{"title":"不可分离数字对象作为一种另类投资","authors":"Benoît Faye, É. Le Fur","doi":"10.3905/jai.2023.1.190","DOIUrl":null,"url":null,"abstract":"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.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":null,"pages":null},"PeriodicalIF":0.4000,"publicationDate":"2023-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Non-Separable Digital Objects as an Alternative Investment\",\"authors\":\"Benoît Faye, É. Le Fur\",\"doi\":\"10.3905/jai.2023.1.190\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"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.\",\"PeriodicalId\":45142,\"journal\":{\"name\":\"Journal of Alternative Investments\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.4000,\"publicationDate\":\"2023-05-12\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Alternative Investments\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.3905/jai.2023.1.190\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q4\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Alternative Investments","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3905/jai.2023.1.190","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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.
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