The Effect of Marmara Earthquake on Financial Institutions

Mehmet BOLAK, Ömür SÜER


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.

Anahtar Kelimeler

Earthquake; Event Study; Insurance Firms; Banks; Turkey

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