Interdependence and portfolio scheme of emerging industry of Metaverse
Interdependence and portfolio scheme of emerging industry of Metaverse
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.
Hybrid Kendall-based network, Interdependence structure, Metaverse Industry, Portfolio scheme
Wang, Liukai
1ea2c3e6-95e6-4912-952a-54a53e2da059
Li, Yuqing
ba979091-1561-4e3d-88ca-88c9a73c32cf
Yarovaya, Larisa
2bd189e8-3bad-48b0-9d09-5d96a4132889
16 December 2025
Wang, Liukai
1ea2c3e6-95e6-4912-952a-54a53e2da059
Li, Yuqing
ba979091-1561-4e3d-88ca-88c9a73c32cf
Yarovaya, Larisa
2bd189e8-3bad-48b0-9d09-5d96a4132889
Wang, Liukai, Li, Yuqing and Yarovaya, Larisa
(2025)
Interdependence and portfolio scheme of emerging industry of Metaverse.
Research in International Business and Finance, 82, [103222].
(doi:10.1016/j.ribaf.2025.103222).
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.
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Accepted/In Press date: 15 November 2025
e-pub ahead of print date: 3 December 2025
Published date: 16 December 2025
Keywords:
Hybrid Kendall-based network, Interdependence structure, Metaverse Industry, Portfolio scheme
Identifiers
Local EPrints ID: 509732
URI: http://eprints.soton.ac.uk/id/eprint/509732
ISSN: 0275-5319
PURE UUID: 2290bd97-091b-4474-b71c-e581ca48e1de
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Date deposited: 03 Mar 2026 18:02
Last modified: 07 Mar 2026 03:59
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Author:
Liukai Wang
Author:
Yuqing Li
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