Empirical evidence on the ownership and liquidity of real estate tokens  

作　　者：Laurens Swinkels 

机构地区：[1]Erasmus Universiteit Rotterdam,Erasmus School of Economics,Rotterdam,Netherlands

出　　处：《Financial Innovation》2023年第1期1246-1274,共29页金融创新（英文）

摘　　要：To better understand the potential and limitations of the tokenization of real asset mar-kets,empirical studies need to examine this radically new organization of financial mar-kets.In our study,we examine the financial and economic consequences of tokenizing 58 residential rental properties in the US,particularly those in Detroit.Tokenization aims at fragmented ownership.We found that the residential properties examined have 254 owners on average.Investors with a greater than USD 5,000 investment in real estate tokens,diversify their real estate ownership across properties within and across the cities.Property ownership changes about once yearly,with more changes for proper-ties on decentralized exchanges.We report that real estate token prices move accord-ing to the house price index;hence,investing in real estate tokens provides economic exposure to residential house prices.

关 键 词：Blockchain Cryptocurrency Real estate TOKENIZATION 

分 类 号：G1[文化科学] G12[历史地理—历史学] G23[历史地理—中国史] G32[理学—一般力学与力学基础] K25[理学—力学] O33[医药卫生—基础医学] R30R31