Real estate security token offerings and the secondary market: Driven by crypto hype or fundamentals?
研究了2019-2021年美国173个房地产代币的发行与交易数据，发现代币通过数字分式所有权降低了投资门槛，但投资者组合分散不足；代币发行和资本流动受加密货币市场因素（如交易成本、情绪）影响。
Tokens, the digital form of assets, are an innovation that has the potential to disrupt how to transfer and own financial instruments. We hand-collected data on 173 real estate tokens in the USA between 2019 and 2021 and trace back 238,433 blockchain transactions. We find that tokens provide broad real estate ownership to many small investors through digital fractional ownership and low entry barriers, while investors do not yet hold well-diversified real estate token portfolios. We analyze the determinants of the success of security token offerings (STOs), secondary market trading, and daily aggregated capital flows. In addition to some property-specific determinants, we find that crypto-market-specific determinants, such as transaction costs and the related sentiment, are relevant both to the STO and capital flows.