Connectedness among fan tokens and stocks of football clubs

被引：31

作者：

Ersan, Oguz ^{[1
]}

Demir, Ender ^{[2
,5
]}

Assaf, Ata ^{[3
,4
]}

机构：

[1] Kadir Has Univ, Fac Econ Adm & Social Sci, Dept Int Trade & Finance, Istanbul, Turkey

[2] Reykjavik Univ, Dept Business Adm Sch Social Sci, Reykjavik, Iceland

[3] Management Univ Balamand, Fac Business, PO Box 100, Tripoli, Lebanon

[4] Cyprus Int Inst Management CIIM Cyprus, PO Box 20378, CY-2151 Nicosia, Cyprus

[5] Tomas Bata Univ Zlin, Fac Management & Econ, Zlin, Czech Republic

来源：

RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2022年 / 63卷

关键词：

Fan tokens; Football clubs; Connectedness; TVP-VAR; Spillover; Asset returns;

D O I：

10.1016/j.ribaf.2022.101780

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines the dynamic connectedness among the fan tokens and their corresponding stocks using the TVP-VAR approach. We use daily data from December 11, 2020, to January 31, 2022, for the Juventus FC, AS Roma, Galatasaray, and Trabzonspor tokens and stocks. Our results indicate that shocks transmitted to any token are larger than the ones to the stocks, with the tokens being the net transmitters of shocks to both the tokens and stocks. Then, our results indicate that the two asset classes are considered independent of each other, with the total connectedness decreasing over time, and indicating that less than 10% of the contributions in any token (stock) is from the stocks (remaining stocks). This implies that the idiosyncratic contri-butions to the variations in the utilized group of assets are considerably low when compared to the system contributions. Finally, we provide some implications for investment and portfolio management.

引用

页数：10

共 19 条

[1] How COVID-19 drives connectedness among commodity and financial markets: Evidence from TVP-VAR and causality-in-quantiles techniques [J].