This paper investigates the impact of the recent terrorist attacks on the Turkish banking sector. Specifically, an event study analysis is executed to estimate the abnormal returns of banks’ stocks in Turkey. According to the results, negative and significant abnormal returns were observed on the event dates of terrorist attacks, those of which especially occurred at international points and touristic places. The study continues with a regression analysis that looks into the cross-bank variation of abnormal returns by using important bank characteristics as predictors. The regression analysis exhibits that banks with higher leverage and larger size are prone to getting more negatively affected by the terrorist attack. On the other hand, banks with higher liquidity and higher income level are likely to have less negative abnormal returns.

中文翻译：

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恐怖主义对土耳其银行股票的影响和异常回报的跨银行变化

本文调查了近期恐怖袭击对土耳其银行业的影响。具体而言，执行事件研究分析以估计土耳其银行股票的异常收益。结果显示，在恐怖袭击事件发生当日，特别是在国际点和旅游景点，出现了显着的负异常收益。该研究继续进行回归分析，通过使用重要的银行特征作为预测因子来研究异常收益的跨银行变化。回归分析表明，杠杆率较高、规模较大的银行更容易受到恐怖袭击的负面影响。另一方面，流动性较高、收入水平较高的银行可能具有较少的负异常收益。