Based on market integration theory,we investigate the static and dynamic connectedness between nonfungible tokens(NFTs)and the Association of Southeast Asian Nations(ASEAN)equity markets using the Quantile Vector Auto...Based on market integration theory,we investigate the static and dynamic connectedness between nonfungible tokens(NFTs)and the Association of Southeast Asian Nations(ASEAN)equity markets using the Quantile Vector Auto Regressive model.We also compute optimal weights and hedge ratios for our variable of interest to establish their diversification and hedging potential.Our analysis infers a moderate level of return transmission at the median quantile,where equity markets evolved as the net recipients of return spillover from the system,while NFTs emerge as key transmitters.In extreme market conditions,transmission between variables is amplified,but the increase is symmetrical across extreme quantiles,suggesting a similar impact.However,the interlinkage among assets is symmetric across conditional quantiles.The dynamic analysis demonstrates that the system integration amplifies during uncertain times(e.g.,COVID-19 and the Russia–Ukraine conflict).Our portfolio analysis shows that NFTs provide diversification and hedging in all market conditions.However,the period of turmoil dampened the diversification potential,and hedging became expensive.Our study offers detailed and insightful information about the transmission mechanism and enables the participants of financial markets to diversify and hedge their portfolio.展开更多
The digital innovation accompanied by explicit economic incentives have fundamentally changed the process of innovation diffusion.As a representative of digital innovation,NFTs(Non-Fungible Tokens)potentially offer ne...The digital innovation accompanied by explicit economic incentives have fundamentally changed the process of innovation diffusion.As a representative of digital innovation,NFTs(Non-Fungible Tokens)potentially offer new revenue streams in the digital space.However,current researches mainly focus on transaction networks and community culture,leaving the interplay among diffusion dynamics,economic dynamics,and social constraints on Twitter.By collecting and analyzing NFTs-related tweet dataset,the motivations of retweeters,the information mechanisms behind emojis,and the networked-based diffusion dynamics is systematically investigated.Results indicate that Retweeting is fueled by Freemint and trading information,with the higher economic incentives as a major motivation and some potential organizational tendencies.The diffusion of NFTs is primarily driven by a“Ringed-layered”information mechanism involving individual promoters and speculators.The presentation of content contribute positively to the growth of the retweet network.This study contributes to the innovation diffusion theory with economic incentives embedded.展开更多
文摘Based on market integration theory,we investigate the static and dynamic connectedness between nonfungible tokens(NFTs)and the Association of Southeast Asian Nations(ASEAN)equity markets using the Quantile Vector Auto Regressive model.We also compute optimal weights and hedge ratios for our variable of interest to establish their diversification and hedging potential.Our analysis infers a moderate level of return transmission at the median quantile,where equity markets evolved as the net recipients of return spillover from the system,while NFTs emerge as key transmitters.In extreme market conditions,transmission between variables is amplified,but the increase is symmetrical across extreme quantiles,suggesting a similar impact.However,the interlinkage among assets is symmetric across conditional quantiles.The dynamic analysis demonstrates that the system integration amplifies during uncertain times(e.g.,COVID-19 and the Russia–Ukraine conflict).Our portfolio analysis shows that NFTs provide diversification and hedging in all market conditions.However,the period of turmoil dampened the diversification potential,and hedging became expensive.Our study offers detailed and insightful information about the transmission mechanism and enables the participants of financial markets to diversify and hedge their portfolio.
基金supported in part by the National Natural Science Foundation of China under Grant No.62206112in part by the Humanities and Social Sciences Project of Ministry of Education of China under Grant No.22YJC860037in part by Key Laboratory of Smart Education of Guangdong Higher Education Institutes,Jinan University under Grant No.2022LSYS003。
文摘The digital innovation accompanied by explicit economic incentives have fundamentally changed the process of innovation diffusion.As a representative of digital innovation,NFTs(Non-Fungible Tokens)potentially offer new revenue streams in the digital space.However,current researches mainly focus on transaction networks and community culture,leaving the interplay among diffusion dynamics,economic dynamics,and social constraints on Twitter.By collecting and analyzing NFTs-related tweet dataset,the motivations of retweeters,the information mechanisms behind emojis,and the networked-based diffusion dynamics is systematically investigated.Results indicate that Retweeting is fueled by Freemint and trading information,with the higher economic incentives as a major motivation and some potential organizational tendencies.The diffusion of NFTs is primarily driven by a“Ringed-layered”information mechanism involving individual promoters and speculators.The presentation of content contribute positively to the growth of the retweet network.This study contributes to the innovation diffusion theory with economic incentives embedded.
