Are fan tokens fan tokens?

Demir, Ender; Ersan, Oguz; Popesko, Boris

dc.title	Are fan tokens fan tokens?	en
dc.contributor.author	Demir, Ender
dc.contributor.author	Ersan, Oguz
dc.contributor.author	Popesko, Boris
dc.relation.ispartof	Finance Research Letters
dc.identifier.issn	1544-6123 Scopus Sources, Sherpa/RoMEO, JCR
dc.identifier.issn	1544-6131 Scopus Sources, Sherpa/RoMEO, JCR
dc.date.issued	2022
utb.relation.volume	47
dc.type	article
dc.language.iso	en
dc.publisher	Elsevier Inc.
dc.identifier.doi	10.1016/j.frl.2022.102736
dc.relation.uri	https://www.sciencedirect.com/science/article/pii/S1544612322000599
dc.subject	fan tokens	en
dc.subject	cryptocurrencies	en
dc.subject	football clubs	en
dc.subject	asset prices	en
dc.subject	mood	en
dc.description.abstract	Fan tokens, digital assets providing privileges including rewards and promotions as well as voting rights in polls, recently became highly popular among the football clubs and the (fan) investors. Fan tokens differ from the stocks of football clubs with respect to ownership properties. Fan tokens might be associated with investor mood changes and reaction to match results. This paper aims to explore the impact of football match results on token prices of the clubs. We show that both the losses and wins in the most prestigious European tournament, UEFA Champions League affect the fan token abnormal returns, losses with an effect of a larger magnitude. Domestic matches and Europa League matches are not followed by similar reactions from the investors. Our results are robust to the use of alternative model specifications and various benchmark assets.	en
utb.faculty	Faculty of Management and Economics
dc.identifier.uri	http://hdl.handle.net/10563/1010875
utb.identifier.obdid	43883774
utb.identifier.scopus	2-s2.0-85124949577
utb.identifier.wok	000834854100007
utb.source	j-scopus
dc.date.accessioned	2022-03-15T22:10:59Z
dc.date.available	2022-03-15T22:10:59Z
utb.ou	Department of Business Administration
utb.contributor.internalauthor	Popesko, Boris
utb.fulltext.affiliation	Ender Demir a,, Oguz Ersan b, Boris Popesko c a Department of Business Administration, School of Social Sciences, Reykjavik University, Reykjavik, Iceland b Department of International Trade and Finance, Faculty of Economics, Administrative and Social Sciences, Kadir Has University, Istanbul, Turkey c Department of Business Administration, Faculty of Management and Economics, Tomas Bata University in Zlin, Zlin, Czech Republic Corresponding author. E-mail addresses: enderd@ru.is (E. Demir), oguzersan@khas.edu.tr (O. Ersan), popesko@utb.cz (B. Popesko).
utb.fulltext.dates	Received 17 September 2021 Received in revised form 8 January 2022 Accepted 13 February 2022 Available online 14 February 2022
utb.fulltext.sponsorship	-
utb.wos.affiliation	[Demir, Ender] Reykjavik Univ, Sch Social Sci, Dept Business Adm, Reykjavik, Iceland; [Ersan, Oguz] Kadir Has Univ, Fac Econ Adm & Social Sci, Dept Int Trade & Finance, Istanbul, Turkey; [Popesko, Boris] Tomas Bata Univ Zlin, Fac Management & Econ, Dept Business Adm, Zlin, Czech Republic
utb.scopus.affiliation	Department of Business Administration, School of Social Sciences, Reykjavik University, Reykjavik, Iceland; Department of International Trade and Finance, Faculty of Economics, Administrative and Social Sciences, Kadir Has University, Istanbul, Turkey; Department of Business Administration, 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	Department of Business Administration
utb.identifier.jel	-