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The Effect of Marmara Earthquake on Financial Institutions = Marmara Depreminin Finansal Kurumların Piyasa Değerleri Üzerindeki Etkisi

Author(s): Mehmet Bolak | Ömür Süer

Journal: Dogus University Journal
ISSN 1302-6739

Volume: 9;
Issue: 2;
Start page: 135;
Date: 2008;
Original page

Keywords: Earthquake | Event Study | Insurance Firms | Banks | Turkey | Deprem | Olay Çalışması | Sigorta Şirketleri | Bankalar | Türkiye

This study aims to measure the effect of Marmara earthquake on the stock returns of the firms quoted in ISE and operating in financial sector by the use of conventional econometric methodology of event studies. The results indicate that the occurrence of the earthquake has produced negative and significant abnormal returns. For each of the insurance firms studied, largely significant abnormal returns are observed just after the earthquake. The response of banks is negative but the significance level is less important.
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