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 financi...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.展开更多
Languages–independent text tokenization can aid in classification of languages with few sources.There is a global research effort to generate text classification for any language.Human text classification is a slow p...Languages–independent text tokenization can aid in classification of languages with few sources.There is a global research effort to generate text classification for any language.Human text classification is a slow procedure.Conse-quently,the text summary generation of different languages,using machine text classification,has been considered in recent years.There is no research on the machine text classification for many languages such as Czech,Rome,Urdu.This research proposes a cross-language text tokenization model using a Transformer technique.The proposed Transformer employs an encoder that has ten layers with self-attention encoding and a feedforward sublayer.This model improves the efficiency of text classification by providing a draft text classification for a number of documents.We also propose a novel Sub-Word tokenization model with frequent vocabulary usage in the documents.The Sub-Word Byte-Pair Tokenization technique(SBPT)utilizes the sharing of the vocabulary of one sentence with other sentences.The Sub-Word tokenization model enhances the performance of other Sub-Word tokenization models such pair encoding model by+10%using precision metric.展开更多
The viability of exponentially growing non-fungible token(NFT)market is evaluated by identifying potential value-generating mechanisms that can be rationalized.After identifying the value-generating mechanisms underly...The viability of exponentially growing non-fungible token(NFT)market is evaluated by identifying potential value-generating mechanisms that can be rationalized.After identifying the value-generating mechanisms underlying the positive values of NFTs,this study establishes a pricing model for NFTs that follows a continuous-time financial framework.As NFTs are claimed to securitize“ownership rights short of use”,and as such they may potentially serve as a substitute for the need to rely replace the reliance on the legal protection provided by intellectual property rights(IPRs).Considering this issue,this study evaluates the likelihood that NFTs will replace existing mechanisms that protect producers’rightful claim to use their assets or the need to apply the legal code that governs IPRs.The financial condition for this potential shift is derived for a category of assets whose use or consumption does not reduce supply as the notion of scarcity does not apply.展开更多
This paper mainly studies the attitude and supervision mode of various countries towards digital tokens.The strength and methods of supervision in various countries are different.There are cross-border transaction tok...This paper mainly studies the attitude and supervision mode of various countries towards digital tokens.The strength and methods of supervision in various countries are different.There are cross-border transaction tokens and other chaotic situations.It is difficult to supervise and protect the interests of investors,which is not conducive to the healthy development of financial economy in various countries.In addition,with the development of globalization,digital tokens are going to the world and need to circulate among countries.Therefore,a recognized regulatory principle is needed to ensure the healthy development of digital finance worldwide.With the goal of single independent law,with the help of“regulatory sandbox”and“white list”,we explore regulatory principles.展开更多
文摘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.
基金funded by Princess Nourah bint Abdulrahman University Researchers Supporting Project number(PNURSP2022R113),Princess Nourah bint Abdulrahman University,Riyadh,Saudi Arabia.
文摘Languages–independent text tokenization can aid in classification of languages with few sources.There is a global research effort to generate text classification for any language.Human text classification is a slow procedure.Conse-quently,the text summary generation of different languages,using machine text classification,has been considered in recent years.There is no research on the machine text classification for many languages such as Czech,Rome,Urdu.This research proposes a cross-language text tokenization model using a Transformer technique.The proposed Transformer employs an encoder that has ten layers with self-attention encoding and a feedforward sublayer.This model improves the efficiency of text classification by providing a draft text classification for a number of documents.We also propose a novel Sub-Word tokenization model with frequent vocabulary usage in the documents.The Sub-Word Byte-Pair Tokenization technique(SBPT)utilizes the sharing of the vocabulary of one sentence with other sentences.The Sub-Word tokenization model enhances the performance of other Sub-Word tokenization models such pair encoding model by+10%using precision metric.
文摘The viability of exponentially growing non-fungible token(NFT)market is evaluated by identifying potential value-generating mechanisms that can be rationalized.After identifying the value-generating mechanisms underlying the positive values of NFTs,this study establishes a pricing model for NFTs that follows a continuous-time financial framework.As NFTs are claimed to securitize“ownership rights short of use”,and as such they may potentially serve as a substitute for the need to rely replace the reliance on the legal protection provided by intellectual property rights(IPRs).Considering this issue,this study evaluates the likelihood that NFTs will replace existing mechanisms that protect producers’rightful claim to use their assets or the need to apply the legal code that governs IPRs.The financial condition for this potential shift is derived for a category of assets whose use or consumption does not reduce supply as the notion of scarcity does not apply.
文摘This paper mainly studies the attitude and supervision mode of various countries towards digital tokens.The strength and methods of supervision in various countries are different.There are cross-border transaction tokens and other chaotic situations.It is difficult to supervise and protect the interests of investors,which is not conducive to the healthy development of financial economy in various countries.In addition,with the development of globalization,digital tokens are going to the world and need to circulate among countries.Therefore,a recognized regulatory principle is needed to ensure the healthy development of digital finance worldwide.With the goal of single independent law,with the help of“regulatory sandbox”and“white list”,we explore regulatory principles.
