Please use this identifier to cite or link to this item: https://scholarhub.balamand.edu.lb/handle/uob/6232
Title: Connectedness among fan tokens and stocks of football clubs
Authors: Ersan, Oguz
Demir, Ender
Assaf, Ata 
Affiliations: Faculty of Business and Management 
Keywords: Asset returns
Connectedness
Fan tokens
Football clubs
Spillover
TVP-VAR
Issue Date: 2022
Publisher: Elsevier
Part of: Research in International Business and Finance
Volume: 63
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.
URI: https://scholarhub.balamand.edu.lb/handle/uob/6232
ISSN: 02755319
DOI: 10.1016/j.ribaf.2022.101780
Ezproxy URL: Link to full text
Type: Journal Article
Appears in Collections:Department of Business Administration

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