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. Finally, we show that all these results – that is, the higher valuations, the long-term outperformance, and the fact that CFs are able to beat the market – are driven by CFs’ investor networks.
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