{"id":"https://openalex.org/W7225637441","doi":"https://doi.org/10.21511/imfi.23(4).2026.16","title":"Examining the return dynamics of Bitcoin and Ethereum around major international football tournaments","display_name":"Examining the return dynamics of Bitcoin and Ethereum around major international football tournaments","publication_year":2026,"publication_date":"2026-11-09","ids":{"openalex":"https://openalex.org/W7225637441","doi":"https://doi.org/10.21511/imfi.23(4).2026.16"},"language":"en","primary_location":{"id":"doi:10.21511/imfi.23(4).2026.16","doi":"https://doi.org/10.21511/imfi.23(4).2026.16","is_oa":true,"landing_page_url":"https://doi.org/10.21511/imfi.23(4).2026.16","pdf_url":"https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/25563/IMFI_2026_04_Wendy.pdf","source":{"id":"https://openalex.org/S2764412428","display_name":"Investment Management and Financial Innovations","issn_l":"1810-4967","issn":["1810-4967","1812-9358","1813-4998"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific","erih-plus","norway-1","poland-40","russia-white-list-2"],"host_organization":"https://openalex.org/P4310321069","host_organization_name":"Business Perspectives","host_organization_lineage":["https://openalex.org/P4310321069"],"host_organization_lineage_names":["Business Perspectives"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Investment Management and Financial Innovations","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/25563/IMFI_2026_04_Wendy.pdf","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5041580266","display_name":"Wendy Wendy","orcid":"https://orcid.org/0000-0002-2046-9813","observed_orcids":["https://orcid.org/0000-0002-2046-9813","https://orcid.org/0000-0002-7942-6607"]},"institutions":[{"id":"https://openalex.org/I12176630","display_name":"Tanjungpura University","ror":"https://ror.org/04exz5k48","country_code":"ID","type":"education","lineage":["https://openalex.org/I12176630"]}],"countries":["ID"],"is_corresponding":false,"raw_author_name":"Wendy Wendy","raw_affiliation_strings":["Dr., Associate Professor, Department of Management, Faculty of Economics and Business, Universitas Tanjungpura [Tanjungpura University], Indonesia"],"raw_orcid":"https://orcid.org/0000-0002-2046-9813","affiliations":[{"raw_affiliation_string":"Dr., Associate Professor, Department of Management, Faculty of Economics and Business, Universitas Tanjungpura [Tanjungpura University], Indonesia","institution_ids":["https://openalex.org/I12176630"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5001529718","display_name":"Hansen Tandra","orcid":"https://orcid.org/0000-0003-4957-1771","observed_orcids":["https://orcid.org/0000-0003-4957-1771","https://orcid.org/0009-0007-2820-4776"]},"institutions":[{"id":"https://openalex.org/I12176630","display_name":"Tanjungpura University","ror":"https://ror.org/04exz5k48","country_code":"ID","type":"education","lineage":["https://openalex.org/I12176630"]}],"countries":["ID"],"is_corresponding":false,"raw_author_name":"Hansen Tandra","raw_affiliation_strings":["Dr., Graduate School, Universitas Tanjungpura[Tanjungpura University], Indonesia"],"raw_orcid":"https://orcid.org/0000-0003-4957-1771","affiliations":[{"raw_affiliation_string":"Dr., Graduate School, Universitas Tanjungpura[Tanjungpura University], Indonesia","institution_ids":["https://openalex.org/I12176630"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5068316046","display_name":"Mochammad Ridwan Ristyawan","orcid":"https://orcid.org/0000-0003-4190-6696","observed_orcids":["https://orcid.org/0000-0003-4190-6696"]},"institutions":[{"id":"https://openalex.org/I12176630","display_name":"Tanjungpura University","ror":"https://ror.org/04exz5k48","country_code":"ID","type":"education","lineage":["https://openalex.org/I12176630"]}],"countries":["ID"],"is_corresponding":false,"raw_author_name":"Mochammad Ridwan Ristyawan","raw_affiliation_strings":["Dr., Department of Management, Faculty of Economics and Business, Universitas Tanjungpura [Tanjungpura University], Indonesia"],"raw_orcid":"https://orcid.org/0000-0003-4190-6696","affiliations":[{"raw_affiliation_string":"Dr., Department of Management, Faculty of Economics and Business, Universitas Tanjungpura [Tanjungpura University], Indonesia","institution_ids":["https://openalex.org/I12176630"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I12176630"],"apc_list":{"value":685,"currency":"EUR","value_usd":738},"apc_paid":{"value":685,"currency":"EUR","value_usd":738},"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"23","issue":"4","first_page":"257\u2013274","last_page":"0"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9175000190734863,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9175000190734863,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.04879999905824661,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.016300000250339508,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/bitcoin","display_name":"Bitcoin","score":0.7549999952316284},{"id":"https://openalex.org/keywords/ethereum","display_name":"Ethereum","score":1.0},{"id":"https://openalex.org/keywords/cryptocurrency-returns","display_name":"cryptocurrency returns","score":0.9909999966621399},{"id":"https://openalex.org/keywords/international-football-tournaments","display_name":"international football tournaments","score":0.9200000166893005},{"id":"https://openalex.org/keywords/fifa-world-cup","display_name":"FIFA World Cup","score":0.9950000047683716},{"id":"https://openalex.org/keywords/event-impacts","display_name":"event impacts","score":0.5070000290870667},{"id":"https://openalex.org/keywords/investor-attention","display_name":"investor attention","score":0.8999999761581421},{"id":"https://openalex.org/keywords/behavioral-finance","display_name":"behavioral finance","score":0.906000018119812},{"id":"https://openalex.org/keywords/investor-sentiment","display_name":"investor sentiment","score":0.5400000214576721}],"concepts":[{"id":"https://openalex.org/C2778444522","wikidata":"https://www.wikidata.org/wiki/Q1081491","display_name":"Football","level":2,"score":0.8411999940872192},{"id":"https://openalex.org/C136975688","wikidata":"https://www.wikidata.org/wiki/Q1320634","display_name":"Tournament","level":2,"score":0.7856000065803528},{"id":"https://openalex.org/C180706569","wikidata":"https://www.wikidata.org/wiki/Q13479982","display_name":"Cryptocurrency","level":2,"score":0.7592999935150146},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5724999904632568},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.5257999897003174},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.43380001187324524},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4020000100135803},{"id":"https://openalex.org/C12958728","wikidata":"https://www.wikidata.org/wiki/Q1002530","display_name":"Event study","level":3,"score":0.32440000772476196},{"id":"https://openalex.org/C3017797855","wikidata":"https://www.wikidata.org/wiki/Q937857","display_name":"Football players","level":3,"score":0.30959999561309814},{"id":"https://openalex.org/C86637286","wikidata":"https://www.wikidata.org/wiki/Q7317264","display_name":"Rate of return","level":2,"score":0.3075999915599823},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.29899999499320984},{"id":"https://openalex.org/C2779662365","wikidata":"https://www.wikidata.org/wiki/Q5416694","display_name":"Event (particle physics)","level":2,"score":0.29510000348091125},{"id":"https://openalex.org/C2781054738","wikidata":"https://www.wikidata.org/wiki/Q4813730","display_name":"Athletes","level":2,"score":0.2883000075817108},{"id":"https://openalex.org/C145912823","wikidata":"https://www.wikidata.org/wiki/Q113558","display_name":"Dynamics (music)","level":2,"score":0.28130000829696655},{"id":"https://openalex.org/C103144560","wikidata":"https://www.wikidata.org/wiki/Q2670999","display_name":"Investment strategy","level":3,"score":0.27880001068115234},{"id":"https://openalex.org/C2985330422","wikidata":"https://www.wikidata.org/wiki/Q724931","display_name":"Market efficiency","level":2,"score":0.2727000117301941}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.21511/imfi.23(4).2026.16","doi":"https://doi.org/10.21511/imfi.23(4).2026.16","is_oa":true,"landing_page_url":"https://doi.org/10.21511/imfi.23(4).2026.16","pdf_url":"https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/25563/IMFI_2026_04_Wendy.pdf","source":{"id":"https://openalex.org/S2764412428","display_name":"Investment Management and Financial Innovations","issn_l":"1810-4967","issn":["1810-4967","1812-9358","1813-4998"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific","erih-plus","norway-1","poland-40","russia-white-list-2"],"host_organization":"https://openalex.org/P4310321069","host_organization_name":"Business Perspectives","host_organization_lineage":["https://openalex.org/P4310321069"],"host_organization_lineage_names":["Business Perspectives"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Investment Management and Financial Innovations","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.21511/imfi.23(4).2026.16","doi":"https://doi.org/10.21511/imfi.23(4).2026.16","is_oa":true,"landing_page_url":"https://doi.org/10.21511/imfi.23(4).2026.16","pdf_url":"https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/25563/IMFI_2026_04_Wendy.pdf","source":{"id":"https://openalex.org/S2764412428","display_name":"Investment Management and Financial Innovations","issn_l":"1810-4967","issn":["1810-4967","1812-9358","1813-4998"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific","erih-plus","norway-1","poland-40","russia-white-list-2"],"host_organization":"https://openalex.org/P4310321069","host_organization_name":"Business Perspectives","host_organization_lineage":["https://openalex.org/P4310321069"],"host_organization_lineage_names":["Business Perspectives"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Investment Management and Financial Innovations","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7225637441.pdf","grobid_xml":"https://content.openalex.org/works/W7225637441.grobid-xml"},"referenced_works_count":43,"referenced_works":["https://openalex.org/W2016541617","https://openalex.org/W2047161399","https://openalex.org/W2082159073","https://openalex.org/W2134183765","https://openalex.org/W2142896728","https://openalex.org/W2236211988","https://openalex.org/W2800091992","https://openalex.org/W2809411941","https://openalex.org/W2904391139","https://openalex.org/W2944817512","https://openalex.org/W2997986267","https://openalex.org/W3000100278","https://openalex.org/W3029402854","https://openalex.org/W3036942576","https://openalex.org/W3086634844","https://openalex.org/W3128721486","https://openalex.org/W4205834045","https://openalex.org/W4239279835","https://openalex.org/W4281290548","https://openalex.org/W4281773761","https://openalex.org/W4289866189","https://openalex.org/W4313417780","https://openalex.org/W4316810630","https://openalex.org/W4319344561","https://openalex.org/W4378639187","https://openalex.org/W4384157058","https://openalex.org/W4384942544","https://openalex.org/W4386714855","https://openalex.org/W4388221535","https://openalex.org/W4388870802","https://openalex.org/W4392052257","https://openalex.org/W4392207920","https://openalex.org/W4392878347","https://openalex.org/W4399536557","https://openalex.org/W4402484682","https://openalex.org/W4405415422","https://openalex.org/W4408400122","https://openalex.org/W4409274041","https://openalex.org/W4409374638","https://openalex.org/W4410580277","https://openalex.org/W4410598513","https://openalex.org/W7128913524","https://openalex.org/W7130927796"],"related_works":["https://openalex.org/W7155714712","https://openalex.org/W4327955628","https://openalex.org/W4403016798","https://openalex.org/W7160614191","https://openalex.org/W4390272058","https://openalex.org/W4411452024","https://openalex.org/W4394687826","https://openalex.org/W4415020350","https://openalex.org/W4296351167","https://openalex.org/W4410328212"],"abstract_inverted_index":{"Type":[0],"of":[1,53],"the":[2,50,119,128,137,148,166,171],"article:":[3],"Research":[4],"ArticleAbstractCryptocurrencies":[5],"have":[6],"become":[7],"increasingly":[8],"important":[9],"alternative":[10],"investment":[11],"assets,":[12],"yet":[13],"their":[14],"returns":[15,44],"remain":[16],"sensitive":[17],"to":[18,71],"market":[19,78],"conditions":[20],"and":[21,55,59,81,87,104,140,143,151,165,176,192],"external":[22],"developments.":[23],"Major":[24],"international":[25,62],"football":[26,63,155],"tournaments":[27,64],"attract":[28],"substantial":[29,99],"global":[30],"attention,":[31],"but":[32],"evidence":[33,124],"on":[34,170],"whether":[35],"these":[36],"periods":[37,150,157],"coincide":[38],"with":[39,77,132,162,183],"systematic":[40],"changes":[41],"in":[42,93],"cryptocurrency":[43,163],"remains":[45],"limited.":[46],"This":[47],"study":[48],"examines":[49],"return":[51],"dynamics":[52],"Bitcoin":[54,141],"Ethereum":[56,152],"before,":[57],"during,":[58],"after":[60],"major":[61],"using":[65],"monthly":[66],"data":[67],"from":[68],"May":[69],"2016":[70],"December":[72],"2025.":[73],"Tournament-specific":[74],"OLS":[75],"regressions":[76],"controls,":[79],"calendar":[80],"trend":[82],"adjustments,":[83],"Newey\u2013West":[84],"HAC":[85],"inference,":[86],"Benjamini-Hochberg":[88],"FDR":[89,115],"correction":[90],"were":[91],"employed":[92],"this":[94],"study.":[95],"The":[96,122],"results":[97],"show":[98],"heterogeneity":[100],"across":[101],"tournaments,":[102],"cryptocurrencies,":[103],"temporal":[105],"phases.":[106],"Although":[107],"several":[108],"tournament-window":[109],"coefficients":[110],"are":[111,158,181,194],"nominally":[112],"significant,":[113],"broader":[114],"adjustment":[116],"substantially":[117],"narrows":[118],"supported":[120],"findings.":[121],"strongest":[123],"is":[125],"concentrated":[126],"around":[127],"FIFA":[129],"World":[130],"Cup,":[131],"a":[133,144,184],"negative":[134,145],"association":[135],"between":[136,147],"tournament":[138,156,174],"period":[139],"returns,":[142,164],"associations":[146],"pre-tournament":[149],"returns.":[153],"International":[154],"not":[159,195],"uniformly":[160],"associated":[161],"observed":[167],"patterns":[168],"depend":[169],"specific":[172],"asset,":[173],"phase,":[175],"event":[177],"context.":[178],"These":[179],"findings":[180],"consistent":[182],"potential":[185],"behavioral":[186],"or":[187],"investor-attention":[188],"mechanism,":[189],"although":[190],"attention":[191],"sentiment":[193],"directly":[196],"measured.":[197]},"counts_by_year":[],"updated_date":"2026-11-11T12:16:26.678958","created_date":"2026-11-10T00:00:00"}