DSpace Arşivi :: by Yazar "Barakas, Sami" değerine göre listeleniyor

Listeleniyor 1 - 1 / 1

Comparative analysis of cumulative abnormal returns of FTSE banks for Scottish independence vote 2014 and brexit vote 2016
(İstanbul Bilgi Üniversitesi, 2019) Barakas, Sami; Özyıldırım, Cenktan
Remain or Leave? The main hypothesis in this paper is whether political events such as Brexit and the Scottish Referendum have any statistically significant impact on financial markets. cumulative abnormal returns for FTSE 350 Banks Index have been calculated before and after these milestone events. The empirical results show that Brexit had a statistically significant negative impact on the market performance of the FTSE 350 Banks Index relative to the benchmark index performance. Similarly, the Scottish Referendum had a statistically significant positive impact on the same index, though at different times and with different magnitudes. A comparison between the two referendum shows that markets tend to react more to negative events such as Brexit as evidenced by a higher impact on cumulative abnormal returns. This paper also gives a brief insight on how a selected group of five sectors have been affected from both of the events. Components of this selected group include Life insurance, Construction Materials, General Retailers, Household Goods and Real Estate Investment Trusts.