Connectedness among fan tokens and stocks of football clubs

Ersan, Oguz; Demir, Ender; Assaf, Ata

dc.title	Connectedness among fan tokens and stocks of football clubs	en
dc.contributor.author	Ersan, Oguz
dc.contributor.author	Demir, Ender
dc.contributor.author	Assaf, Ata
dc.relation.ispartof	Research in International Business and Finance
dc.identifier.issn	0275-5319 Scopus Sources, Sherpa/RoMEO, JCR
dc.identifier.issn	1878-3384 Scopus Sources, Sherpa/RoMEO, JCR
dc.date.issued	2022
utb.relation.volume	63
dc.type	article
dc.language.iso	en
dc.publisher	Elsevier Ltd
dc.identifier.doi	10.1016/j.ribaf.2022.101780
dc.relation.uri	https://www.sciencedirect.com/science/article/pii/S0275531922001660
dc.relation.uri	https://www.sciencedirect.com/science/article/pii/S0275531922001660/pdfft?md5=97a4f5842a4c2c84ce930c4d44f15f15&pid=1-s2.0-S0275531922001660-main.pdf
dc.subject	fan tokens	en
dc.subject	football clubs	en
dc.subject	connectedness	en
dc.subject	TVP-VAR	en
dc.subject	spillover	en
dc.subject	asset returns	en
dc.description.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 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.	en
utb.faculty	Faculty of Management and Economics
dc.identifier.uri	http://hdl.handle.net/10563/1011202
utb.identifier.obdid	43883886
utb.identifier.scopus	2-s2.0-85140474152
utb.identifier.wok	000879974000004
utb.source	j-scopus
dc.date.accessioned	2022-11-29T07:49:18Z
dc.date.available	2022-11-29T07:49:18Z
utb.contributor.internalauthor	Demir, Ender
utb.fulltext.affiliation	Oguz Ersan a, Ender Demir b,e,, Ata Assaf c,d a Department of International Trade and Finance, Faculty of Economics, Administrative and Social Sciences, Kadir Has University, Istanbul, Turkey b Department of Business Administration School of Social Sciences Reykjavik University, Reykjavik, Iceland c Faculty of Business and Management University of Balamand, P.O.Box: 100, Tripoli, Lebanon d Cyprus International Institute of Management (CIIM) Cyprus, P. O. Box 20378, 2151 Nicosia, Cyprus e Faculty of Management and Economics, Tomas Bata University in Zlin, Zlin, Czech Republic Corresponding author. E-mail addresses: oguzersan@khas.edu.tr (O. Ersan), enderd@ru.is (E. Demir), ata.assaf@balamand.edu.lb (A. Assaf).
utb.fulltext.dates	Received 2 April 2022 Received in revised form 28 August 2022 Accepted 3 October 2022 Available online 7 October 2022
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utb.fulltext.sponsorship	This research did not receive any specific grant from funding agencies in the public, commercial, or not-for-profit sectors.
utb.wos.affiliation	[Ersan, Oguz] Kadir Has Univ, Fac Econ Adm & Social Sci, Dept Int Trade & Finance, Istanbul, Turkey; [Demir, Ender] Reykjavik Univ, Dept Business Adm Sch Social Sci, Reykjavik, Iceland; [Assaf, Ata] Management Univ Balamand, Fac Business, PO Box 100, Tripoli, Lebanon; [Assaf, Ata] Cyprus Int Inst Management CIIM Cyprus, PO Box 20378, CY-2151 Nicosia, Cyprus; [Demir, Ender] Tomas Bata Univ Zlin, Fac Management & Econ, Zlin, Czech Republic
utb.scopus.affiliation	Department of International Trade and Finance, Faculty of Economics, Administrative and Social Sciences, Kadir Has University, Istanbul, Turkey; Department of Business Administration School of Social Sciences Reykjavik University, Reykjavik, Iceland; Faculty of Business and Management University of Balamand, P.O.Box: 100, Tripoli, Lebanon; Cyprus International Institute of Management (CIIM) Cyprus, P. O. Box 20378, Nicosia, 2151, Cyprus; Faculty of Management and Economics, Tomas Bata University in Zlin, Zlin, Czech Republic
utb.fulltext.projects	-
utb.fulltext.faculty	Faculty of Management and Economics
utb.fulltext.ou	-