör getirileri üzerindeki etkisi olay etüdü yöntemiyle incelenmiştir. Analiz sonuçlarına göre, endekslerin birçoğunda negatif anormal getirilere rastlanmıştır. Sektör bazında en yüksek negatif getirilerin turizm ve tekstil sektörlerinde pozitif getirinin ise ticaret sektöründe olduğu görülmüştür.

Anahtar Kelimeler

Koronavirüs, COVID-19, Pandemi, Borsa İstanbul, Finansal Piyasalar

The Effect of COVID-19 (Coronavirus) in Borsa Istanbul

Öz

The novel coronavirus (COVID-19) appeared in China at the end of December 2019 and spread to the world in a short time. The announcement of a pandemic by the World Health Organization had a significant impact on international trade, national economies and financial markets. Although the effect created by the virus is generally negative, some sectors have been positively affected by the pandemic. Accordingly, in this study, the effect of coronavirus on Borsa İstanbul sector returns was investigated using the event study method. According to the results of the analysis, negative abnormal returns were found in many of the indices. On the sector basis, it has been observed that the highest negative returns are in the tourism and textile sectors and the positive returns are on the trade sector.

Anahtar Kelimeler

Borsa İstanbul, Coronavirus, COVID-19, Pandemic, Borsa İstanbul, Financial Markets

Kaynakça

• Arezki, R. & Nguyen, H. (2020). Novel coronavirus hurts the Middle East and North Africa through many channels. İçinde: Economics in the Time of COVID-19 (s.53-58). London: CEPR (Centre for Economic Policy Research) Press.
• Baldwin, R. & Weder di Mauro, B. (2020). Economics in the Time of COVID-19. London: CEPR (Centre for Economic Policy Research) Press.
• Baldwin, R. & Tomiura, E. (2020). Thinking ahead about the trade impact of COVID-19. İçinde: Economics in the Time of COVID-19 (s.59-71). London: CEPR (Centre for Economic Policy Research) Press.
• Barro, R., Ursua, J. & Weng, J. (2020). The Coronavirus and the Great Influenza Pandemic: Lessons from the "Spanish Flu" for the Coronavirus's Potential Effects on Mortality and Economic Activity. National Bureau of Economic Research Working Paper Series, Working Paper 26866.
• Barua, S. (2020). Understanding Coronanomics: The economic implications of the coronavirus (COVID-19) pandemic. SSRN Electronic Journal, DOI: 10.2139/ssrn.3566477.
• Beck, T. (2020). Finance in the times of coronavirus. İçinde: Economics in the Time of COVID-19 (s.73-76). London: CEPR (Centre for Economic Policy Research) Press.
• Boehmer, E., Masumeci, J., & Poulsen, A. B. (1991). Event-study methodology under conditions of event-induced variance. Journal of Financial Economics, 30(2), 253-272.
• Brown, S. J., & Warner, J. B. (1980). Measuring security price performance. Journal of Financial Economics, 8(3), 205-258.
• Cecchetti, S. G. & Schoenholtz, K. L. (2020). Contagion: Bank runs and COVID-19. İçinde: Economics in the Time of COVID-19 (s.77-80). London: CEPR (Centre for Economic Policy Research) Press.
• Cochrane, J. H. (2020). Coronavirus monetary policy. İçinde: Economics in the Time of COVID-19 (s.105-108). London: CEPR (Centre for Economic Policy Research) Press.
• Daube, C. H. (2020). The Corona Virus Stock Exchange Crash, ZBW - Leibniz Information Centre for Economics, Kiel, Hamburg.
• Feng, J., Bao, Y., Wang, Y., Meng, S., Xia, J. & Zhang, Q. (2020). Coronavirus VS Market: Investment Opportunities Lies Underneath the Epidemic. SSRN: https://ssrn.com/abstract=3563059 veya http://dx.doi.org/10.2139/ssrn.3563059
• Fetzer, T., Hensel, L. Hermle, J. & Roth, C. (2020). Coronavirus Perceptions and Economic Anxiety. arXiv:2003.03848.
• Gormsen, N. J., & Koijen, R. S. (2020). Coronavirus: Impact on stock prices and growth expectations. University of Chicago, Becker Friedman Institute for Economics Working Paper.
• McKibbin, W. & Fernando, R. (2020). The Global Macroeconomic Impacts of COVID-19: Seven Scenarios. CAMA Working paper, The Australian National University.
• Patell, J. M. (1976). Corporate forecasts of earnings per share and stock price behavior: Empirical test. Journal of Accounting Research, 14(2), 246-276.
• Şenol, Z. & Zeren, F. (2020). Coronavirus (COVID-19) and Stock Markets: The Effects of The Pandemic on the Global Economy. Eurasian Journal of Researches in Social and Economics (EJRSE), 7(4), 1-16.
• Worldometer, Coronavirus Pandemic. (Erişim: 03.05.2020), https://www.worldometers.info/coronavirus/
• Yan, H., Tu, A., Stuart, L. & Zhang, Q. (2020). Analysis of the Effect of COVID-19 On the Stock Market and Potential Investing Strategies. Working article. SSRN: https://ssrn.com/abstract=3563380
• Zhang, D., Hu, M. & Ji, Q. Finance Research Letters, https://doi.org/10.1016/j.frl.2020.101528
• Zeren, F. & Hizarci, A. E. (2020). The Impact of COVID-19 Coronavirus on Stock Markets: Evidence from Selected Countries. Bulletin of Accounting and Finance Reviews, 3(1), 78-84.