SSRN Electronic Journal,
Journal Year:
2024,
Volume and Issue:
unknown
Published: Jan. 1, 2024
National
football
teams
increasingly
issue
tradeable
blockchain-based
fan
tokens
to
strategically
enhance
engagement.
This
study
investigates
the
impact
of
2022
World
Cup
matches
on
dynamic
performance
each
team's
token.
The
event
uncovers
token
returns
surged
six
months
before
Cup,
driven
by
positive
anticipation
effects.
However,
intraday
analysis
reveals
a
reversal
consistently
declining
and
trading
volumes
rising
as
unfold.
To
explain
findings,
we
uncover
asymmetries
whereby
defeats
in
high-stake
caused
plunge
returns,
compared
low-stake
matches,
intensifying
magnitude
for
knockout
matches.
Contrarily,
victories
volumes,
reflecting
increased
market
activity
without
corresponding
effect
returns.
We
align
findings
with
classic
adage
"buy
rumor,
sell
news,"
unveiling
cognitive
biases
nuances
investor
sentiment,
cautioning
dichotomy
pre-event
optimism
subsequent
declines.
Research in International Business and Finance,
Journal Year:
2024,
Volume and Issue:
70, P. 102333 - 102333
Published: March 16, 2024
National
football
teams
increasingly
issue
tradeable
blockchain-based
fan
tokens
to
strategically
enhance
engagement.
This
study
investigates
the
impact
of
2022
World
Cup
matches
on
dynamic
performance
each
team's
token.
The
event
uncovers
token
returns
surged
six
months
before
Cup,
driven
by
positive
anticipation
effects.
However,
intraday
analysis
reveals
a
reversal
consistently
declining
and
trading
volumes
rising
as
unfold.
To
explain
findings,
we
uncover
asymmetries
whereby
defeats
in
high-stake
caused
plunge
returns,
compared
low-stake
matches,
intensifying
magnitude
for
knockout
matches.
Contrarily,
victories
volumes,
reflecting
increased
market
activity
without
corresponding
effect
returns.
We
align
findings
with
classic
adage
"buy
rumor,
sell
news,"
unveiling
cognitive
biases
nuances
investor
sentiment,
cautioning
dichotomy
pre-event
optimism
subsequent
declines.
