Are Fan Tokens Fan Tokens?

Loading...
Thumbnail Image

Date

2022

Authors

Ersan, Oguz
Popesko, Boris

Journal Title

Journal ISSN

Volume Title

Publisher

Academic Press Inc Elsevier Science

Research Projects

Organizational Units

Journal Issue

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.

Description

Keywords

Market-Efficiency, Fan tokens, Sports Sentiment, cryptocurrencies, football clubs, Market-Efficiency, asset prices, Sports Sentiment, mood

Turkish CoHE Thesis Center URL

Citation

22

WoS Q

Q1

Scopus Q

Q1

Source

Finance Research Letters

Volume

47

Issue

Start Page

End Page