Are fan tokens fan tokens?

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F70883521%3A28120%2F22%3A63552059" target="_blank" >RIV/70883521:28120/22:63552059 - isvavai.cz</a>
Result on the web
<a href="https://www.sciencedirect.com/science/article/pii/S1544612322000599?via%3Dihub" target="_blank" >https://www.sciencedirect.com/science/article/pii/S1544612322000599?via%3Dihub</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1016/j.frl.2022.102736" target="_blank" >10.1016/j.frl.2022.102736</a>

Result language
angličtina
Original language name
Are fan tokens fan tokens?
Original language description
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.
Czech name
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Czech description
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Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
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OECD FORD branch
50204 - Business and management

Project
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Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year
2022
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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