An Event Study Analysis On The Effect Of 2023 Kahramanmaraş Earthquakes On BIST Bank And Insurance Markets

Murat Kırkağaç; Esra Karpuz

Makale detayları

An Event Study Analysis On The Effect Of 2023 Kahramanmaraş Earthquakes On BIST Bank And Insurance Markets

Yazarlar:

Murat Kırkağaç | Esra Karpuz

Yayıncı:

Kirikkale University

Dergi:

Kırıkkale Üniversitesi Sosyal Bilimler Dergisi Vol.13 Issue 2, pp.387-401

Belge Tipi:

Makale

Yayın Tarihi:

7/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001296592

pISSN:

2146-2879

Anahtar kelimeler:

Özet:

 The objective of this paper is to specify the effect of the 2023 Kahramanmaraş earthquakes on the stock returns of the banks traded in the bank index XBANK and the insurance companies traded in the insurance index XSGRT which are the indexes of Istanbul Stock Exchange. For this purpose, changes in the stock returns of 12 banks and 6 insurance companies during the earthquakes were examined with event study method and the paired sample t-test. As a result of the event study analysis, the effect of the earthquake on the BIST Bank and Insurance Index is statistically significant. Along with the earthquake, a sudden shock and significant decreases occurred in the cumulative abnormal returns of the banks and insurance companies included in the Indexes. During the event window, these decreases tend to be upwards later on, but the impact of the earthquake on banks and insurance companies is negative. In order to test whether there is a difference between the averages of the CAR values calculated by the event study method for banks and insurance companies, the paired sample t-test is applied. According to the test results, the CAR averages before and after the earthquake day are different, and these differences are statistically significant.

 The objective of this paper is to specify the effect of the 2023 Kahramanmaraş earthquakes on the stock returns of the banks traded in the bank index XBANK and the insurance companies traded in the insurance index XSGRT which are the indexes of Istanbul Stock Exchange. For this purpose, changes in the stock returns of 12 banks and 6 insurance companies during the earthquakes were examined with event study method and the paired sample t-test. As a result of the event study analysis, the effect of the earthquake on the BIST Bank and Insurance Index is statistically significant. Along with the earthquake, a sudden shock and significant decreases occurred in the cumulative abnormal returns of the banks and insurance companies included in the Indexes. During the event window, these decreases tend to be upwards later on, but the impact of the earthquake on banks and insurance companies is negative. In order to test whether there is a difference between the averages of the CAR values calculated by the event study method for banks and insurance companies, the paired sample t-test is applied. According to the test results, the CAR averages before and after the earthquake day are different, and these differences are statistically significant.

 The objective of this paper is to specify the effect of the 2023 Kahramanmaraş earthquakes on the stock returns of the banks traded in the bank index XBANK and the insurance companies traded in the insurance index XSGRT which are the indexes of Istanbul Stock Exchange. For this purpose, changes in the stock returns of 12 banks and 6 insurance companies during the earthquakes were examined with event study method and the paired sample t-test. As a result of the event study analysis, the effect of the earthquake on the BIST Bank and Insurance Index is statistically significant. Along with the earthquake, a sudden shock and significant decreases occurred in the cumulative abnormal returns of the banks and insurance companies included in the Indexes. During the event window, these decreases tend to be upwards later on, but the impact of the earthquake on banks and insurance companies is negative. In order to test whether there is a difference between the averages of the CAR values calculated by the event study method for banks and insurance companies, the paired sample t-test is applied. According to the test results, the CAR averages before and after the earthquake day are different, and these differences are statistically significant.

 Bu çalışmanın amacı, 2023 Kahramanmaraş depremlerinin Borsa İstanbulun endekslerinden olan banka endeksinde XBANK işlem gören bankaların ve sigorta endeksinde XSGRT işlem gören sigorta şirketlerinin pay senedi getirileri üzerindeki etkisinin tespit edilmesidir. Bu amaçla 12 banka ve 6 sigorta şirketine ait pay getirilerinde depremler süresince meydana gelen değişimler olay çalışması metodolojisi ve bağımlı örneklem t-testi kullanılarak incelenmiştir. Olay çalışması analizi sonuçları depremlerin BIST Banka ve Sigorta Endeksleri üzerindeki etkisinin istatistiksel olarak anlamlı olduğunu göstermektedir. Depremler ile birlikte, endekslerde yer alan bankaların ve sigorta şirketlerinin kümülatif anormal getirilerinde ani bir şok ile önemli düşüşler meydana gelmiştir. Olay penceresi süresince bu düşüşler daha sonra yukarıya doğru eğilim gösterse de depremin banka ve sigorta endeksinde yer alan şirketler üzerindeki etkisi negatiftir. Banka ve sigorta şirketlerine ilişkin olay çalışması yöntemiyle hesaplanan CAR değerlerinin ortalamaları arasında bir farklılık olup olmadığını test etmek için bağımlı örneklem t-testi uygulanmıştır. Test sonuçlarına göre deprem günü öncesi ve sonrası CAR ortalamaları farklı olup, söz konusu farklar istatistiksel olarak anlamlıdır.

Makale detayları

An Event Study Analysis On The Effect Of 2023 Kahramanmaraş Earthquakes On BIST Bank And Insurance Markets

Yazarlar:

Murat Kırkağaç | Esra Karpuz

Yayıncı:

Kirikkale University

Dergi:

Kırıkkale Üniversitesi Sosyal Bilimler Dergisi Vol.13 Issue 2, pp.387-401

Belge Tipi:

Makale

Yayın Tarihi:

7/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001296592

pISSN:

2146-2879

Earthquake

Event Study

BIST Bank

BIST InsuranceDeprem

Olay Çalışması

BIST Banka

BIST Sigorta

Sayı

Makale detayları

Yazarlar: Murat Kırkağaç | Esra Karpuz

Yayıncı: Kirikkale University

Dergi: Kırıkkale Üniversitesi Sosyal Bilimler Dergisi Vol.13 Issue 2, pp.387-401

Belge Tipi: Makale

Yayın Tarihi: 7/2023

Belge Dili: Türkçe

Document ID (Org No.): 2001296592

pISSN: 2146-2879

Sayı

Yazarlar:

Murat Kırkağaç | Esra Karpuz

Yayıncı:

Kirikkale University

Dergi:

Kırıkkale Üniversitesi Sosyal Bilimler Dergisi Vol.13 Issue 2, pp.387-401

Belge Tipi:

Makale

Yayın Tarihi:

7/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001296592

pISSN:

2146-2879