Are non-fungible token coins a good hedge against the stock market volatility?

IF 1.2 4区经济学 Q3 ECONOMICS

Australian Economic Papers Pub Date : 2023-05-18 DOI:10.1111/1467-8454.12312

Anoop S. Kumar, Balaga Mohana Rao

引用次数: 0

Abstract

We test the hedge property of non-fungible token (NFT) coins against equity market fluctuations and compare it with the hedge property of Bitcoin. We employ daily the returns of Bitcoin; three NFT coins, namely Theta, Enjin Coin and Decentraland, and three equity market indices: S&P 500, NASDAQ and CAC 40, ranging from 18 January 2018 to 12 January 2021. We estimate the hedge effectiveness of the three NFT coins and Bitcoin against stock market fluctuations. Our results suggest that NFT coins are a better hedge against equity market fluctuations than Bitcoin.

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不可替代代币是否能很好地对冲股市波动？

我们测试了不可替代代币(NFT)硬币对股票市场波动的对冲特性，并将其与比特币的对冲特性进行了比较。我们每天使用比特币的回报;三种NFT硬币，即Theta, Enjin硬币和Decentraland，以及三个股票市场指数:标准普尔500指数，纳斯达克和CAC 40，从2018年1月18日到2021年1月12日。我们估计了三种NFT硬币和比特币对股票市场波动的对冲效果。我们的研究结果表明，NFT币比比特币更能对冲股市波动。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Australian Economic Papers ECONOMICS-

CiteScore

3.20

自引率

5.30%

发文量

期刊介绍： Australian Economic Papers publishes innovative and thought provoking contributions that extend the frontiers of the subject, written by leading international economists in theoretical, empirical and policy economics. Australian Economic Papers is a forum for debate between theorists, econometricians and policy analysts and covers an exceptionally wide range of topics on all the major fields of economics as well as: theoretical and empirical industrial organisation, theoretical and empirical labour economics and, macro and micro policy analysis.