Seasonality in the Airline Industry: An Empirical Analysis Based on Stock Prices

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Sosyoekonomi
Cilt: 34 Sayı: 67
Seasonality in the Airline Industry: An Empirical Analysis Based on Stock Prices

Seasonality in the Airline Industry: An Empirical Analysis Based on Stock Prices

Authors : Samet Evci, Mustafa Can Samırkaş, Meryem Samırkaş Komşu

Pages : 443-464

Doi:10.17233/sosyoekonomi.2026.01.19

View : 77 | Download : 228

Publication Date : 2026-01-31

Article Type : Research Paper

Abstract :This study aims to examine the impact of seasonality in the airline industry by analysing the daily stock prices of airline companies listed on the stock exchanges of France, Spain, Greece, and Türkiye, which have similar climate characteristics, as well as the global airline index over the period January 2012 to May 2024. The findings of the regression analysis using dummy variables indicate that seasonality is significant for the global airline index and for airlines in all countries except Türkiye. Notably, average returns during the winter months are higher than those in the summer months. Furthermore, even after accounting for outliers identified within the sample period, the seasonal effect persists.
Keywords : Mevsimsellik, Havayolu Sektörü, Takvim Anomalisi, Etkin Piyasalar

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