Aviation Accidents and Stock Market Reaction: Evidence from Borsa Istanbul

Ender Demir

Eurasian Journal of Economics and Finance, 2015, vol. 3, issue 1, 51-56

Abstract: Behavioral finance literature shows that a variety of mood variables affect the stock prices. Aviation accidents are uncommon that generally cause a high number of casualties. Therefore, they have a strong social repercussion in the country. This negative sentiment driven by bad mood might affect the investment decisions of investors. This study examines the effect of aviation accidents on Borsa Istanbul Index and Borsa Istanbul Transportation Index. Turkish aviation companies had only 5 serious accidents from 1990 to 2013. On the contrary to the previous findings, it is found that the aviation disasters do not have any effect on the stock market.

Keywords: Mood Variable; Aviation Accidents; Borsa Istanbul; Behavioral Finance (search for similar items in EconPapers)
Date: 2015
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