 Connectedness among fan tokens and stocks of football clubsOguz Ersan, Ender Demir and Ata Assaf Research in International Business and Finance, 2022, vol. 63, issue C Abstract: 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 contributions 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. Keywords: Fan tokens; Football clubs; Connectedness; TVP-VAR; Spillover; Asset returns (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:63:y:2022:i:c:s0275531922001660 DOI: 10.1016/j.ribaf.2022.101780 Access Statistics for this article Research in International Business and Finance is currently edited by T. Lagoarde Segot More articles in Research in International Business and Finance from Elsevier |
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