THE IMPACT OF 2023 KAHRAMANMARAŞ EARTHQUAKES ON REAL ESTATE RELATED SECTORS: AN EVENT STUDY ANALYSIS
THE IMPACT OF 2023 KAHRAMANMARAŞ EARTHQUAKES ON REAL ESTATE RELATED SECTORS: AN EVENT STUDY ANALYSIS
Author(s): Gulnaz Sengul Gunes, Tuğba Güneş, Sinan GüneşSubject(s): Environmental Geography, Applied Geography, Financial Markets, Socio-Economic Research
Published by: Kafkas Üniversitesi Sağlık, Kültür ve Spor Daire Başkanlığı Dijital Baskı Merkezi
Keywords: Real estate sector; earthquake; event study; stock indices;
Summary/Abstract: Kahramanmaraş earthquakes devastatingly hit the northern Syria and 11 provinces of Türkiye, causing thousands of deaths, injuries and property losses. The magnitude of the earthquakes and the extent of their impacts were huge enough to affect the entire Turkish economy. Real estate industry has been one of the most affected sectors as thousands of buildings were collapsed or damaged by the quake. This study aims to explore the impacts of Kahramanmaraş earthquakes on real estate related sectors in the Turkish stock market: Construction, cementconcrete, iron-steel, real estate investment trusts, and insurance. Using an event study methodology, our short-run analyses indicated that all given sectors were affected by the earthquakes. According to our findings, abnormal returns varied among the sectors: The construction materials sectors had positive abnormal returns while the insurance sector did abnormal returns on the opposite way. The findings are vital for market participants, policymakers and governments.
Journal: Kafkas Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi
- Issue Year: 14/2023
- Issue No: 28
- Page Range: 789-811
- Page Count: 23
- Language: English