Detecting and date-stamping bubbles in fan tokens

dc.authorid Assaf, Ata/0000-0001-6296-2086
dc.authorscopusid 7005813570
dc.authorscopusid 57222086051
dc.authorscopusid 57189005583
dc.contributor.author Ersan, Oğuz
dc.contributor.author Demir, Ender
dc.contributor.author Ersan, Oguz
dc.contributor.other International Trade and Finance
dc.date.accessioned 2024-06-23T21:38:10Z
dc.date.available 2024-06-23T21:38:10Z
dc.date.issued 2024
dc.department Kadir Has University en_US
dc.department-temp [Assaf, Ata] Univ Balamand, Fac Business & Management, POB 100, Tripoli, Lebanon; [Demir, Ender] Reykjavik Univ, Sch Social Sci, Dept Business Adm, Reykjavik, Iceland; [Demir, Ender] Tomas Bata Univ Zlin, Fac Management & Econ, Dept Business Adm, Zlin, Czech Republic; [Ersan, Oguz] Kadir Has Univ, Fac Econ Adm & Social Sci, Dept Int Trade & Finance, Istanbul, Turkiye en_US
dc.description Assaf, Ata/0000-0001-6296-2086 en_US
dc.description.abstract We focus on the existence of bubbles in fan tokens, utilizing the Supremum Augmented DickeyFuller (SADF) and Generalized Supremum Augmented Dickey -Fuller (GSADF) tests. We use daily closing prices of the top 20 fan tokens according to their market capitalization, along with Bitcoin, Ethereum, and Chiliz. The evidence from the GSADF test results indicates that the prices of 13 out of 20 fan tokens and the three cryptocurrencies have explosive periods associated with bubbles. Our results also show that the percentage of bubble days is between 0 % and 5% for all fan tokens. Among the 13 fan tokens exhibiting bubble behavior in their prices, nine have multiple sub -periods associated with bubbles, while only four tokens have a single sub -period with explosive prices. Bubbles in token prices are short-lived bubbles; most last for a few days. As a robustness analysis, we also perform LPPLS (Log -Periodic Power Law Singularity), providing similar results. Further analysis shows that trading volume, fan token return, Economic Policy Uncertainty (EPU), Daily Infectious Disease Equity Market Volatility (EMVID) are positively associated with the presence of bubbles in fan token prices, while oil return is negatively associated with bubbles. en_US
dc.identifier.citationcount 3
dc.identifier.doi 10.1016/j.iref.2024.01.039
dc.identifier.endpage 113 en_US
dc.identifier.issn 1059-0560
dc.identifier.issn 1873-8036
dc.identifier.scopus 2-s2.0-85187312743
dc.identifier.scopusquality Q1
dc.identifier.startpage 98 en_US
dc.identifier.uri https://doi.org/10.1016/j.iref.2024.01.039
dc.identifier.uri https://hdl.handle.net/20.500.12469/5760
dc.identifier.volume 92 en_US
dc.identifier.wos WOS:001188708200001
dc.identifier.wosquality Q2
dc.language.iso en en_US
dc.publisher Elsevier en_US
dc.relation.publicationcategory Makale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı en_US
dc.rights info:eu-repo/semantics/closedAccess en_US
dc.scopus.citedbyCount 6
dc.subject Fan token en_US
dc.subject Price bubbles en_US
dc.subject Bitcoin en_US
dc.subject SADF en_US
dc.subject GSADF en_US
dc.title Detecting and date-stamping bubbles in fan tokens en_US
dc.type Article en_US
dc.wos.citedbyCount 7
dspace.entity.type Publication
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