Sports tokens and sports equities: A downside tail risk analysis with portfolio implications

Financial Innovation 2026 Open access

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Authors: Aviral Kumar Tiwari, Mehrad Asadi, Mohammad Roshimi Abdullah, Emmanuel Joel Aikins Abakah, Rubaiyat Ahsan Bhuiyan
DOI: 10.1186/s40854-025-00885-7
Cited by: 1
References: 37

Abstract

Abstract In this study, we examine risk spillover across sports tokens, sports equities and other traditional assets via the quantile-VAR model. Our static analysis results show that token BAR causes significant shocks to this system. In contrast, from the lower quantile, the USD is not only the highest contributor in the network but also the highest receiver. Notably, OG is the dominant contributor to the system. The portfolio analysis using the minimum connectedness portfolio shows possible portfolio benefits from using sports tokens. Our results provide valuable information for market participants to curb their asset management risk.

Fields of Study & Subjects

Financial Markets and Investment Strategies Financial Risk and Volatility Modeling Credit Risk and Financial Regulations

Publication details

Journal / source
Financial Innovation
Publisher
Springer Science and Business Media LLC
Volume
12
Issue
1
Publication date
9 February 2026
Language
EN