Investigation of the effect ofeconomic measure packages on stock certificate performance by event study method during the COVID-19 pandemic: An aplication on BIST selected sectors

The COVID 19 virus, which emerged in China at the end of 2019 and then affected the whole world, not only limited the daily lives of individuals, but also significantly affected almost every stage of all imaginable activities, especially sociocultural, sportive and economic. After the first case was seen in Turkey, as in the whole world, measures were taken gradually and some restrictions were introduced in order to prevent the spread of the epidemic. While the restrictions create negative effects on social life, economic environment and sectoral basis, multi-faceted economic shield packages have been put into practice in order to reduce these negative effects. In this study, the effect of the economic precautionary packages announced after the first case in our country on 11 03 2020 regarding the COVID 19 epidemic, on the stock return performances of companies operating in sectors whose stocks are traded in Borsa Istanbul and which are thought to be directly affected by the epidemic, was analyzed with the case study method. examined. For this purpose, the period covering March-December 2020 was chosen as the period, and the pharmaceutical, food, retail, automotive, technology and tourism sectors were included in the scope of the study. In the process, restrictions and economic support statements regarding the epidemic were made, the first in March 2020 and the second in December 2020. In the study, the days when the disclosures were made were accepted as the event days, and the average abnormal return (AAR) and cumulative average abnormal return (CAAR) were calculated and interpreted by taking the accounting period as 120 days. Depending on the findings, the AAR and CAAR values of the sectors covered; It was concluded that the first event day statement was generally positively affected, and the second event day statement was generally negatively affected.