Özet:

Travel restrictions, which are at the forefront of the measures taken in the fight against the coronavirus pandemic, and the cessation of international travel, have caused the aviation industry to become one of the sectors most heavily affected by the pandemic in a short time. The decrease in air traffic has caused many airlines' fleets and airports to be idle. The values of the stocks of the airline companies were also affected by the pandemic, causing losses to the investors and causing the market value of the airline companies to decrease. Airline stocks have begun to price various speculative situations such as the first cases in the countries, the declaration of the pandemic, the lifting of travel restrictions, the creation of a green corridor in Europe, the vaccine studies within the scope of the fight against the pandemic, the discovery of the vaccine, the emergence of the virus's mutations. This study, it is aimed to observe the reaction of airline stocks to speculations during the pandemic process by examining the increases and decreases in the stock prices of selected airline companies from G7 countries and Turkey. When the stock prices of the airline companies are analyzed, it is concluded that the negative speculations had a devastating effect and lowered the share prices, but the positive developments did not fully respond. It is important for governments to follow policies that will not interrupt aviation activities so that airline companies are less affected.

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