Araştırma Makalesi
BibTex RIS Kaynak Göster

THE IMPACT OF COVID-19 VACCINATION RATE ON PARTICIPATION 30 AND BIST 30 INDEX RETURNS

Yıl 2022, Cilt: 5 Sayı: 2, 193 - 202, 01.10.2022

Dr. Muhammed Hadin Öner

https://doi.org/10.32951/mufider.1135511

Öz

In this study, the effects of the new vaccinations on the BIST 100 and Participation 30 indices during the COVID-19 pandemic, which started in China at the beginning of December 2020 and spread to all countries of the world and emerged in Turkey in March 2021, are investigated. With the help of EGARCH models established for the returns of the indices, the responses of the BIST 100 and Participation 30 indices to the new vaccinations during the pandemic process are analyzed. The results show that the rate of vaccination affects the Participation 30 index returns negatively. In addition, it has been determined that there is no relationship between the new vaccination and the BIST100 index in terms of return. Additionally, it is concluded that the new vaccination caused a decrease in the volatility in the trading volume of the Participation 30 index and an increase in the volatility in the trading volume of the BIST100 index. It comes to mind that these different findings between the indices may be due to the irrational behavior of investors belonging to the Participation 30 and BIST100 indices, and that the tendency of conservatism may have had an impact on this situation. It is thought that the study can contribute to the literature in terms of examining the responses of the Participation 30 and BIST100 indices to the new vaccinations and trying to reveal the differences.

Anahtar Kelimeler

Islamic Finance Islamic Index Participation Index

Kaynakça

  • Albulescu, C. T. (2021). COVID-19 and the United States financial markets’ volatility. Finance Research Letters, 38, 101699.
  • Ashraf, B. N. (2020). Stock markets’ reaction to COVID-19: Cases or fatalities? Research in International Business and Finance, 54, 101249. https://doi.org/10.1016/j.ribaf.2020.101249
  • Baig, A. S., Butt, H. A., Haroon, O., and Rizvi, S. A. R. (2021). Deaths, panic, lockdowns and US equity markets: The case of COVID-19 pandemic. Finance Research Letters, 38, 101701.
  • Baker, S. R., Bloom, N., Davis, S. J., Kost, K., Sammon, M., and Viratyosin, T. (2020). The Unprecedented Stock Market Reaction to COVID-19. The Review of Asset Pricing Studies, 10(4), 742-758.
  • Bakry, W., Kavalmthara, P. J., Saverimuttu, V., Liu, Y., and Cyril, S. (2021). Response of stock market volatility to COVID-19 announcements and stringency measures: A comparison of developed and emerging markets. Finance Research Letters, 102350. https://doi.org/10.1016/j.frl.2021.102350
  • BIST. (2021). BIST. https://borsaistanbul.com/tr/sayfa/6842/bist-katilim-endeksleri
  • Chan, K. F., Chen, Z., Wen, Y., and Xu, T. (2021). COVID-19 Vaccines and Global Stock Markets (SSRN Scholarly Paper ID 3785533). Social Science Research Network. https://doi.org/10.2139/ssrn.3785533
  • Cong Nguyen To, B., Khac Quoc Nguyen, B., Van Thien Nguyen, T., and Thi Minh Nguyen, P. (2021). Vaccine Initiation Rate and Volatility in the International Stock Market during COVID-19. SSRN Electronic Journal.
  • Ederington, L. H., and Lee, J. H. (1996). The Creation and Resolution of Market Uncertainty: The Impact of Information Releases on Implied Volatility. The Journal of Financial and Quantitative Analysis, 31(4), 513.
  • Erdoğan, S., Gedikli, A., and Çevik, E. İ. (2020). Türkiye’de Covid-19 Pandemisinin Geleneksel ve İslami Borsalar Üzerindeki Etkileri. Bilimname, 2020(42).
  • Faizsiz Finans Standartları—AAOIFI-. (2018). İstanbul: TKBB Yayınları.
  • Güçlü, F. (2020). İslami ve Konvansiyonel Hisse Senedi Endekslerinin Oynaklıkları Üzerine Bir İnceleme. MANAS Sosyal Araştırmalar Dergisi, 9(2), 1070-1088.
  • Hasan, Md. B., Mahi, M., Hassan, M. K., and Abul Bashar Bhuiyan. (2021). Impact of COVID-19 pandemic on stock markets: Conventional vs. Islamic indices using wavelet-based multi-timescales analysis. The North American Journal of Economics and Finance, 58, 101504. https://doi.org/10.1016/j.najef.2021.101504
  • Hasbrouck, J. (1988). Trades, quotes, inventories, and information. Journal of Financial Economics, 22(2), 229-252.
  • He, Q., Liu, J., Wang, S., and Yu, J. (2020). The impact of COVID-19 on stock markets. Economic and Political Studies, 8(3), 275-288.
  • Khalfaoui, R., Nammouri, H., Labidi, O., and Ben Jabeur, S. (2021). Is the COVID-19 vaccine effective on the US financial market? Public Health, 198, 177-179. https://doi.org/10.1016/j.puhe.2021.07.026
  • Onalı, E. (2020). COVID-19 and Stock Market Volatility. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3571453
  • Onan, M., Salih, A., and Yasar, B. (2014). Impact of macroeconomic announcements on implied volatility slope of SPX options and VIX. Finance Research Letters, 11(4), 454-462. https://doi.org/10.1016/j.frl.2014.07.006
  • Ozili, P. K., and Arun, T. (2020). Spillover of COVID-19: Impact on the Global Economy. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3562570
  • Rouatbi, W., Demir, E., Kizys, R., and Zaremba, A. (2021). Immunizing markets against the pandemic: COVID-19 vaccinations and stock volatility around the world. International Review of Financial Analysis, 77, 101819.
  • Sharif, A., Aloui, C., and Yarovaya, L. (2020). COVID-19 pandemic, oil prices, stock market, geopolitical risk and policy uncertainty nexus in the US economy: Fresh evidence from the wavelet-based approach. International Review of Financial Analysis, 70, 101496. https://doi.org/10.1016/j.irfa.2020.101496
  • Şahbalı, S. N., ve Kaya, F. (2021). Avrasya Sosyal ve Ekonomi Araştırmaları Dergisi (ASEAD), 8(2), 38-50.
  • Yarovaya, L., Elsayed, A. H., and Hammoudeh, S. (2021). Determinants of Spillovers between Islamic and Conventional Financial Markets: Exploring the Safe Haven Assets during the COVID-19 Pandemic. Finance Research Letters, 101979. https://doi.org/10.1016/j.frl.2021.101979
  • Yilmazkuday, H. (2021). COVID-19 effects on the S&P 500 index. Applied Economics Letters, 1-7.
  • Zeren, F., and Hizarci, A. (2020). The Impact Of Covıd-19 Coronavırus On Stock Markets: Evıdence From Selected Countrıes. Muhasebe ve Finans İncelemeleri Dergisi, 3(1), 78-84.
  • Zhang, D., Hu, M., and Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36, 101528.

COVID-19 AŞILANMA HIZININ KATILIM 30 VE BİST30 ENDEKS GETİRİLERİ ÜZERİNDEKİ ETKİSİ

Yıl 2022, Cilt: 5 Sayı: 2, 193 - 202, 01.10.2022

Dr. Muhammed Hadin Öner

https://doi.org/10.32951/mufider.1135511

Öz

Bu çalışmada 2020 yılı aralık ayı başında Çin’de ortaya çıkan ve tüm dünya ülkelerine yayılan ve 2021 yılı mart ayında Türkiye’de ortaya çıkan COVID-19 pandemi sürecindeki yeni aşılamanın, BİST 100 ve Katılım 30 endeks getirilerine etkileri araştırılmıştır. Endekslerin getirileri için kurulan EGARCH modelleri yardımı ile BİST 100 ile Katılım 30 endekslerinin pandemi sürecinde yeni aşılanmaya verdikleri tepkiler analiz edilmiştir. Sonuçlar, aşılanma hızının Katılım 30 endeksi getirilerini negatif yönde etkilerken BİST100 endeks getirileri yönünden herhangi bir ilişki bulunamamıştır. Endeksler arasında elde edilen bu farklı bulguların, Katılım 30 ve BİST100 endekslerine ait yatırımcıların irrasyonel davranışlarından kaynaklanabileceği ve bu durum üzerinde özellikle muhafazakarlık eğiliminin etkisinin olmuş olabileceği akıllara gelmektedir. Çalışmanın Katılım 30 ve BİST100 endekslerinin yeni aşılanmaya verdikleri tepkileri incelemesi ve farklılıkları ortaya koymaya çalışması açısından literatüre katkı sağlayabileceği düşünülmektedir.

Anahtar Kelimeler

Katılım Finans İslami Endeksler Katılım Endeksi

Kaynakça

  • Albulescu, C. T. (2021). COVID-19 and the United States financial markets’ volatility. Finance Research Letters, 38, 101699.
  • Ashraf, B. N. (2020). Stock markets’ reaction to COVID-19: Cases or fatalities? Research in International Business and Finance, 54, 101249. https://doi.org/10.1016/j.ribaf.2020.101249
  • Baig, A. S., Butt, H. A., Haroon, O., and Rizvi, S. A. R. (2021). Deaths, panic, lockdowns and US equity markets: The case of COVID-19 pandemic. Finance Research Letters, 38, 101701.
  • Baker, S. R., Bloom, N., Davis, S. J., Kost, K., Sammon, M., and Viratyosin, T. (2020). The Unprecedented Stock Market Reaction to COVID-19. The Review of Asset Pricing Studies, 10(4), 742-758.
  • Bakry, W., Kavalmthara, P. J., Saverimuttu, V., Liu, Y., and Cyril, S. (2021). Response of stock market volatility to COVID-19 announcements and stringency measures: A comparison of developed and emerging markets. Finance Research Letters, 102350. https://doi.org/10.1016/j.frl.2021.102350
  • BIST. (2021). BIST. https://borsaistanbul.com/tr/sayfa/6842/bist-katilim-endeksleri
  • Chan, K. F., Chen, Z., Wen, Y., and Xu, T. (2021). COVID-19 Vaccines and Global Stock Markets (SSRN Scholarly Paper ID 3785533). Social Science Research Network. https://doi.org/10.2139/ssrn.3785533
  • Cong Nguyen To, B., Khac Quoc Nguyen, B., Van Thien Nguyen, T., and Thi Minh Nguyen, P. (2021). Vaccine Initiation Rate and Volatility in the International Stock Market during COVID-19. SSRN Electronic Journal.
  • Ederington, L. H., and Lee, J. H. (1996). The Creation and Resolution of Market Uncertainty: The Impact of Information Releases on Implied Volatility. The Journal of Financial and Quantitative Analysis, 31(4), 513.
  • Erdoğan, S., Gedikli, A., and Çevik, E. İ. (2020). Türkiye’de Covid-19 Pandemisinin Geleneksel ve İslami Borsalar Üzerindeki Etkileri. Bilimname, 2020(42).
  • Faizsiz Finans Standartları—AAOIFI-. (2018). İstanbul: TKBB Yayınları.
  • Güçlü, F. (2020). İslami ve Konvansiyonel Hisse Senedi Endekslerinin Oynaklıkları Üzerine Bir İnceleme. MANAS Sosyal Araştırmalar Dergisi, 9(2), 1070-1088.
  • Hasan, Md. B., Mahi, M., Hassan, M. K., and Abul Bashar Bhuiyan. (2021). Impact of COVID-19 pandemic on stock markets: Conventional vs. Islamic indices using wavelet-based multi-timescales analysis. The North American Journal of Economics and Finance, 58, 101504. https://doi.org/10.1016/j.najef.2021.101504
  • Hasbrouck, J. (1988). Trades, quotes, inventories, and information. Journal of Financial Economics, 22(2), 229-252.
  • He, Q., Liu, J., Wang, S., and Yu, J. (2020). The impact of COVID-19 on stock markets. Economic and Political Studies, 8(3), 275-288.
  • Khalfaoui, R., Nammouri, H., Labidi, O., and Ben Jabeur, S. (2021). Is the COVID-19 vaccine effective on the US financial market? Public Health, 198, 177-179. https://doi.org/10.1016/j.puhe.2021.07.026
  • Onalı, E. (2020). COVID-19 and Stock Market Volatility. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3571453
  • Onan, M., Salih, A., and Yasar, B. (2014). Impact of macroeconomic announcements on implied volatility slope of SPX options and VIX. Finance Research Letters, 11(4), 454-462. https://doi.org/10.1016/j.frl.2014.07.006
  • Ozili, P. K., and Arun, T. (2020). Spillover of COVID-19: Impact on the Global Economy. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3562570
  • Rouatbi, W., Demir, E., Kizys, R., and Zaremba, A. (2021). Immunizing markets against the pandemic: COVID-19 vaccinations and stock volatility around the world. International Review of Financial Analysis, 77, 101819.
  • Sharif, A., Aloui, C., and Yarovaya, L. (2020). COVID-19 pandemic, oil prices, stock market, geopolitical risk and policy uncertainty nexus in the US economy: Fresh evidence from the wavelet-based approach. International Review of Financial Analysis, 70, 101496. https://doi.org/10.1016/j.irfa.2020.101496
  • Şahbalı, S. N., ve Kaya, F. (2021). Avrasya Sosyal ve Ekonomi Araştırmaları Dergisi (ASEAD), 8(2), 38-50.
  • Yarovaya, L., Elsayed, A. H., and Hammoudeh, S. (2021). Determinants of Spillovers between Islamic and Conventional Financial Markets: Exploring the Safe Haven Assets during the COVID-19 Pandemic. Finance Research Letters, 101979. https://doi.org/10.1016/j.frl.2021.101979
  • Yilmazkuday, H. (2021). COVID-19 effects on the S&P 500 index. Applied Economics Letters, 1-7.
  • Zeren, F., and Hizarci, A. (2020). The Impact Of Covıd-19 Coronavırus On Stock Markets: Evıdence From Selected Countrıes. Muhasebe ve Finans İncelemeleri Dergisi, 3(1), 78-84.
  • Zhang, D., Hu, M., and Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36, 101528.
Toplam 26 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Finans
Bölüm Makaleler
Yazarlar

Dr. Muhammed Hadin Öner 0000-0001-7746-8865

Yayımlanma Tarihi 1 Ekim 2022
Gönderilme Tarihi 24 Haziran 2022
Kabul Tarihi 30 Ağustos 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 5 Sayı: 2

Kaynak Göster

APA Öner, D. M. H. (2022). COVID-19 AŞILANMA HIZININ KATILIM 30 VE BİST30 ENDEKS GETİRİLERİ ÜZERİNDEKİ ETKİSİ. Muhasebe Ve Finans İncelemeleri Dergisi, 5(2), 193-202. https://doi.org/10.32951/mufider.1135511
 Kapak Resmi İndir


88x31.png
Muhasebe ve Finans İncelemeleri Dergisi Creative Commons Atıf-GayriTicari 4.0 Uluslararası Lisansı ile lisanslanmıştır.