Investigating the Effects of Natural Disasters on the Stock Market on a Sectoral Basis: The Case of 2023 Kahramanmaraş/Türkiye Earthquake

Authors : Hilmi Tunahan AKKUŞ, Varol KIŞLALIOĞLU

Pages : 141-151

Doi:10.54821/uiecd.1296562

View : 77 | Download : 59

Publication Date : 2023-06-30

Article Type : Research Paper

Abstract :This study aims to examine the effects of two earthquakes in Kahramanmaraş/Türkiye on February 06, 2023 on Borsa Istanbul insert ignore into journalissuearticles values(BIST); stock markets on a sectoral basis. In this context, whether there is a statistically significant difference between sectoral stock returns before and after the earthquake is investigated. The study divides 18 BIST sectoral index returns into two sub-samples, pre-earthquake and post-earthquake and analyzed by the event study method. For this purpose, Paired Samples t-Test, a parametric test, and the Wilcoxon Signed Rank Test, the non-parametric equivalent of this test, are used. According to the research results, no statistically significant difference was found between the pre-and post-earthquake returns of BIST sector indices. The findings show that, in the case of investing in BIST sectoral indices, abnormal returns cannot be obtained depending on the earthquake event. Accordingly, BIST sectoral indices are an efficient market in a semi-strong form.
Keywords : Doğal Afetler, Deprem, BIST Sektör Endeksleri, Eşleştirilmiş Örneklem t Testi, Wilcoxon İşaretli Sıralar Testi