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Uçak Kazaları ile Hisse Senedi ve Şirket Değeri Arasındaki İlişkilerin Belirlenmesi: Havayolu Taşıyıcısı ve Uçak Üreticisi Şirketler Üzerinde Analitik Bir Çalışma

Year 2022, Volume: 17 Issue: 1, 192 - 206, 01.04.2022
https://doi.org/10.17153/oguiibf.983353

Abstract

Çalışmanın amacı, havayolu sektöründeki uçak kazaları ile ticari havayolu taşıyıcı şirketleri ve ticari uçak üreticisi şirketlerin hisse senedi fiyatları arasında bir ilişkinin olup olmadığının belirlenmesidir. Dünyada havayolu sektöründe yer alan havayolu taşıyıcı şirketleri ve büyük uçak üreticisi iki şirketin 2013-2020 yıllarında yaptıkları toplam 38 adet uçak kazası sonrasındaki ilk gün ve takip eden haftanın günlerindeki anormal getirileri ile kümülatif anormal getirileri analiz edildiğinde; uçak kazalarının bazılarında kazadan sonraki ilk ve takip eden 7 gün içinde gerek havayolu taşımacı şirketlerinin gerekse uçak üreticisi şirketlerin hisse senetlerinin değerlerinde genel olarak düşüş yaşanırken, bazı uçak kazalarından sonraki günlerde hisse senetleri değerlerinde değişim olmadığı veya artış yaşanmadığı görülmüştür.

Supporting Institution

yoktur.

Project Number

-

Thanks

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References

  • Referans1 Akyıldırım, A., Corbet, S., Efthymiou, M., Guiomard, C., O’Connell, J. ve Sensoy, A. (2020). The Financial Market Effects of International Aviation Disasters. International Review of Financial Analysis, Vol. 69, 1-18.
  • Referans2 Bodie, Z., Kane, A. ve Marcus, A. J. (2013). Investments. McGraw Hill, 10th Edition, 359-362.
  • Referans3 Chance, D. M. Ve Ferris, S. P. (1987). The Effect of Aviation Disasters on the Air Transport Industry: A Financial Market Perspective. Journal of Transport Economics and Policy, Vol. 21, No. 2, 151-165.
  • Referans4 Davidson, W. N., Chandy, P.R. ve Cross, M. (1987). Large Losses, Risk Management and Stock Retuns in the Airline Industry. The Journal of Risk and Insurance, Vol. 54, No. 1, 162-172.
  • Referans5 Hirshleifer, D. ve Shumway, T. (2003). Good Day Sunshine: Stock Returns and the Weather. The Journal of Finance, Vol. 58, No. 3, 1009-1032.
  • Referans6 Ho, J. C., Qui, M. Ve Tang, X. (2013). Do Airlines Always Suffer From Crashes?. Economics Letters, Vol. 118, No. 1, 113-117.
  • Referans7 Kamstra, M. J., Kramer, L. A. ve Levi M.D. (2003). Winter Blues: A SAD Stock Market Cycle. American Economic Review, Vo. 93, No. 1, 324-343.
  • Referans8 Kaplanski, G. Ve Levy, H. (2010). Sentiment and Stock Prices: The Case of Aviation Disasters. Journal of Financial Economics, Vol. 95, No. 2, 174-201.
  • Referans9 Karan, M. B. (2018). Yatırım Analizi ve Portföy Yönetimi, Ankara, Gazi Kitabevi, 5. Baskı.
  • Referans10 Li C. W., Phun, V. K., Suzuki, M. Ve Yai, T. (2015). The Effects of Aviation Accidents of Public Perception Toward an Airline. Journal of the Eastern Asia Society for Transportation Studies, Vol. 11, 2347-2362.
  • Referans11 Saunders, E. M. (1993). Stock Prices and Wall Street Weather. The American Economic Review, Vol. 83, No. 5, 1337- 1345.
  • Referans12 Wang, Y. S. (2013). The Impact of Crisis Events On the Stock Returns Volatility of International Airlines. The Service Industries Journal, Vol. 33, No. 12, 1206-1217.
  • Referans13 Yiğit, F. Ve Canöz, F. (2020). The Reaction of Airline Stocks In Europe to the Covid-19 Pandemic: An Event Study Methodology. İstanbul Ticaret Üniversitesi SBE Dergisi, Vol. 19, No. 39, 1309-1326.
  • Referans14 https://en.wikipedia.org/wiki/List_of_accidents_and_incidents_involving_commercial_aircraft (Erişim: 04.01.2020)
  • Referans15 https://tr.investing.com/ (Erişim: 10.02.2020)
  • Referans16 http://www.iprr.org/manuals/Annex13.html (Erişim: 21.03.2020)

Determining the Relationship between Aircraft Crashes and Stock and Firm Values: An Analytical Study on Airline Carrier and Aircraft Manufacturing Companies

Year 2022, Volume: 17 Issue: 1, 192 - 206, 01.04.2022
https://doi.org/10.17153/oguiibf.983353

Abstract

The aim of the study is to determine whether there is a relationship between aircraft accidents in the airline sector and the stock prices of commercial airline carriers and commercial aircraft manufacturer companies. When the abnormal returns and cumulative abnormal returns of the airline carrier companies and the two major aircraft manufacturers in the airline industry in the world are analyzed for the first day and the days of the following week after a total of 38 plane crashes between 2013-2020 it was found that; in some of the plane crashes, there was a general decrease in the values of the stocks of both the airline carriers and the plane manufacturer companies in the first and the following 7 days after the accident, while the stock values did not change or increased in the days after some plane crashes.

Project Number

-

References

  • Referans1 Akyıldırım, A., Corbet, S., Efthymiou, M., Guiomard, C., O’Connell, J. ve Sensoy, A. (2020). The Financial Market Effects of International Aviation Disasters. International Review of Financial Analysis, Vol. 69, 1-18.
  • Referans2 Bodie, Z., Kane, A. ve Marcus, A. J. (2013). Investments. McGraw Hill, 10th Edition, 359-362.
  • Referans3 Chance, D. M. Ve Ferris, S. P. (1987). The Effect of Aviation Disasters on the Air Transport Industry: A Financial Market Perspective. Journal of Transport Economics and Policy, Vol. 21, No. 2, 151-165.
  • Referans4 Davidson, W. N., Chandy, P.R. ve Cross, M. (1987). Large Losses, Risk Management and Stock Retuns in the Airline Industry. The Journal of Risk and Insurance, Vol. 54, No. 1, 162-172.
  • Referans5 Hirshleifer, D. ve Shumway, T. (2003). Good Day Sunshine: Stock Returns and the Weather. The Journal of Finance, Vol. 58, No. 3, 1009-1032.
  • Referans6 Ho, J. C., Qui, M. Ve Tang, X. (2013). Do Airlines Always Suffer From Crashes?. Economics Letters, Vol. 118, No. 1, 113-117.
  • Referans7 Kamstra, M. J., Kramer, L. A. ve Levi M.D. (2003). Winter Blues: A SAD Stock Market Cycle. American Economic Review, Vo. 93, No. 1, 324-343.
  • Referans8 Kaplanski, G. Ve Levy, H. (2010). Sentiment and Stock Prices: The Case of Aviation Disasters. Journal of Financial Economics, Vol. 95, No. 2, 174-201.
  • Referans9 Karan, M. B. (2018). Yatırım Analizi ve Portföy Yönetimi, Ankara, Gazi Kitabevi, 5. Baskı.
  • Referans10 Li C. W., Phun, V. K., Suzuki, M. Ve Yai, T. (2015). The Effects of Aviation Accidents of Public Perception Toward an Airline. Journal of the Eastern Asia Society for Transportation Studies, Vol. 11, 2347-2362.
  • Referans11 Saunders, E. M. (1993). Stock Prices and Wall Street Weather. The American Economic Review, Vol. 83, No. 5, 1337- 1345.
  • Referans12 Wang, Y. S. (2013). The Impact of Crisis Events On the Stock Returns Volatility of International Airlines. The Service Industries Journal, Vol. 33, No. 12, 1206-1217.
  • Referans13 Yiğit, F. Ve Canöz, F. (2020). The Reaction of Airline Stocks In Europe to the Covid-19 Pandemic: An Event Study Methodology. İstanbul Ticaret Üniversitesi SBE Dergisi, Vol. 19, No. 39, 1309-1326.
  • Referans14 https://en.wikipedia.org/wiki/List_of_accidents_and_incidents_involving_commercial_aircraft (Erişim: 04.01.2020)
  • Referans15 https://tr.investing.com/ (Erişim: 10.02.2020)
  • Referans16 http://www.iprr.org/manuals/Annex13.html (Erişim: 21.03.2020)
There are 16 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Yaşar Köse 0000-0003-0073-2095

Ceyda Aktan 0000-0001-7040-4711

Project Number -
Publication Date April 1, 2022
Submission Date August 16, 2021
Published in Issue Year 2022 Volume: 17 Issue: 1

Cite

APA Köse, Y., & Aktan, C. (2022). Uçak Kazaları ile Hisse Senedi ve Şirket Değeri Arasındaki İlişkilerin Belirlenmesi: Havayolu Taşıyıcısı ve Uçak Üreticisi Şirketler Üzerinde Analitik Bir Çalışma. Eskişehir Osmangazi Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 17(1), 192-206. https://doi.org/10.17153/oguiibf.983353