THE NEXUS BETWEEN COVID-19 AND STOCK RETURNS: EVIDENCE FROM SELECTED MENA COUNTRIES

Mehtap ÖNER, (Marmara Üniversitesi, İşletme Bölümü, İstanbul, Türkiye)
Aslı AYBARS (Marmara Üniversitesi, İşletme Bölümü, İstanbul, Türkiye)
Muhasebe Bilim Dünyası Dergisi
2 0
Yıl: 2022 Cilt: 24 Sayı: COVID-19 Özel Sayısı Sayfa Aralığı: 113 - 127 Metin Dili: İngilizce DOI: 10.31460/mbdd.1033349 İndeks Tarihi: 13-10-2022

THE NEXUS BETWEEN COVID-19 AND STOCK RETURNS: EVIDENCE FROM SELECTED MENA COUNTRIES

Öz:
This study investigates the relationship between COVID-19 measured by growth in number of weekly confirmed new cases and stock returns of the major indices in selected Middle East and North Africa (MENA) countries. To test the influence of COVID-19 on stock returns, this study uses panel data methodology using weekly data between 19 March 2020 and 31 December 2020. Contrary to expectations, our findings fail to demonstrate a significant link between stock market index returns and COVID-19, which is proxied by the growth in weekly confirmed new cases. Additionally, regarding the control variables, whereas no relationship is documented between Chicago Board Options Exchange Volatility Index (VIX) and selected countries’ stock index returns, 5-year Sovereign Credit Default Swap (CDS) figures of the selected countries are found to be negatively and significantly related with the main variable of interest.
Anahtar Kelime: COVID-19 MENA Countries Panel Data Stock Return

COVID-19 VE HİSSE GETİRİLERİ ARASINDAKİ İLİŞKİ: MENA ÜLKELERİ ÖRNEĞİ

Öz:
Bu çalışma ile seçili Orta Doğu ve Kuzey Afrika Ülkeleri’ne (MENA) ait ana hisse senedi endeks getirileri ile COVID-19 göstergesi olarak kullanılan haftalık vaka sayılarındaki artış arasında bir ilişki olup olmadığı araştırılmıştır. COVID-19’un borsa endeks getirileri üzerindeki etkisini test etmek için 19 Mart-31 Aralık 2020 tarihlerini kapsayan dönemde haftalık veri seti kullanılarak panel veri analizi uygulanmıştır. Beklenenin aksine, vakalardaki haftalık artış ile ölçülen COVID-19 ve hisse senedi Endeks getirisi arasında anlamlı bir ilişki bulunamamıştır. Kontrol değişkenlerine ait sonuçlar ise korku endeksi olarak bilinen volatilite endeksinin (VIX) hisse senedi getirisi üzerinde anlamlı bir etkisinin olmadığını, kredi temerrüt takası olarak bilinen CDS değerleri ile endeks getirisi arasında ise anlamlı ve negatif bir ilişki olduğunu göstermiştir.
Anahtar Kelime:

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
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APA Öner M, AYBARS A (2022). THE NEXUS BETWEEN COVID-19 AND STOCK RETURNS: EVIDENCE FROM SELECTED MENA COUNTRIES. , 113 - 127. 10.31460/mbdd.1033349
Chicago Öner Mehtap,AYBARS ASLI THE NEXUS BETWEEN COVID-19 AND STOCK RETURNS: EVIDENCE FROM SELECTED MENA COUNTRIES. (2022): 113 - 127. 10.31460/mbdd.1033349
MLA Öner Mehtap,AYBARS ASLI THE NEXUS BETWEEN COVID-19 AND STOCK RETURNS: EVIDENCE FROM SELECTED MENA COUNTRIES. , 2022, ss.113 - 127. 10.31460/mbdd.1033349
AMA Öner M,AYBARS A THE NEXUS BETWEEN COVID-19 AND STOCK RETURNS: EVIDENCE FROM SELECTED MENA COUNTRIES. . 2022; 113 - 127. 10.31460/mbdd.1033349
Vancouver Öner M,AYBARS A THE NEXUS BETWEEN COVID-19 AND STOCK RETURNS: EVIDENCE FROM SELECTED MENA COUNTRIES. . 2022; 113 - 127. 10.31460/mbdd.1033349
IEEE Öner M,AYBARS A "THE NEXUS BETWEEN COVID-19 AND STOCK RETURNS: EVIDENCE FROM SELECTED MENA COUNTRIES." , ss.113 - 127, 2022. 10.31460/mbdd.1033349
ISNAD Öner, Mehtap - AYBARS, ASLI. "THE NEXUS BETWEEN COVID-19 AND STOCK RETURNS: EVIDENCE FROM SELECTED MENA COUNTRIES". (2022), 113-127. https://doi.org/10.31460/mbdd.1033349
APA Öner M, AYBARS A (2022). THE NEXUS BETWEEN COVID-19 AND STOCK RETURNS: EVIDENCE FROM SELECTED MENA COUNTRIES. Muhasebe Bilim Dünyası Dergisi, 24(COVID-19 Özel Sayısı), 113 - 127. 10.31460/mbdd.1033349
Chicago Öner Mehtap,AYBARS ASLI THE NEXUS BETWEEN COVID-19 AND STOCK RETURNS: EVIDENCE FROM SELECTED MENA COUNTRIES. Muhasebe Bilim Dünyası Dergisi 24, no.COVID-19 Özel Sayısı (2022): 113 - 127. 10.31460/mbdd.1033349
MLA Öner Mehtap,AYBARS ASLI THE NEXUS BETWEEN COVID-19 AND STOCK RETURNS: EVIDENCE FROM SELECTED MENA COUNTRIES. Muhasebe Bilim Dünyası Dergisi, vol.24, no.COVID-19 Özel Sayısı, 2022, ss.113 - 127. 10.31460/mbdd.1033349
AMA Öner M,AYBARS A THE NEXUS BETWEEN COVID-19 AND STOCK RETURNS: EVIDENCE FROM SELECTED MENA COUNTRIES. Muhasebe Bilim Dünyası Dergisi. 2022; 24(COVID-19 Özel Sayısı): 113 - 127. 10.31460/mbdd.1033349
Vancouver Öner M,AYBARS A THE NEXUS BETWEEN COVID-19 AND STOCK RETURNS: EVIDENCE FROM SELECTED MENA COUNTRIES. Muhasebe Bilim Dünyası Dergisi. 2022; 24(COVID-19 Özel Sayısı): 113 - 127. 10.31460/mbdd.1033349
IEEE Öner M,AYBARS A "THE NEXUS BETWEEN COVID-19 AND STOCK RETURNS: EVIDENCE FROM SELECTED MENA COUNTRIES." Muhasebe Bilim Dünyası Dergisi, 24, ss.113 - 127, 2022. 10.31460/mbdd.1033349
ISNAD Öner, Mehtap - AYBARS, ASLI. "THE NEXUS BETWEEN COVID-19 AND STOCK RETURNS: EVIDENCE FROM SELECTED MENA COUNTRIES". Muhasebe Bilim Dünyası Dergisi 24/COVID-19 Özel Sayısı (2022), 113-127. https://doi.org/10.31460/mbdd.1033349
Sayfa Oluşturulma Tarihi
26-04-2024 5:3

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