 The hedge and safe haven properties of non-fungible tokens (NFTs): Evidence from the nonlinear autoregressive distributed lag (NARDL) modelZhiyuan Zhang, Qinglin Sun and Yongfan Ma Finance Research Letters, 2022, vol. 50, issue C Abstract: In this paper, we employ the NARDL model to examine whether non-fungible tokens (NFTs) can act as hedges and safe havens for stocks, bonds, US dollar, gold, crude oil and Bitcoin. In addition to examining whether NFTs can act as hedges for other assets during the full period (January 1, 2018–March 31, 2022), we also study the hedging properties of NFTs during the pre-COVID-19 period and the safe haven properties of NFTs in times of stress after the COVID-19 outbreak. The empirical results show that in the full period, NFTs are hedges for bonds, US dollar and gold on average; in the pre-COVID-19 period, NFTs are hedges for stocks and US dollar on average; in the COVID-19 period, NFTs can act as safe havens for US dollar. Our empirical findings have important implications for investors looking for hedging and safe haven instruments for major asset classes. Keywords: Non-fungible tokens; Hedge; Safe haven; NARDL model (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:finlet:v:50:y:2022:i:c:s1544612322004949 DOI: 10.1016/j.frl.2022.103315 Access Statistics for this article Finance Research Letters is currently edited by R. Gençay More articles in Finance Research Letters from Elsevier |
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