Decentralized Finance, Crypto Funds, and Value Creation in Tokenized Firms
Reynolds Holding
MAY 30, 2022
We document that CFs outperform the market by 2.69 percent per month, as measured by the traditional CAPM-alpha. Interestingly, the outperformance effect is stronger if the firm is backed by a hedge-style CF, rather than a venture-style CF. Third, we shed light on the performance and performance persistence of CFs themselves.
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