Araştırma Makalesi
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IS BORSA ISTANBUL AFFECTED BY AIR POLLUTION?

Yıl 2018, Cilt: 36 Sayı: 3, 71 - 87, 27.09.2018

Sinem Eyüboğlu Kemal Eyüboğlu

https://doi.org/10.17065/huniibf.331942

Öz

Nowadays, studies examining the effects of environmental factors on human behavior
are increasing rapidly. Some of these studies focus on investor behaviors in financial
markets. In this study, it is examined whether or not air pollution, which is
an environmental factor that may have an effect on investor behaviors, has an
effect on stock returns for the period of 01.02.2007-20.07.2016 in BIST. As a
result of the analysis, it is determined that air pollution has significant and
negative current-time effect on BIST Services and lagged-time effect on BIST
100, BIST Industrials and BIST Financials indices returns.

Kaynakça

  • Akhtari, M. (2011), “Reassessment of the Weather Effect: Stock Prices and Wall Street Weather”, Undergraduate Economic Review, 7(1), 1-25.
  • Cao, M., J. Wei. (2005), “Stock Market Returns: A Note on Temperature Anomaly”, Journal of Banking and Finance, 29, 1559-1573.
  • Chang, T., Chien-Chung, N., Ming Jing Y., Tse-Yu, Y. (2006), “Are Stock Market Returns Related to the Weather Effects?, Empirical Evidence from Taiwan”, Physica A: Statistical Mechanics and Its Applications, 364, 343-354.
  • Chang, S., S. Chen, R. Chou, Y., Lin. (2008). “Weather and Intraday Patterns in Stock Returns and Trading Activity”, Journal of Banking and Finance, 1754-1766.
  • Evans, G., S. Jacobs. (1981), “Air Pollution and Human Behavior”, Journal of Social Issues, 37, 95-125.
  • Evans, G., S. Colome, D., Shearer. (1988), “Psychological Reactions to Air Pollution”, Environmental Research, 45, 1-15.
  • Garrett, I., M. Kamstra, L. Kramer. (2005), “Winter Blues and Time Variation in the Price of Risk”, Journal of Empirical Finance, 12, 291-316.
  • Goetzmann, W., Zhu, N., Ning. (2005), “Rain or Shine: Where is the Weather Effect?”, European Financial Management, 11(5), 559-578.
  • Hirshleifer, D., T. Shumway. (2003), “Good Day Sunshine: Stock Returns and the Weather”, The Journal of Finance, 58,1099-1032.
  • Hu, X., Li, Z. O., Lin, Y. (2014), “Particles, Pollutions and Prices”, http://abfer.org/docs/2015/program-5/particles-pollutions-and-prices.pdf
  • Lepori, G.M. (2016), “Air Pollution and Stock Returns: Evidence from A Natural Experiment”, Journal of Empirical Finance, 35, 25-42. Jones, J. (1978), “Adverse Emotional Reactions of Nonsmokers to Secondary Cigarette Smoke”, Environmental Psychology & Nonverbal Behavior, 3, 125-127.
  • Kamstra, M., L. Kramer, Levi, M. (2000), “Losing Sleep at the Market: The Daylight Saving Anomaly”, The American Economic Review, 90, 1005-1011.
  • Kamstra, M., L. Kramer, Levi, M. (2003), “Winter Blues: A Sad Stock Market Cycle”, The American Economic Review, 93, 324-343.
  • Kelly, P., F. Meschke. (2010), “Sentiment and Stock Returns: The SAD Anomaly Revisited”, Journal of Banking and Finance, 34, 1308-1326.
  • Levy, T., Yagil, J. (2011), “Air Pollution and Stock Returns in the US”, Journal of Economic Psychology, 32, 374-383.
  • Levy, T. ve Yagil, J. (2013). “Air Pollution and Stock Returns- Extensions and International Perspective”, International Journal of Engineering, Business and Enterprise Applications (IJEBEA), 13(107), 1-14.
  • Loughran, T., Schultz, P. (2004), “Weather, Stock Returns and the Impact of Localized Trading Behavior”, Journal of Financial and Quantitative Analysis, 39, 343-364.
  • Merkezi Kayıt Kurumu (2016), https://-portal.mkk.com.tr/-portal/-Dashboard.jsp#MonthlyStatistical-Data, 10.08.2016.
  • Rotton, J. (1983), “Affective and Cognitive Consequences of Malodorous Pollution”, Basic and Applied Social Psychology, 4, 171-191.
  • Saunders, E. (1993), “Stock Price and Wall Street Weather”, The American Economic Review, 83, 1337-1345.
  • Stone, J., Breidenbach, S. ve Heimstra, N. (1979), “Annoyance Response of Nonsmokers to Cigarette Smoke”, Perceptual and Motor Skills 49, 907-916.
  • T.C. Çevre ve Şehircilik Bakanlığı Hava Kalitesi İzleme İstasyonları Web Sitesi, http://www.havaizleme.gov.tr/Default.ltr.aspx, 06.08.2016.
  • Yuan, K., Zheng, L., Zhu, Q. (2006), “Are Investors Moonstuck? Lunar Phases and Stock Returns”, Journal of Empirical Finance 13, 1-23.

HAVA KİRLİLİĞİ BORSA İSTANBUL’U ETKİLER Mİ?

Yıl 2018, Cilt: 36 Sayı: 3, 71 - 87, 27.09.2018

Sinem Eyüboğlu Kemal Eyüboğlu

https://doi.org/10.17065/huniibf.331942

Öz

Günümüzde çevresel faktörlerin insan
davranışları üzerindeki etkisini araştıran çalışmalar hızla artmaktadır. Bu
çalışmaların bir kısmı ise finansal piyasalardaki yatırımcı davranışları üzerinde
odaklanmaktadır. Bu çalışmada 01.02.2007-20.07.2016 dönemi için yatırımcı
davranışları üzerinde etkisi olabilecek çevresel bir faktör olan hava
kirliliğinin hisse senedi getirileri üzerinde etkisi olup olmadığı araştırılmıştır.
Çalışmada Borsa İstanbul’da hesaplanan BIST-100, Sınai, Mali ve Hizmetler
endeksleri ele alınmıştır. Yapılan analizler sonucunda ise hava kirliliğinin endeks
getirileri üzerinde anlamlı bir etkisi olmadığı belirlenmiştir. 

Anahtar Kelimeler

Hava kirliliği davranışsal finans Borsa İstanbul

Kaynakça

  • Akhtari, M. (2011), “Reassessment of the Weather Effect: Stock Prices and Wall Street Weather”, Undergraduate Economic Review, 7(1), 1-25.
  • Cao, M., J. Wei. (2005), “Stock Market Returns: A Note on Temperature Anomaly”, Journal of Banking and Finance, 29, 1559-1573.
  • Chang, T., Chien-Chung, N., Ming Jing Y., Tse-Yu, Y. (2006), “Are Stock Market Returns Related to the Weather Effects?, Empirical Evidence from Taiwan”, Physica A: Statistical Mechanics and Its Applications, 364, 343-354.
  • Chang, S., S. Chen, R. Chou, Y., Lin. (2008). “Weather and Intraday Patterns in Stock Returns and Trading Activity”, Journal of Banking and Finance, 1754-1766.
  • Evans, G., S. Jacobs. (1981), “Air Pollution and Human Behavior”, Journal of Social Issues, 37, 95-125.
  • Evans, G., S. Colome, D., Shearer. (1988), “Psychological Reactions to Air Pollution”, Environmental Research, 45, 1-15.
  • Garrett, I., M. Kamstra, L. Kramer. (2005), “Winter Blues and Time Variation in the Price of Risk”, Journal of Empirical Finance, 12, 291-316.
  • Goetzmann, W., Zhu, N., Ning. (2005), “Rain or Shine: Where is the Weather Effect?”, European Financial Management, 11(5), 559-578.
  • Hirshleifer, D., T. Shumway. (2003), “Good Day Sunshine: Stock Returns and the Weather”, The Journal of Finance, 58,1099-1032.
  • Hu, X., Li, Z. O., Lin, Y. (2014), “Particles, Pollutions and Prices”, http://abfer.org/docs/2015/program-5/particles-pollutions-and-prices.pdf
  • Lepori, G.M. (2016), “Air Pollution and Stock Returns: Evidence from A Natural Experiment”, Journal of Empirical Finance, 35, 25-42. Jones, J. (1978), “Adverse Emotional Reactions of Nonsmokers to Secondary Cigarette Smoke”, Environmental Psychology & Nonverbal Behavior, 3, 125-127.
  • Kamstra, M., L. Kramer, Levi, M. (2000), “Losing Sleep at the Market: The Daylight Saving Anomaly”, The American Economic Review, 90, 1005-1011.
  • Kamstra, M., L. Kramer, Levi, M. (2003), “Winter Blues: A Sad Stock Market Cycle”, The American Economic Review, 93, 324-343.
  • Kelly, P., F. Meschke. (2010), “Sentiment and Stock Returns: The SAD Anomaly Revisited”, Journal of Banking and Finance, 34, 1308-1326.
  • Levy, T., Yagil, J. (2011), “Air Pollution and Stock Returns in the US”, Journal of Economic Psychology, 32, 374-383.
  • Levy, T. ve Yagil, J. (2013). “Air Pollution and Stock Returns- Extensions and International Perspective”, International Journal of Engineering, Business and Enterprise Applications (IJEBEA), 13(107), 1-14.
  • Loughran, T., Schultz, P. (2004), “Weather, Stock Returns and the Impact of Localized Trading Behavior”, Journal of Financial and Quantitative Analysis, 39, 343-364.
  • Merkezi Kayıt Kurumu (2016), https://-portal.mkk.com.tr/-portal/-Dashboard.jsp#MonthlyStatistical-Data, 10.08.2016.
  • Rotton, J. (1983), “Affective and Cognitive Consequences of Malodorous Pollution”, Basic and Applied Social Psychology, 4, 171-191.
  • Saunders, E. (1993), “Stock Price and Wall Street Weather”, The American Economic Review, 83, 1337-1345.
  • Stone, J., Breidenbach, S. ve Heimstra, N. (1979), “Annoyance Response of Nonsmokers to Cigarette Smoke”, Perceptual and Motor Skills 49, 907-916.
  • T.C. Çevre ve Şehircilik Bakanlığı Hava Kalitesi İzleme İstasyonları Web Sitesi, http://www.havaizleme.gov.tr/Default.ltr.aspx, 06.08.2016.
  • Yuan, K., Zheng, L., Zhu, Q. (2006), “Are Investors Moonstuck? Lunar Phases and Stock Returns”, Journal of Empirical Finance 13, 1-23.
Toplam 23 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi
Yazarlar

Sinem Eyüboğlu Bu kişi benim

Kemal Eyüboğlu

Yayımlanma Tarihi 27 Eylül 2018
Gönderilme Tarihi 31 Temmuz 2017
Yayımlandığı Sayı Yıl 2018 Cilt: 36 Sayı: 3

Kaynak Göster

APA Eyüboğlu, S., & Eyüboğlu, K. (2018). HAVA KİRLİLİĞİ BORSA İSTANBUL’U ETKİLER Mİ?. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 36(3), 71-87. https://doi.org/10.17065/huniibf.331942
AMA Eyüboğlu S, Eyüboğlu K. HAVA KİRLİLİĞİ BORSA İSTANBUL’U ETKİLER Mİ?. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. Eylül 2018;36(3):71-87. doi:10.17065/huniibf.331942
Chicago Eyüboğlu, Sinem, ve Kemal Eyüboğlu. “HAVA KİRLİLİĞİ BORSA İSTANBUL’U ETKİLER Mİ?”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 36, sy. 3 (Eylül 2018): 71-87. https://doi.org/10.17065/huniibf.331942.
EndNote Eyüboğlu S, Eyüboğlu K (01 Eylül 2018) HAVA KİRLİLİĞİ BORSA İSTANBUL’U ETKİLER Mİ?. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 36 3 71–87.
IEEE S. Eyüboğlu ve K. Eyüboğlu, “HAVA KİRLİLİĞİ BORSA İSTANBUL’U ETKİLER Mİ?”, Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, c. 36, sy. 3, ss. 71–87, 2018, doi: 10.17065/huniibf.331942.
ISNAD Eyüboğlu, Sinem - Eyüboğlu, Kemal. “HAVA KİRLİLİĞİ BORSA İSTANBUL’U ETKİLER Mİ?”. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 36/3 (Eylül 2018), 71-87. https://doi.org/10.17065/huniibf.331942.
JAMA Eyüboğlu S, Eyüboğlu K. HAVA KİRLİLİĞİ BORSA İSTANBUL’U ETKİLER Mİ?. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2018;36:71–87.
MLA Eyüboğlu, Sinem ve Kemal Eyüboğlu. “HAVA KİRLİLİĞİ BORSA İSTANBUL’U ETKİLER Mİ?”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, c. 36, sy. 3, 2018, ss. 71-87, doi:10.17065/huniibf.331942.
Vancouver Eyüboğlu S, Eyüboğlu K. HAVA KİRLİLİĞİ BORSA İSTANBUL’U ETKİLER Mİ?. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2018;36(3):71-87.

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