Özet:

In recent years, countries have followed protective policies for various reasons and trade wars have been undergoing. The unilateral decisions made by the U.S. (US) about raising import taxes as a result of some trade partners, China, have challenged the multilateral trade system. This challenge causes different impacts on countries. The aim of this study is to test whether the announcement that the U.S. will bring additional taxes on the iron-steel imports has an impact on the shares returns of companies within the BIST Metal Ana (XMANA) index by the event study method. The existence of abnormal returns (-5;+5) has been studied in the event window and the effectiveness of the XMANA stock market has been studied. The analysis found that the tax increase in iron-steel imports indicated that some companies included in the index resulted in statistically significant negative and abnormal returns in share revenues. Additionally, the relevant announcement has been found to have an impact on cumulative abnormal return and average abnormal return.

Özet:

In recent years, countries have followed protective policies with various reasons and trade wars have taken place. Single-sided decisions taken by the United States of America concerning the boosting of import taxes- which derived from the problems experienced with some trade partners and especially China- have challenged the multilateral trade system. This challenge results in various impacts on countries. The aim of this study is to examine whether the announcement concerning USA's additional taxes which would be required iniron-steel exporting would have any effect on the stock share earnings belonging to the stocks of the firms which are in the scope of the BIST Main Metal (XMANA) index via event study method. The presence of abnormal returns have been examined (-5, +5) in event window so as to investigate the effectiveness of the relevant stock market. At the end of the analysis, it was depicted that the tax increase announcement in the iron-steel export lead to statistically significant negative abnormal yields for some firms’ stocks. Additionally, it was also found that the aformentioned announcement has an impact on the cumulative abnormal yields and the avarage abnormal yields

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