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In this study, it is aimed to measure the negative effects of recent developments in the Turkish tourism sector on the financial failures of companies on Istanbul Stock Exchange tourism index. Financial tables of companies in the tourism sector during 2009-2016 period were analyzed with Altman Z Score Model and it was researched whether they carry the of bankruptcy risk or not. However, the exchange prices of the stocks are compared with the calculated Z scores and the probability of bankruptcy that was measured to what extent the priced in the exchange.