Impact of “Aircraft Crisis” Between Turkey and Russia on Borsa Istanbul Food, Beverage and Tourism Indexes

Emrah Şahin, Fatih Konak and S. Serdar Karaca
Additional contact information
Emrah Şahin: Hitit University
Fatih Konak: Hitit University
S. Serdar Karaca: Gaziosmanpasa University

Business and Economics Research Journal, 2017, vol. 8, issue 3, 473-485

Abstract: On November 24, 2015 at the Syrian border, boundary violations of Russian combat aircraft was shot down by Turkish warplanes that has caused serious problems in terms of bilateral relations. After the incident, Russia unilaterally froze all its military and economic cooperation and has decided to apply economic sanctions to Turkey. Many of the sectors, especially tourism and food sector, were directly affected by these sanctions decisions. In this context, the purpose of the study is to reveal how the companies of BIST Food, Beverage and BIST Tourism Indexes react to this circumstance by employing the event study methodology. According to the findings, it is observed that the companies that are listed in the BIST Food, Beverage Index generally are affected negatively. Also, it has been determined that companies in the BIST Tourism Index exhibit positive AR values in the post-event period. On the other hand, it was noted that the majority of CAAR values were negative. Moreover, although there are no obvious predictable trends, the presence of statistically significant results in the event window on some days has shown that the market is not efficient in a semi-strong form.

Keywords: Aircraft Crisis; Event Study; Borsa Istanbul; Food; Beverage Index; Tourısm Index (search for similar items in EconPapers)
JEL-codes: G14 G19 (search for similar items in EconPapers)
Date: 2017
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.berjournal.com/impact-of-aircraft-crisi ... -and-tourism-indexes Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:buecrj:0283

Access Statistics for this article

Business and Economics Research Journal is currently edited by Adem Anbar

More articles in Business and Economics Research Journal from Uludag University, Faculty of Economics and Administrative Sciences Contact information at EDIRC.
Bibliographic data for series maintained by Adem Anbar ().