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Terör, küreselleşen dünyada her toplumu yakından ilgilendiren ortak bir sorundur. Terör saldırıları sonucunda ortaya çıkan belirsizlik, toplumlar üzerinde sosyal, siyasi ve ekonomik açıdan olumsuz etkilere yaratmaktadır. Son yıllarda bütün dünyada olduğu gibi Türkiye’de de artan terör olayları korku, endişe ve belirsizlik ortamının oluşmasına neden olmuştur. Birçok piyasanın olduğu gibi Pay senetleri piyasasının da bu belirsizlikten olumsuz etkilenmesi beklenmektedir. Bu çalışma terör saldırılarının pay senetleri piyasasına etkilerini incelemeyi amaçlamaktadır. Bu amaç kapsamında, 2003-2016 yılları arasında Türkiye’de yaşanan 13 terör olayının BİST100 endeksi getirileri üzerindeki etkisi incelenmiştir. Olay çalışması yönteminden yararlanarak, ele alınan döneme ait BİST100 günlük endeks getirileri kullanılmıştır. Her terör olayı için anormal getiriler, kümülatif anormal getiriler ve istatistiksel olarak anlamlılıkları hesaplanmıştır. Analiz sonuçlarına göre bazı terör olayları BİST100 endeksinde negatif getiriye neden olurken, bazıları ise pozitif getiriye neden olmuştur. Bu durum Türkiye’de pay senetleri piyasasının olaylar karşısında aynı tepkiyi vermediğini göstermektedir.
Terrorism is a common problem that is closely concerned by every society in the globalized world. The uncertainty arising as a result of terror attacks has a negative social, political and economic impact on societies. In recent years, as in the whole world, increasing terror events in Turkey have caused the formation of fear, anxiety and uncertainty. As with many markets, the payments market is also expected to be negatively affected by this uncertainty. This study aims to investigate the effects of terrorist attacks on the stock market. In the framework of this goal, the impact of 13 terrorist incidents in Turkey between 2003 and 2016 on the BIST100 index ports has been studied. Using the method of the event study, the BIST100 day index returns of the period being addressed were used. Anormal returns, cumulative anormal returns and statistically meaningful returns are calculated for each terror incident. According to the results of the analysis, some terror events have caused a negative return on the BIST100 index, while some have caused a positive return. This situation in Turkey shows that the stock market does not respond to the same events.
Terrorism is a common problem in the globalizing World that is closely related to every society. The uncertainties that arise as a result of terrorist attacks have social, political and economic impacts on societies. Increasing terrorist activities in Turkey as well as all over the world in recent years, have created an atmosphere of fear, anxiety and uncertainty. As is the case with many other markets, the share market is expected to be adversely affected by uncertainties. This study aims to examine the effects of terrorist attacks on the share market. Within this aim, our study has examined the effect of 13 terrorist incidents occurred in Turkey between 2003-2016 on Bist100 index. Bist100 daily index returns belonging to the examined period have been used by using the event study method. For each terrorist incident, abnorma lreturns, cumulative abnormal returns, and statistica lsignificance are calculated. According to the results of the analysis, some terrorist incidents caused a negative return on theBist 100 index, while others caused a positive return. This shows that the stock market in Turkey does not give the same reaction to the events
Field : Sosyal, Beşeri ve İdari Bilimler
Journal Type : Ulusal
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