Real estate security token offerings and the secondary market: Driven by crypto hype or fundamentals?

【Author】 Kreppmeier, Julia; Laschinger, Ralf; Steininger, Bertram I.; Dorfleitner, Gregor

【Source】JOURNAL OF BANKING & FINANCE

【影响因子】3.539

【Abstract】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.& COPY; 2023 The Author(s). Published by Elsevier B.V. This is an open access article under the CC BY license ( http://creativecommons.org/licenses/by/4.0/ )

【Keywords】Digital asset; Security token offering (STO); Real estate token; Blockchain; Distributed ledger technology (DLT); Decentralized finance

【发表时间】2023 SEP

【收录时间】2023-08-01

【文献类型】实证数据

【主题类别】

区块链治理-市场治理-市场分析