Abstract:

The logistics and transportation sector is without a doubt one of the sectors that enhances significant value to national economies. The transportation sector has been one of the most affected by the COVID-19 pandemic. Therefore, the effect of COVID-19 on the stock prices, financial statement items, and market values of logistics and transportation companies in the BIST Transportation Index (XULAS) has been investigated in this study. As a result, the companies whose financial statement items have been most affected in 2020 compared to the previous year are THYAO, DOCO, PGSUS, and CLEBI. The companies whose market value is most affected are THYAO and PGSUS. The event study method is used to test the effect of COVID-19 on the stock prices of the index's related companies. The event windows in the event study are "-15,+15", "-5,+5", "-1,+1", "0,+5", and "0,+15" based on the date of 11.3.2020, when the COVID 19 outbreak has been declared a pandemic. The analysis revealed statistically significant and negative CAAR values in the stock prices of eight companies in the event windows. DOCO, with 87.61 % CAAR, and PGSUS, with 58.91 % CAAR, have been the worst companies during the [-15,15] event window.