Anwar Rija, Raza Syed Ali
Department of Business Administration, IQRA University, Karachi, 75300, Pakistan.
Heliyon. 2024 Oct 9;10(20):e38224. doi: 10.1016/j.heliyon.2024.e38224. eCollection 2024 Oct 30.
The current digital innovation, health crisis, together with catastrophic economic and financial events have disturbed both digital and conventional asset markets that caused drastic change in investment avenues. Therefore, the purpose of this study is to investigate the connectedness between Non-Fungible Token (NFTs), Decentralized Finance (DeFi) assets, and housing market by applying Quantile connectedness of Ando et al. [27]with extreme tail of distribution technique. The period of this study is extended from 5 March 2018 to 8 January 2024 which covered recent catastrophic events such as Bitcoin Price Crash-2018, COVID-19, Global plummet in Oil Demand-2020, and Russia-Ukraine War. The findings reveal that NFTs and DeFi assets possess weak connectedness with housing market in normal market state, however, connectedness become robust in extreme bearish and bullish market states. Moreover, NFTs and DeFi assets are net transmitters and housing market acts as net receiver of shock in all market states. Investors, portfolio managers, and policymakers should carefully analyze both digital financial assets and housing market especially during extreme events to build well diversified profit-gaining portfolios and to formulate policies.
当前的数字创新、健康危机，以及灾难性的经济和金融事件扰乱了数字资产市场和传统资产市场，导致投资渠道发生了巨大变化。因此，本研究的目的是通过应用安藤等人[27]的分位数连通性和分布技术的极端尾部，研究非同质化代币（NFT）、去中心化金融（DeFi）资产和房地产市场之间的连通性。本研究的时间段从2018年3月5日延长至2024年1月8日，涵盖了近期的灾难性事件，如2018年比特币价格暴跌、新冠疫情、2020年全球石油需求暴跌以及俄乌战争。研究结果表明，在正常市场状态下，NFT和DeFi资产与房地产市场的连通性较弱，然而，在极端看跌和看涨市场状态下，连通性变得强劲。此外，在所有市场状态下，NFT和DeFi资产都是净传导者，而房地产市场则是冲击的净接受者。投资者、投资组合经理和政策制定者应仔细分析数字金融资产和房地产市场，尤其是在极端事件期间，以构建多元化的盈利投资组合并制定政策。
