Enfeksiyon Hastalıkları ve Hisse Senedi Piyasaları: Küresel Sağlık Endeksleri Üzerinden Bir Uygulama

Yıl 2024, Cilt: 6 Sayı: 1, 13 – 27, 30.06.2024

Nurten Terkeş Samet Gürsoy Mert Baran Tunçel

https://doi.org/10.56668/jefr.1489513

Öz

In this study, the EMV (Equity Market Volatility: Infectious Disease Tracker) index, which measures the volatility of infectious diseases in the stock markets, the EMHC (Emerging Markets Health Care) index, which measures the share performance of companies in the health sector in emerging markets, and the EMHC (Emerging Markets Health Care) index, which measures the performance of companies investing in the health sector in Europe. Relationships between the EHC (Europe Health Care) index, the WORLDH (World Health Care) index, which measures the performance of companies operating in the healthcare sector worldwide, and the ASIAPASH (Stoxx Europe 600 Health Care) index, which measures the performance of companies in the healthcare sector traded on European stock exchanges. December 2007 – December It was examined using monthly data (193 observations) for the period 2023. According to the results obtained from the analyses, while it was seen that the EMV index, EMHC index, EHC index, WORLDH index and ASIAPASH index moved together in the long term, no causality relationship was found between the variables. According to these results, we can recommend that investors should consider not only the effects of infectious diseases on stock markets but also general market conditions when investing in companies operating in the healthcare sector.

Anahtar Kelimeler

EMV Index, EMHC Index, WORLDDH Index, ASIAPASH Index, Maki Cointegration Test, Fourier Toda – Yamamoto Causality Test

Kaynakça

  • Akyildirim, E., Conlon, T., Corbet, S. and Goodell, J.W. (2023). Understanding the FTX exchange collapse: A dynamic connectedness approach. Finance Research Letters, 53: 103643.
  • Almeida, D., Dionísio, A., Vieira, I. and Ferreira, P. (2023). COVID-19 Effects on the relationship between cryptocurrencies: Can it be contagion? Insights from Econophysics Approaches. Entropy, 25(1): 98.
  • Al-Nassar, N.S., Yousaf, I. and Makram, B. (2023). Spillovers between positively and negatively affected service sectors from the COVID-19 health crisis: Implications for portfolio management. Pacific-Basin Finance Journal, 79: 102009.
  • Alzate-Ortega, A., Garzón, N. and Molina-Muñoz, J. (2024). Volatility spillovers in emerging markets: Oil shocks, energy, stocks, and gold. Energies, 17(2): 378.
  • Ampountolas, A. (2023). The effect of COVID-19 on cryptocurrencies and the stock market volatility: A two-stage DCC-EGARCH model analysis. Journal of Risk and Financial Management, 16(1): 25.
  • Antonakakis, N., Cunado, J., Filis, G., Gabauer, D. and de Gracia, F.P. (2023). Dynamic connectedness among the implied volatilities of oil prices and financial assets: New evidence of the COVID-19 pandemic. International Review of Economics and Finance, 83: 114-123.
  • Baker, S.R., Bloom, N., Davis, S.J., Kost, K., Sammon, M., and Viratyosin, T. (2020). The unprecedented stock market reaction to COVID-19. The Review of Asset Pricing Studies, 10(4): 742-758.
  • Balcilar, M., Ozdemir, H. and Agan, B. (2022). Effects of COVID-19 on cryptocurrency and emerging market connectedness: Empirical evidence from quantile, frequency, and lasso networks. Physica A: Statistical Mechanics and its Applications, 604: 127885.
  • Bani-Khalaf, O. and Taspinar, N. (2022). Oil and gold return spillover and stock market elasticity during COVID-19 pandemic: A comparative study between the stock markets of oil-exporting countries and oil-importing countries in the Middle East. Resources Policy, 79: 102935.
  • Bashir, H.A., and Kumar, D. (2023). Investor attention, Twitter uncertainty and cryptocurrency market amid the COVID-19 pandemic. Managerial Finance, 49(4): 620-642.
  • Bekaert, G., Harvey, C.R. and Ng, A. (2005). Market Integration and Contagion. Journal of Business, 78(1): 39-69.
  • Bentes, S.R. (2021). How COVID-19 has affected stock market persistence? Evidence from the G7’s. Physica A: Statistical Mechanics and its Applications, 581: 126210.
  • Bouazizi, T., Guesmi, K., Galariotis, E. and Vigne, S.A. (2024). Crude oil prices in times of crisis: The role of Covid-19 and historical events. International Review of Financial Analysis, 91: 102955.
  • Bouri, E., Demirer, R., Gupta, R., and Pierdzioch, C. (2020). Infectious diseases, market uncertainty and oil market volatility. Energies, 13(16): 4090.
  • Cioroianu, I., Corbet, S. and Larkin, C. (2021). Guilt through association: Reputational contagion and the Boeing 737-MAX disasters. Economics Letters, 198: 109657.
  • Corbet, S., Hou, Y. G., Hu, Y. and Oxley, L. (2022). The growth of oil futures in China: Evidence of market maturity through global crises. Energy Economics, 114: 106243.
  • Cui, M., Wong, W.K., Wisetsri, W., Mabrouk, F., Muda, I., Li, Z. and Hassan, M. (2023). Do oil, gold and metallic price volatilities prove gold as a safe haven during COVID-19 pandemic? Novel evidence from COVID-19 data. Resources Policy, 80: 103133.
  • DeCarrion-i-Sylvestre, J.L., Kim, D., and Perron, P. (2009). GLS-Based unit root tests with multiple structural breaks under both the null and the alternative hypotheses. Econometric Theory, 25(6): 1754-1792.
  • Enders, W. and Lee, J. (2012). A unit root test using a Fourier series to approximate smooth breaks. Oxford Bulletin of Economics and Statistics, 74(4): 574-599.
  • Faggioni, F., Rossi, M.V., and Sestino, A. (2023). Supply chain resilience in the pharmaceutical industry: A qualitative analysis from scholarly and managerial perspectives. Int. J. Bus. Manag., 18: 129.
  • Fasanya, I. and Oyewole, O. (2023). Dynamic spillovers between precious metals and travel and tourism stocks in South-East Asia: Do infectious disease outbreaks matter?. Economic Research-Ekonomska Istraživanja, 36(1): 2166968.
  • Fernandes, L.H., Silva, J.W., Araujo, F.H., and Bariviera, A.F. (2024). Quantifying the COVID-19 shock in cryptocurrencies. Fractals, 32(1): 2450019.
  • Foroutan, P. and Lahmiri, S. (2022). The effect of COVID-19 pandemic on return-volume and return-volatility relationships in cryptocurrency markets. Chaos, Solitons and Fractals, 162: 112443.
  • Gao, J., Li, H. and Lu, Z. (2023). Impact of COVID-19 on investor sentiment in China's stock markets. Heliyon, 9(10).
  • Ghaemi Asl, M., Tavakkoli, H.R. and Rashidi, M.M. (2021). Sector-by-sector analysis of dependence dynamics between global large-cap companies and infectious diseases: A time-varying copula approach in EBOV and COVID-19 episodes. PLoS One, 16(11): e0259282.
  • Gurrib, I. (2021). Early COVID-19 policy response on healthcare equity prices. Studies in Economics and Finance, 38(5): 987-1006.
  • Hu, Y., Lang, C., Corbet, S. and Wang, J. (2024). The impact of COVID-19 on the volatility connectedness of the Chinese tourism sector. Research in International Business and Finance, 68: 102192.
  • Hung, D.V., Hue, N.T.M. and Duong, V.T. (2021). The impact of COVID-19 on stock market returns in Vietnam. Journal of Risk and Financial Management, 14(9): 441.
  • Hung, N.T., and Vo, X.V. (2021). Directional spillover effects and time-frequency nexus between oil, gold and stock markets: Evidence from pre and during COVID-19 outbreak. International Review of Financial Analysis, 76: 101730.
  • Izzeldin, M., Muradoğlu, Y.G., Pappas, V., and Sivaprasad, S. (2021). The impact of Covid-19 on G7 stock markets volatility: Evidence from a ST-HAR model. International Review of Financial Analysis, 74: 101671.
  • Jain, P., Maitra, D. and Kang, S.H. (2023). Oil price and the automobile industry: Dynamic connectedness and portfolio implications with downside risk. Energy Economics, 119: 106537.
  • Ji, X., Bu, N., Zheng, C., Xiao, H., Liu, C., Chen, X. and Wang, K. (2024). Stock market reaction to the COVID-19 pandemic: An event study. Portuguese Economic Journal, 23(1).
  • Joof, F., Oben, R.J. and Chakib, Z. (2024). Resilience in turmoil: Analyzing China's energy stock market reaction to COVID-19 pandemic-an event study methodology. Available at SSRN, 4682748.
  • Kadir, M.A. (2020). Role of telemedicine in healthcare during COVID-19 pandemic in developing countries. Telehealth and Medicine Today, 5(2): 1-5.
  • Kalinowski, M. (2024). Has COVID-19 changed the travel and tourism stock market behavior in the USA?: Case of Dow Jones US Travel and Tourism and SandP 500 indexes. Quality and Quantity, 1-16.
  • Kyriazis, N., Papadamou, S., Tzeremes, P. and Corbet, S. (2023). The differential influence of social media sentiment on cryptocurrency returns and volatility during COVID-19. The Quarterly Review of Economics and Finance, 89: 307-317.
  • Li, Y. and Umair, M. (2023). The protective nature of gold during times of oil price volatility: An analysis of the COVID-19 pandemic. The Extractive Industries and Society, 101284.
  • Long, S. and Guo, J. (2022). Infectious disease equity market volatility, geopolitical risk, speculation, and commodity returns: Comparative analysis of five epidemic outbreaks. Research in International Business and Finance, 62: 101689.
  • Lu, S., Wang, C., Wong, S.K., and Shi, S. (2023). Is this time the same? Housing market performance during SARS and COVID-19. International Journal of Housing Markets and Analysis, 16(3): 490-512.
  • Lubis, S.W., Alfarisi, M.F., and Adrianto, F. (2021). The effect of oil prices, gold and exchanges on JCI during the Covid-19. Enrichment: Journal of Management, 12(1): 135-145.
  • Lukanima, B.K., Sanchez-Barrios, L.J. and Gómez-Bravo, Y.P. (2024). Towards understanding MILA stock markets integration beyond MILA: New evidence between the pre-Global financial crisis and the COVID-19 periods. International Review of Economics and Finance, 89: 478-497.
  • Maki, D. (2012). Tests for cointegration allowing for an unknown number of breaks. Economic Modelling, 29(5): 2011-2015.
  • Mazur, M., Dang, M. and Vega, M. (2021). COVID-19 and the March 2020 stock market crash. Evidence from SandP1500. Finance Research Letters, 38: 101690.
  • Mikhaylov, A., Bhatti, I.M., Dinçer, H. and Yüksel, S. (2024). Integrated decision recommendation system using iteration-enhanced collaborative filtering, golden cut bipolar for analyzing the risk-based oil market spillovers. Computational Economics, 63(1): 305-338.
  • Mittal, S. and Sharma, D. (2021). The impact of COVID-19 on stock returns of the Indian healthcare and pharmaceutical sector. Australasian Accounting, Business and Finance Journal, 15(1): 5-21.
  • Mobin, M.A., Hassan, M.K., Khalid, A. and Abdul-Rahim, R. (2022). COVID-19 pandemic and risk dynamics of financial markets in G7 countries. International Journal of Islamic and Middle Eastern Finance and Management, 15(2): 461-478.
  • Mushafiq, M. (2023). Industry-level analysis of COVID-19’s impact in emerging markets–evidence from Pakistan. International Journal of Emerging Markets, 18(10): 3437-3461.
  • Najaf, K. and Chin, A. (2024). The impact of the China Stock market on global financial markets during COVID-19. International Journal of Public Sector Performance Management, 13(1): 100-114.
  • Nazlıoğlu, S., Gormus, A. and Soytas, U. (2016). Oil prices and real estate investment trusts (REITs): Gradual-shift causality and volatility transmission analysis. Energy Economics, 60: 167-175.
  • Priscilla, S., Hatane, S.E., and Tarigan, J. (2023). COVID-19 catastrophes and stock market liquidity: Evidence from technology industry of four biggest ASEAN capital market. Asia-Pacific Journal of Business Administration, 15(5): 695-720.
  • Rehman, M.U., Kang, S.H., Ahmad, N. and Vo, X.V. (2021). The impact of COVID-19 on the G7 stock markets: A time-frequency analysis. The North American Journal of Economics and Finance, 58: 101526.
  • Riahi, R., Bennajma, A., Jahmane, A. and Hammami, H. (2024). Investing in cryptocurrency before and during the COVID-19 crisis: Hedge, diversifier or safe haven? Research in International Business and Finance, 67: 102102.
  • Salman, A., and Ali, Q. (2024). Covid-19 and its impact on the stock market in GCC. Journal of Sustainable Finance and Investment, 14(1): 220-236.
  • Salman, A., Chang, B.H., Abdul Razzaq, M.G., Wong, W.K. and Uddin, M.A. (2023). The emerging stock markets and their asymmetric response to infectious disease equity market volatility (ID-EMV) index. Annals of Financial Economics, 2350008.
  • Shaik, M., Rabbani, M.R., Nasef, Y.T., Kayani, U.N. and Bashar, A. (2023). The dynamic volatility nexus of FinTech, innovative technology communication, and cryptocurrency indices during the crises period. Journal of Open Innovation: Technology, Market, and Complexity, 9(3): 100129.
  • Shaikh, I. (2021). Impact of COVID-19 pandemic disease outbreak on the global equity markets. Economic Research-Ekonomska Istraživanja, 34(1): 2317-2336.
  • Shaikh, M., Shaikh, S.H., Ullah, M. and Shah, A.B. (2021). COVID-19 outbreak and stock return of G7 economies. International Journal of Management (IJM), 12(4).
  • Sharfstein, J.M., and Lurie, N. (2023). Public health emergency preparedness after COVID‐19. The Milbank Quarterly, 101(Suppl 1): 653-673.
  • Spelta, A., Pecora, N., Flori, A. and Giudici, P. (2023). The impact of the SARS-CoV-2 pandemic on financial markets: A seismologic approach. Annals of Operations Research, 330(1): 639-664.
  • Tanin, T.I., Sarker, A., Brooks, R. and Do, H.X. (2022). Does oil impact gold during COVID-19 and three other recent crises? Energy Economics, 108: 105938.
  • Tarchella, S., Khalfaoui, R. and Hammoudeh, S. (2024). The safe haven, hedging, and diversification properties of oil, gold, and cryptocurrency for the G7 equity markets: Evidence from the pre-and post-COVID-19 periods. Research in International Business and Finance, 67: 102125.
  • Tong, H., Khaskheli, A. and Masood, A. (2024). Quantile connectedness among real estate investment trusts during COVID-19: Evidence from the extreme tails of distributions. International Journal of Housing Markets and Analysis, 17(1): 114-143.
  • Topcu, M. and Gulal, O.S. (2020). The impact of COVID-19 on emerging stock markets. Finance Research Letters, 36: 101691.
  • Trefz, N. M. (2023). Impacts of the Covid-19 Crisis on US real estate investments: A sectoral performance and spillover analysis. In Stock Price Dynamics of US REITs: The Effect of Short Selling, Covid-19, and ESG (pp. 30-94). Wiesbaden: Springer Fachmedien Wiesbaden.
  • Ullah, A., Zhao, X., Amin, A., Syed, A.A., and Riaz, A. (2023). Impact of COVID-19 and economic policy uncertainty on China’s stock market returns: Evidence from quantile-on-quantile and causality-in-quantiles approaches. Environmental Science and Pollution Research, 30(5): 12596-12607.
  • Xu, W., Fu, Z., Li, H., Huang, J., Xu, W. and Luo, Y. (2023). A study of the impact of COVID‐19 on the Chinese stock market based on a new textual multiple ARMA model. Statistical Analysis and Data Mining: The ASA Data Science Journal, 16(1): 5-15.
  • Yang, Z., Naeem, M., Ji, H., Liu, G., Zhu, Y. and Xu, J. (2023). Does China’s stock market react to COVID-19 differently at industry level? Evidence from China. Economic research-Ekonomska istraživanja, 36(2): 1-20.

Enfeksiyon Hastalıkları ve Hisse Senedi Piyasaları: Küresel Sağlık Endeksleri Üzerinden Bir Uygulama

Yıl 2024, Cilt: 6 Sayı: 1, 13 – 27, 30.06.2024

Nurten Terkeş Samet Gürsoy Mert Baran Tunçel

https://doi.org/10.56668/jefr.1489513

Öz

Bu çalışmada, Equity Market Volatility: Infectious Disease Tracker endeksi ile Emerging Markets Health Care endeksi, Europe Health Care endeksi, World Health Care endeksi ve Stoxx Europe 600 Health Care endeksi arasındaki ilişkiler Aralık 2007- Aralık 2023 dönemine ait aylık veriler (193 gözlem) kullanılarak incelenmiştir. Elde edilen sonuçlarda, EMV endeksi ile EMHC endeksi, EHC endeksi, WORLDH endeksi ve ASIAPASH endeksinin uzun dönemde birlikte hareket ettikleri görülürken, değişkenler arasında herhangi bir nedensellik ilişkisine rastlanılmamıştır. Sonuçlara göre, yatırımcıların sağlık sektöründe faaliyet gösteren şirketlere yatırım yaparken, yalnızca enfeksiyon hastalıklarının hisse senedi piyasalarındaki etkilerini değil, aynı zamanda genel piyasa koşullarını da değerlendirmelerini önerilebilir.

Anahtar Kelimeler

EMV Endeksi, EMHC Endeksi, WORLDH Endeksi, ASIAPASH Endeksi, Maki Eşbütünleşme Testi, Fourier Toda – Yamamoto Nedensellik Testi

Kaynakça

  • Akyildirim, E., Conlon, T., Corbet, S. and Goodell, J.W. (2023). Understanding the FTX exchange collapse: A dynamic connectedness approach. Finance Research Letters, 53: 103643.
  • Almeida, D., Dionísio, A., Vieira, I. and Ferreira, P. (2023). COVID-19 Effects on the relationship between cryptocurrencies: Can it be contagion? Insights from Econophysics Approaches. Entropy, 25(1): 98.
  • Al-Nassar, N.S., Yousaf, I. and Makram, B. (2023). Spillovers between positively and negatively affected service sectors from the COVID-19 health crisis: Implications for portfolio management. Pacific-Basin Finance Journal, 79: 102009.
  • Alzate-Ortega, A., Garzón, N. and Molina-Muñoz, J. (2024). Volatility spillovers in emerging markets: Oil shocks, energy, stocks, and gold. Energies, 17(2): 378.
  • Ampountolas, A. (2023). The effect of COVID-19 on cryptocurrencies and the stock market volatility: A two-stage DCC-EGARCH model analysis. Journal of Risk and Financial Management, 16(1): 25.
  • Antonakakis, N., Cunado, J., Filis, G., Gabauer, D. and de Gracia, F.P. (2023). Dynamic connectedness among the implied volatilities of oil prices and financial assets: New evidence of the COVID-19 pandemic. International Review of Economics and Finance, 83: 114-123.
  • Baker, S.R., Bloom, N., Davis, S.J., Kost, K., Sammon, M., and Viratyosin, T. (2020). The unprecedented stock market reaction to COVID-19. The Review of Asset Pricing Studies, 10(4): 742-758.
  • Balcilar, M., Ozdemir, H. and Agan, B. (2022). Effects of COVID-19 on cryptocurrency and emerging market connectedness: Empirical evidence from quantile, frequency, and lasso networks. Physica A: Statistical Mechanics and its Applications, 604: 127885.
  • Bani-Khalaf, O. and Taspinar, N. (2022). Oil and gold return spillover and stock market elasticity during COVID-19 pandemic: A comparative study between the stock markets of oil-exporting countries and oil-importing countries in the Middle East. Resources Policy, 79: 102935.
  • Bashir, H.A., and Kumar, D. (2023). Investor attention, Twitter uncertainty and cryptocurrency market amid the COVID-19 pandemic. Managerial Finance, 49(4): 620-642.
  • Bekaert, G., Harvey, C.R. and Ng, A. (2005). Market Integration and Contagion. Journal of Business, 78(1): 39-69.
  • Bentes, S.R. (2021). How COVID-19 has affected stock market persistence? Evidence from the G7’s. Physica A: Statistical Mechanics and its Applications, 581: 126210.
  • Bouazizi, T., Guesmi, K., Galariotis, E. and Vigne, S.A. (2024). Crude oil prices in times of crisis: The role of Covid-19 and historical events. International Review of Financial Analysis, 91: 102955.
  • Bouri, E., Demirer, R., Gupta, R., and Pierdzioch, C. (2020). Infectious diseases, market uncertainty and oil market volatility. Energies, 13(16): 4090.
  • Cioroianu, I., Corbet, S. and Larkin, C. (2021). Guilt through association: Reputational contagion and the Boeing 737-MAX disasters. Economics Letters, 198: 109657.
  • Corbet, S., Hou, Y. G., Hu, Y. and Oxley, L. (2022). The growth of oil futures in China: Evidence of market maturity through global crises. Energy Economics, 114: 106243.
  • Cui, M., Wong, W.K., Wisetsri, W., Mabrouk, F., Muda, I., Li, Z. and Hassan, M. (2023). Do oil, gold and metallic price volatilities prove gold as a safe haven during COVID-19 pandemic? Novel evidence from COVID-19 data. Resources Policy, 80: 103133.
  • DeCarrion-i-Sylvestre, J.L., Kim, D., and Perron, P. (2009). GLS-Based unit root tests with multiple structural breaks under both the null and the alternative hypotheses. Econometric Theory, 25(6): 1754-1792.
  • Enders, W. and Lee, J. (2012). A unit root test using a Fourier series to approximate smooth breaks. Oxford Bulletin of Economics and Statistics, 74(4): 574-599.
  • Faggioni, F., Rossi, M.V., and Sestino, A. (2023). Supply chain resilience in the pharmaceutical industry: A qualitative analysis from scholarly and managerial perspectives. Int. J. Bus. Manag., 18: 129.
  • Fasanya, I. and Oyewole, O. (2023). Dynamic spillovers between precious metals and travel and tourism stocks in South-East Asia: Do infectious disease outbreaks matter?. Economic Research-Ekonomska Istraživanja, 36(1): 2166968.
  • Fernandes, L.H., Silva, J.W., Araujo, F.H., and Bariviera, A.F. (2024). Quantifying the COVID-19 shock in cryptocurrencies. Fractals, 32(1): 2450019.
  • Foroutan, P. and Lahmiri, S. (2022). The effect of COVID-19 pandemic on return-volume and return-volatility relationships in cryptocurrency markets. Chaos, Solitons and Fractals, 162: 112443.
  • Gao, J., Li, H. and Lu, Z. (2023). Impact of COVID-19 on investor sentiment in China's stock markets. Heliyon, 9(10).
  • Ghaemi Asl, M., Tavakkoli, H.R. and Rashidi, M.M. (2021). Sector-by-sector analysis of dependence dynamics between global large-cap companies and infectious diseases: A time-varying copula approach in EBOV and COVID-19 episodes. PLoS One, 16(11): e0259282.
  • Gurrib, I. (2021). Early COVID-19 policy response on healthcare equity prices. Studies in Economics and Finance, 38(5): 987-1006.
  • Hu, Y., Lang, C., Corbet, S. and Wang, J. (2024). The impact of COVID-19 on the volatility connectedness of the Chinese tourism sector. Research in International Business and Finance, 68: 102192.
  • Hung, D.V., Hue, N.T.M. and Duong, V.T. (2021). The impact of COVID-19 on stock market returns in Vietnam. Journal of Risk and Financial Management, 14(9): 441.
  • Hung, N.T., and Vo, X.V. (2021). Directional spillover effects and time-frequency nexus between oil, gold and stock markets: Evidence from pre and during COVID-19 outbreak. International Review of Financial Analysis, 76: 101730.
  • Izzeldin, M., Muradoğlu, Y.G., Pappas, V., and Sivaprasad, S. (2021). The impact of Covid-19 on G7 stock markets volatility: Evidence from a ST-HAR model. International Review of Financial Analysis, 74: 101671.
  • Jain, P., Maitra, D. and Kang, S.H. (2023). Oil price and the automobile industry: Dynamic connectedness and portfolio implications with downside risk. Energy Economics, 119: 106537.
  • Ji, X., Bu, N., Zheng, C., Xiao, H., Liu, C., Chen, X. and Wang, K. (2024). Stock market reaction to the COVID-19 pandemic: An event study. Portuguese Economic Journal, 23(1).
  • Joof, F., Oben, R.J. and Chakib, Z. (2024). Resilience in turmoil: Analyzing China's energy stock market reaction to COVID-19 pandemic-an event study methodology. Available at SSRN, 4682748.
  • Kadir, M.A. (2020). Role of telemedicine in healthcare during COVID-19 pandemic in developing countries. Telehealth and Medicine Today, 5(2): 1-5.
  • Kalinowski, M. (2024). Has COVID-19 changed the travel and tourism stock market behavior in the USA?: Case of Dow Jones US Travel and Tourism and SandP 500 indexes. Quality and Quantity, 1-16.
  • Kyriazis, N., Papadamou, S., Tzeremes, P. and Corbet, S. (2023). The differential influence of social media sentiment on cryptocurrency returns and volatility during COVID-19. The Quarterly Review of Economics and Finance, 89: 307-317.
  • Li, Y. and Umair, M. (2023). The protective nature of gold during times of oil price volatility: An analysis of the COVID-19 pandemic. The Extractive Industries and Society, 101284.
  • Long, S. and Guo, J. (2022). Infectious disease equity market volatility, geopolitical risk, speculation, and commodity returns: Comparative analysis of five epidemic outbreaks. Research in International Business and Finance, 62: 101689.
  • Lu, S., Wang, C., Wong, S.K., and Shi, S. (2023). Is this time the same? Housing market performance during SARS and COVID-19. International Journal of Housing Markets and Analysis, 16(3): 490-512.
  • Lubis, S.W., Alfarisi, M.F., and Adrianto, F. (2021). The effect of oil prices, gold and exchanges on JCI during the Covid-19. Enrichment: Journal of Management, 12(1): 135-145.
  • Lukanima, B.K., Sanchez-Barrios, L.J. and Gómez-Bravo, Y.P. (2024). Towards understanding MILA stock markets integration beyond MILA: New evidence between the pre-Global financial crisis and the COVID-19 periods. International Review of Economics and Finance, 89: 478-497.
  • Maki, D. (2012). Tests for cointegration allowing for an unknown number of breaks. Economic Modelling, 29(5): 2011-2015.
  • Mazur, M., Dang, M. and Vega, M. (2021). COVID-19 and the March 2020 stock market crash. Evidence from SandP1500. Finance Research Letters, 38: 101690.
  • Mikhaylov, A., Bhatti, I.M., Dinçer, H. and Yüksel, S. (2024). Integrated decision recommendation system using iteration-enhanced collaborative filtering, golden cut bipolar for analyzing the risk-based oil market spillovers. Computational Economics, 63(1): 305-338.
  • Mittal, S. and Sharma, D. (2021). The impact of COVID-19 on stock returns of the Indian healthcare and pharmaceutical sector. Australasian Accounting, Business and Finance Journal, 15(1): 5-21.
  • Mobin, M.A., Hassan, M.K., Khalid, A. and Abdul-Rahim, R. (2022). COVID-19 pandemic and risk dynamics of financial markets in G7 countries. International Journal of Islamic and Middle Eastern Finance and Management, 15(2): 461-478.
  • Mushafiq, M. (2023). Industry-level analysis of COVID-19’s impact in emerging markets–evidence from Pakistan. International Journal of Emerging Markets, 18(10): 3437-3461.
  • Najaf, K. and Chin, A. (2024). The impact of the China Stock market on global financial markets during COVID-19. International Journal of Public Sector Performance Management, 13(1): 100-114.
  • Nazlıoğlu, S., Gormus, A. and Soytas, U. (2016). Oil prices and real estate investment trusts (REITs): Gradual-shift causality and volatility transmission analysis. Energy Economics, 60: 167-175.
  • Priscilla, S., Hatane, S.E., and Tarigan, J. (2023). COVID-19 catastrophes and stock market liquidity: Evidence from technology industry of four biggest ASEAN capital market. Asia-Pacific Journal of Business Administration, 15(5): 695-720.
  • Rehman, M.U., Kang, S.H., Ahmad, N. and Vo, X.V. (2021). The impact of COVID-19 on the G7 stock markets: A time-frequency analysis. The North American Journal of Economics and Finance, 58: 101526.
  • Riahi, R., Bennajma, A., Jahmane, A. and Hammami, H. (2024). Investing in cryptocurrency before and during the COVID-19 crisis: Hedge, diversifier or safe haven? Research in International Business and Finance, 67: 102102.
  • Salman, A., and Ali, Q. (2024). Covid-19 and its impact on the stock market in GCC. Journal of Sustainable Finance and Investment, 14(1): 220-236.
  • Salman, A., Chang, B.H., Abdul Razzaq, M.G., Wong, W.K. and Uddin, M.A. (2023). The emerging stock markets and their asymmetric response to infectious disease equity market volatility (ID-EMV) index. Annals of Financial Economics, 2350008.
  • Shaik, M., Rabbani, M.R., Nasef, Y.T., Kayani, U.N. and Bashar, A. (2023). The dynamic volatility nexus of FinTech, innovative technology communication, and cryptocurrency indices during the crises period. Journal of Open Innovation: Technology, Market, and Complexity, 9(3): 100129.
  • Shaikh, I. (2021). Impact of COVID-19 pandemic disease outbreak on the global equity markets. Economic Research-Ekonomska Istraživanja, 34(1): 2317-2336.
  • Shaikh, M., Shaikh, S.H., Ullah, M. and Shah, A.B. (2021). COVID-19 outbreak and stock return of G7 economies. International Journal of Management (IJM), 12(4).
  • Sharfstein, J.M., and Lurie, N. (2023). Public health emergency preparedness after COVID‐19. The Milbank Quarterly, 101(Suppl 1): 653-673.
  • Spelta, A., Pecora, N., Flori, A. and Giudici, P. (2023). The impact of the SARS-CoV-2 pandemic on financial markets: A seismologic approach. Annals of Operations Research, 330(1): 639-664.
  • Tanin, T.I., Sarker, A., Brooks, R. and Do, H.X. (2022). Does oil impact gold during COVID-19 and three other recent crises? Energy Economics, 108: 105938.
  • Tarchella, S., Khalfaoui, R. and Hammoudeh, S. (2024). The safe haven, hedging, and diversification properties of oil, gold, and cryptocurrency for the G7 equity markets: Evidence from the pre-and post-COVID-19 periods. Research in International Business and Finance, 67: 102125.
  • Tong, H., Khaskheli, A. and Masood, A. (2024). Quantile connectedness among real estate investment trusts during COVID-19: Evidence from the extreme tails of distributions. International Journal of Housing Markets and Analysis, 17(1): 114-143.
  • Topcu, M. and Gulal, O.S. (2020). The impact of COVID-19 on emerging stock markets. Finance Research Letters, 36: 101691.
  • Trefz, N. M. (2023). Impacts of the Covid-19 Crisis on US real estate investments: A sectoral performance and spillover analysis. In Stock Price Dynamics of US REITs: The Effect of Short Selling, Covid-19, and ESG (pp. 30-94). Wiesbaden: Springer Fachmedien Wiesbaden.
  • Ullah, A., Zhao, X., Amin, A., Syed, A.A., and Riaz, A. (2023). Impact of COVID-19 and economic policy uncertainty on China’s stock market returns: Evidence from quantile-on-quantile and causality-in-quantiles approaches. Environmental Science and Pollution Research, 30(5): 12596-12607.
  • Xu, W., Fu, Z., Li, H., Huang, J., Xu, W. and Luo, Y. (2023). A study of the impact of COVID‐19 on the Chinese stock market based on a new textual multiple ARMA model. Statistical Analysis and Data Mining: The ASA Data Science Journal, 16(1): 5-15.
  • Yang, Z., Naeem, M., Ji, H., Liu, G., Zhu, Y. and Xu, J. (2023). Does China’s stock market react to COVID-19 differently at industry level? Evidence from China. Economic research-Ekonomska istraživanja, 36(2): 1-20.

Toplam 67 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Sağlık Ekonomisi
BölümAraştırma Makaleleri
Yazarlar

Nurten Terkeş BURDUR MEHMET AKİF ERSOY ÜNİVERSİTESİ, BUCAK SAĞLIK YÜKSEKOKULU 0000-0002-1644-8382 Türkiye

Samet Gürsoy BURDUR MEHMET AKİF ERSOY ÜNİVERSİTESİ 0000-0003-1020-7438 Türkiye

Mert Baran Tunçel ŞIRNAK ÜNİVERSİTESİ, ŞIRNAK MESLEK YÜKSEKOKULU 0000-0001-8554-8080 Türkiye

Yayımlanma Tarihi30 Haziran 2024
Gönderilme Tarihi24 Mayıs 2024
Kabul Tarihi26 Haziran 2024
Yayımlandığı Sayı Yıl 2024 Cilt: 6 Sayı: 1

Kaynak Göster

APATerkeş, N., Gürsoy, S., & Tunçel, M. B. (2024). Enfeksiyon Hastalıkları ve Hisse Senedi Piyasaları: Küresel Sağlık Endeksleri Üzerinden Bir Uygulama. Ekonomi Ve Finansal Araştırmalar Dergisi, 6(1), 13-27. https://doi.org/10.56668/jefr.1489513

Download or read online: Click here