A2055
Title: Does governance credibility matter: Evidence from binding and non-binding fan token polls
Authors: Yuanyuan Zhang - American University of Sharjah (United Arab Emirates) [presenting]
Stephen Chan - American University of Sharjah (United Arab Emirates)
Abstract: The aim is to examine whether governance credibility affects fan token markets by comparing binding and non-binding fan polls issued by major football clubs. Using daily price, trading volume, market capitalization, and poll data for PSG, GAL, JUV, ATM, and CITY fan tokens, a stacked difference-in-differences event-study framework is applied around governance poll events. The analysis separates immediate and short-term market reactions and tests whether binding polls generate different effects from non-binding polls. Results suggest that governance polls are associated with short-run changes in token returns, with evidence of pre-event anticipation and post-event adjustment. However, the market response varies across tokens and outcome variables, with stronger evidence for price effects than for persistent changes in trading volume, market capitalization, or liquidity. Overall, the findings indicate that fan token governance events contain market-relevant information, but the credibility premium attached to binding polls is limited and heterogeneous across clubs.
