The Effects of Crisis Periods in Turkey on Bist-Tourism Companies Between 2016-2023: Case Study Method

Abstract

Purpose – The aim of this study is to reveal the positive or negative effects of the crises that occurred in Turkey between 2016 and 2023 on the stocks of the companies in the BIST Tourism Index (XTRZM). Design/methodology/approach- In this study, the event study method, which has recently been widely used in economics studies, is used. Event study methodology enables to investigate the impact of an event on a company's stock prices and to determine whether events cause abnormal returns on stocks. Findings – Abnormal movements were detected in the stocks of companies during the 4 crisis periods between 2016 and 2023. For all 4 periods, separate analyzes were made and cumulative averages were calculated. As a result of the analysis, it was determined that these crises negatively affected all companies within the scope of the research. Discussion – According to the results obtained, it was concluded that the markets were inefficient in the semi-strong form during the crisis period between 2016 and 2023. According to the data of the four periods subject to the research, the cumulative abnormal return in stock prices was highest during the Covid-19 pandemic.