{"title":"Music stocks and music tokens: Extreme connectedness and portfolio applications","authors":"Buse Ustaoglu , Erkan Ustaoglu","doi":"10.1016/j.iref.2025.103872","DOIUrl":null,"url":null,"abstract":"<div><div>The aim of the study is to examine the connectedness and portfolio implications between music tokens and music stocks. Spillovers between music tokens and music stocks differ across various circumstances. Under normal circumstances, there is a significant unconnected between music tokens and music stocks. In extreme declines and rises, the return interconnectedness between the assets increases dramatically. Additionally, return spillovers among assets fluctuate over time, influenced by extreme events such as the Russia-Ukraine war and the cryptocurrency market collapse. In the framework of portfolio applications, music tokens have been found to have hedging properties for music stocks. In particular, music tokens added to portfolios at optimal rates exhibit very high hedging properties for SiriusXM Radio (SIRI) and Tencent Music Entertainment Group (TME). The results are important for investors and portfolio managers.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103872"},"PeriodicalIF":5.6000,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Economics & Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1059056025000358","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2025/1/10 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
The aim of the study is to examine the connectedness and portfolio implications between music tokens and music stocks. Spillovers between music tokens and music stocks differ across various circumstances. Under normal circumstances, there is a significant unconnected between music tokens and music stocks. In extreme declines and rises, the return interconnectedness between the assets increases dramatically. Additionally, return spillovers among assets fluctuate over time, influenced by extreme events such as the Russia-Ukraine war and the cryptocurrency market collapse. In the framework of portfolio applications, music tokens have been found to have hedging properties for music stocks. In particular, music tokens added to portfolios at optimal rates exhibit very high hedging properties for SiriusXM Radio (SIRI) and Tencent Music Entertainment Group (TME). The results are important for investors and portfolio managers.
本研究的目的是研究音乐代币和音乐股票之间的连通性和投资组合含义。音乐代币和音乐股票之间的溢出效应在不同情况下有所不同。在正常情况下，音乐代币与音乐股票之间存在明显的不关联。在极端下跌和上涨的情况下，资产之间的回报相互关联性显著增强。此外，受俄乌战争和加密货币市场崩溃等极端事件的影响，资产之间的回报溢出效应会随着时间的推移而波动。在投资组合应用的框架中，音乐代币被发现具有音乐股票的对冲属性。特别是，以最佳费率添加到投资组合中的音乐代币，对于SiriusXM Radio （SIRI）和腾讯音乐娱乐集团（TME）来说，表现出非常高的对冲属性。研究结果对投资者和投资组合经理很重要。
期刊介绍：
The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.
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