This study employs a quantile vector autoregression (QVAR) approach to investigate systemic risk interconnectedness across eight major NFT assets. The analysis reveals NFT markets exhibit moderate interconnectedness during normal conditions that significantly intensifies during extreme market states, creating vulnerability to volatility cascades. Research demonstrates asymmetric spillover patterns with frequent role reversals between risk transmitters and receivers, particularly when assets occupy opposite extreme quantiles. These findings provide crucial insights for constructing resilient NFT portfolios and developing effective regulatory frameworks addressing tail-risk events in digital asset markets.

A new report out today shows that companies taking action for gender equality see lower staff turnover, more women in leadership and better shareholder value.

The Nobel Prize-winning economists Esther Duflo and Abhijit Banerjee will join the University of Zurich in July 2026. Using external funds provided by the Lemann Foundation, the two researchers will establish a new center for development economics, education and public policy.