The Effect of 2023 Kahramanmaraş Earthquakes on the BIST 30 Index 2023 Yılı Kahramanmaraş Depremlerinin BIST 30 Endeksi Üzerine Etkisi
Turk Deprem Arastirma Dergisi, cilt.5, sa.2, ss.183-193, 2023 (Scopus, TRDizin)
- Yayın Türü: Makale / Tam Makale
- Cilt numarası: 5 Sayı: 2
- Basım Tarihi: 2023
- Doi Numarası: 10.46464/tdad.1331294
- Dergi Adı: Turk Deprem Arastirma Dergisi
- Derginin Tarandığı İndeksler: Scopus, TR DİZİN (ULAKBİM)
- Sayfa Sayıları: ss.183-193
- Anahtar Kelimeler: BIST 30, Earthquake, Index returns, İstanbul Stock Exchange
- Kırklareli Üniversitesi Adresli: Evet
Özet
On 6 February 2023, two earthquakes occurred in Pazarcık district of Kahramanmaraş province with a magnitude of 7.7 and approximately nine hours later, two earthquakes centred in Elbistan with a magnitude of 7.6, affecting 11 provinces. The aim of this study is to analyse the change in stock prices traded on Borsa Istanbul and the average abnormal return and cumulative abnormal return levels during the period of these earthquakes. In the study, the difference of 30-day returns covering the periods before and after the earthquake from the market return was determined to determine whether there was an abnormal return. In the study where the event analysis method was used, the date of 6 February 2023, when the earthquake occurred, was determined as the event day. Findings – In the analysis, daily data of BIST 30 companies between 16/12/2022 and 16/03/2023 were used. As a result of the analysis, positive cumulative abnormal returns were detected every day before and after the earthquake. In this context, the detected average abnormal returns and cumulative abnormal returns are indicators of the absence of semi-strong form market efficiency in terms of BIST 30 index.