Decentralized Finance, Crypto Funds, and Value Creation in Tokenized Firms
Reynolds Holding
MAY 30, 2022
billion in mid-2018 to $57.5 In a new article, we address the question of why CFs find it profitable to intermediate DeFi markets and whether CFs contribute to the overall efficiency of those markets. We document that CFs outperform the market by 2.69 percent per month, as measured by the traditional CAPM-alpha.
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