Fractional and around the clock: Trading activity in tokenized financial assets
本文实证分析了代币化金融资产市场的交易模式，发现交易活动集中在主要交易所开盘时段，且价格差异在盘后更大；多数交易为碎片化订单，但投资者仍倾向于整数规模，并存在大量最小订单交易，暗示散户的非盈利动机。
In this paper, I empirically analyze trading patterns and investor behavior in a market for tokenized financial assets. Although investors can trade the tokenized assets around the clock, trading activity is substantially higher when the primary listing exchange is open, in particular during the regular trading session. Likewise, price differences between tokenized and underlying assets are wider during the extended trading hours than during the regular trading session. The majority of trades result from fractional order sizes but orders still cluster at round sizes, values, and prices, indicating that investors use relatively simple heuristics when setting quantities and prices. Additionally, a disproportionate number of trades, especially buy trades, use the minimum permissible order size, suggesting the presence of retail traders interested in owning an asset for purposes other than financial gain.