 Tokenization in soccer leagues. Is fan engagement for real?Pablo Agnese and Yuqing Xiao Research in International Business and Finance, 2025, vol. 76, issue C Abstract: Fan tokens grant sports supporters a set of rights that makes for a closer and more engaging association with their clubs. Our study offers a two-pronged strategy to consolidate our understanding of this new and disruptive asset class in the field of soccer. First, our event study shows that abnormal returns are negatively driven by fan sentiment during and around the clubs’ match days, yet the effect becomes positive when considering the national team’s match days. Second, our counterfactual simulations suggest that fan tokens are indeed driven by fan sentiments and not by mere crypto speculation. Our dataset contains data on the fan tokens of four major soccer clubs (Barcelona, Manchester City, Paris Saint-Germain, and Juventus) during 2021–2023, and distinguishes between the teams’ local match days, UEFA Champions match days, and the World Cup’s match days. We believe our intuitions are timely and can be useful both as a guide for portfolio management and for tailoring the soon-to-be legislation of crypto assets in general and fan tokens in particular. Keywords: tokens; clubs; event study; counterfactuals (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:76:y:2025:i:c:s0275531925000832 DOI: 10.1016/j.ribaf.2025.102827 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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