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Covid-19 cases influencing the Stock Exchange indices on the example of BIST100 in Turkey, NASDAQ in the USA and WIG in Poland

dc.contributor.authorBolek, Cezary
dc.contributor.authorBolek, Monika
dc.date.accessioned2022-07-26T06:23:18Z
dc.date.available2022-07-26T06:23:18Z
dc.date.issued2022-06-20
dc.identifier.issn2391-6478
dc.identifier.urihttp://hdl.handle.net/11089/42544
dc.description.abstractThe purpose of the article/hypothesis: The goal of this paper is to show differences between markets’ reactions to a number of Covid-19 new cases. Stock exchanges and their indices from Turkey, the USA and Poland are analyzed during the first year of the global pandemic. The hypothesis that there are significant differences between markets regarding the reaction to new Covid-19 cases is tested in this research paper.Methodology: BIST100 Index representing the Istanbul Stock Exchange in Turkey, NASDAQ Composite representing NASDAQ Exchange in the USA and WIG Index representing the Warsaw Stock Exchange in Poland are analyzed in relation to Covid-19 new cases. The correlation analysis with delays of markets’ reactions and panel data OLS regression models are tested with rates of return as dependent variables.Results of the research: The findings show the immediate negative influence of new cases rates of change on the stock indices rates of return, although there are some differences and similarities between correlation coefficients, especially when the delays in reactions are taken into consideration. The Turkish exchange was reacting immediately to the rates of change of new Covid-19 cases, the US exchange needed more time to adjust, while in Poland the correction was detected after investors’ over-reaction in the first two weeks. The significant difference between the Polish and US markets regarding the correlation is confirmed indicating that the reactions on the global market were not identical. What the findings add to the literature is the evidence of differences and similarities between markets representing different religions, continents, and cultures.en
dc.description.abstractCel artykułu/hipoteza: Celem niniejszego artykułu jest analiza wpływu wykrytych nowych przypadków Covid 19 na rynki giełdowe w Turcji, USA i Polsce w ciągu pierwszego roku trwania pandemii. Testowana hipoteza brzmi: istnieją istotne różnice między reakcją badanych rynków na informacje o liczbie nowych przypadków Covid-19.Metodyka: Do analizy korelacji i regresji na danych panelowych wzięto pod uwagę indeksy reprezentujące giełdy: BIST100 z Istanbul Stock Exchange w Turcji, NASDAQ Composite z NASDAQ w USA oraz WIG z Warszawskiej Giełdy Papierów Wartościowych w Polsce.Wyniki/Rezultaty badania: Wyniki wskazują na bezpośredni negatywny wpływ względnej zmiany liczby przypadków na stopy zwrotu indeksów giełdowych na rozpatrywanych rynkach, chociaż istnieją pewne różnice i podobieństwa między współczynnikami korelacji, zwłaszcza gdy uwzględni się opóźnienia reakcji rynków. Giełda turecka natychmiast reagowała na ogłaszaną liczbę nowych przypadków Covid-19, giełda amerykańska potrzebowała więcej czasu na reakcję, podczas gdy w Polsce korekta była konieczna po nadmiernej reakcji na informację o nowych przypadkach. Wykazano, że istnieje istotna różnica między współczynnikami korelacji między badanymi zjawiskami na rynkach w Polsce I USA.pl
dc.language.isoen
dc.publisherWydawnictwo Uniwersytetu Łódzkiegopl
dc.relation.ispartofseriesFinanse i Prawo Finansowe;34pl
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0
dc.subjectCovid 19en
dc.subjectStock Exchangeen
dc.subjectRate of Returnen
dc.subjectCovid-19pl
dc.subjectgiełdapl
dc.subjectstopa zwrotupl
dc.titleCovid-19 cases influencing the Stock Exchange indices on the example of BIST100 in Turkey, NASDAQ in the USA and WIG in Polanden
dc.title.alternativeWpływ Covid-19 na indeksy giełdowe na przykładzie BIST100 w Turcji, NASDAQ w USA i WIG w Polscepl
dc.typeArticle
dc.page.number7-25
dc.contributor.authorAffiliationBolek, Cezary - Państwowa Uczelnia im. Stefana Batoregoen
dc.contributor.authorAffiliationBolek, Monika - Uniwersytet Łódzki, Wydział Ekonomiczno-Socjologicznyen
dc.identifier.eissn2353-5601
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dc.contributor.authorEmailBolek, Cezary - cbolek@pusb.pl
dc.contributor.authorEmailBolek, Monika - monika.bolek@uni.lodz.pl
dc.identifier.doi10.18778/2391-6478.2.34.01
dc.relation.volume2


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