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Interdependence and portfolio scheme of emerging industry of Metaverse

Author

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  • Wang, Liukai
  • Li, Yuqing
  • Yarovaya, Larisa

Abstract

The Metaverse industry has attracted global attention and holds significant potential for investment, yet its investment environment and portfolio strategies remain underexplored, particularly in China. This study analyzes the industry’s structure and interdependencies using returns from 110 listed Metaverse firms. Employing a Kendall-based network, we identify leaders and peripheral enterprises within the industry. From a micro-perspective, we propose a hybrid Kendall-based investment scheme, showing that portfolios of peripheral firms consistently outperform those of leaders and the overall market. The scheme also proves robust across different network scales, investor preferences, and market conditions. Overall, this research advances understanding of the Metaverse industry by combining a macro view of its industrial environment with a micro focus on portfolio design, offering practical insights for regulators, managers, and investors.

Suggested Citation

  • Wang, Liukai & Li, Yuqing & Yarovaya, Larisa, 2026. "Interdependence and portfolio scheme of emerging industry of Metaverse," Research in International Business and Finance, Elsevier, vol. 82(C).
    • Handle: RePEc:eee:riibaf:v:82:y:2026:i:c:s0275531925004787
    DOI: 10.1016/j.ribaf.2025.103222
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