不可分离数字对象作为一种另类投资

IF 0.4 Q4 BUSINESS, FINANCE
Benoît Faye, É. Le Fur
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引用次数: 0

摘要

本文调查了2015年至2020年电子游戏中的数字对象作为替代投资。作者使用《反恐精英全球攻势》游戏发行商的Steam社区市场,该数据库包含19717个观察结果,分为刀具、机枪、机关枪、手枪、步枪、狙击步枪和贴纸。他们使用享乐方法为每个类别和一个整体索引构建索引。整体指数的大幅增长是由于2018年12月从付费游戏向免费游戏的转变。由于一些贴纸的稀缺性和特定时期的使用,贴纸指数非常高。此外,收益与风险的相关性因皮肤类别而异。考虑到皮肤的回报与金融和非金融市场的回报之间的低相关性,皮肤的风险调整回报揭示了投资组合多元化的潜在价值。然而,通过针对不同投资组合风险状况的CAPM方法测试这一潜力,只证实了对贴纸的一些兴趣,可能还有狙击步枪和手枪。讨论了这些发现对个人和专业投资者、游戏玩家和游戏发行商的影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Non-Separable Digital Objects as an Alternative Investment
This article investigates digital objects in video games as an alternative investment from 2015 to 2020. The authors use the Steam Community Market of the Counter-Strike Global Offensive game publisher, a database that contains 19,717 observations divided into knives, machine guns, machine pistols, pistols, rifles, sniper rifles, and stickers. They use a hedonic approach to construct indexes for each category and an overall index. The sharp increase in the overall index is due to the transition from pay-to-play to free-to-play in December 2018. The stickers index is very high due to the scarcity of some stickers and the use of specific periods. In addition, the returns are correlated with risks differently depending on the skins category. Given the low correlation between the returns of skins and those of financial and nonfinancial markets, the risk-adjusted returns of skins reveal a potential value for portfolio diversification. However, testing this potential through a CAPM approach for different portfolio risk profiles confirms only some interest in stickers and possibly Sniper rifles and pistols. Implications of these findings are discussed for individual and professional investors, gamers, and game publishers.
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来源期刊
CiteScore
1.50
自引率
14.30%
发文量
40
期刊介绍: The Journal of Alternative Investments (JAI) provides you with cutting-edge research and expert analysis on managing investments in hedge funds, private equity, distressed debt, commodities and futures, energy, funds of funds, and other nontraditional assets. JAI is the official publication of the Chartered Alternative Investment Analyst Association (CAIA®). JAI provides you with challenging ideas and practical tools to: •Profit from the growth of hedge funds and alternatives •Determine the optimal mix of traditional and alternative investments •Measure and track portfolio performance •Manage your alternative investment portfolio with proven risk management practices
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