| Popis: |
The aim of this study was to examine how the crisis between Russia and Ukraine has affected the companies included in the Borsa Istanbul tourism index. To identify abnormal returns, the event study method was applied. The event day was determined as February 24, 2022. The event and estimation periods were specified as 21 and 210 trading days, respectively. Five of the companies indicated negative abnormal returns on February 24, 2022, but among the companies, PKENT was the company that was most adversely affected by the war. According to the cumulative aver- age abnormal returns of the overall companies, there was a significant negative return only on the event day. Therefore, the tourism companies listed in Borsa Istanbul responded immediately to the Russian–Ukrainian war, but the impact quickly diminished. Investors and financial analysts could benefit from the results by developing hedging strategies through industry diversification, and policymakers could develop effective strategies to deal with similar political uncertainties. |
