| 1. |
- Delvenne, A., et al.
(författare)
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Cerebrospinal fluid proteomic profiling of individuals with mild cognitive impairment and suspected non-Alzheimer's disease pathophysiology
- 2023
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Ingår i: Alzheimers & Dementia. - : Wiley. - 1552-5260 .- 1552-5279. ; 19:3, s. 807-820
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Tidskriftsartikel (refereegranskat)abstract
- Background Suspected non-Alzheimer's disease pathophysiology (SNAP) is a biomarker concept that encompasses individuals with neuronal injury but without amyloidosis. We aim to investigate the pathophysiology of SNAP, defined as abnormal tau without amyloidosis, in individuals with mild cognitive impairment (MCI) by cerebrospinal fluid (CSF) proteomics. Methods Individuals were classified based on CSF amyloid beta (A beta)1-42 (A) and phosphorylated tau (T), as cognitively normal A-T- (CN), MCI A-T+ (MCI-SNAP), and MCI A+T+ (MCI-AD). Proteomics analyses, Gene Ontology (GO), brain cell expression, and gene expression analyses in brain regions of interest were performed. Results A total of 96 proteins were decreased in MCI-SNAP compared to CN and MCI-AD. These proteins were enriched for extracellular matrix (ECM), hemostasis, immune system, protein processing/degradation, lipids, and synapse. Fifty-one percent were enriched for expression in the choroid plexus. Conclusion The pathophysiology of MCI-SNAP (A-T+) is distinct from that of MCI-AD. Our findings highlight the need for a different treatment in MCI-SNAP compared to MCI-AD.
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| 2. |
- Breuer, Wolfgang, et al.
(författare)
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Decomposing industry leverage : The special cases of real estate investment trusts and technology & hardware companies
- 2023
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Ingår i: Journal of Financial Research. - : Wiley. - 0270-2592 .- 1475-6803. ; 46:3, s. 791-823
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Tidskriftsartikel (refereegranskat)abstract
- Different industries exhibit significantly different leverage; companies in the real estate investment trust (REIT) and technology/hardware sectors are extreme examples. In the United States, the leverage ratio is twice as high for REITs (50%) as compared to non-real-estate firms (around 25%), and the technology/hardware sector has the lowest ratio (around 17%). We theoretically and empirically analyze their differences. By decomposing the difference into three channels, we find that the industry-specific channel explains around 67% for REITs and 68% for technology/hardware firms; the value-based channel is mostly responsible for the remaining portion. Taking the nonlinear influences of extreme values into account, the relevance of the industry-specific channel is considerably reduced.
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| 3. |
- Kreppmeier, Julia, et al.
(författare)
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Real estate security token offerings and the secondary market : Driven by crypto hype or fundamentals?
- 2023
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Ingår i: Journal of Banking & Finance. - : Elsevier BV. - 0378-4266 .- 1872-6372. ; 154
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Tidskriftsartikel (refereegranskat)abstract
- Tokens, the digital form of assets, are an innovation that has the potential to disrupt how to transfer and own financial instruments. We hand-collected data on 173 real estate tokens in the USA between 2019 and 2021 and trace back 238,433 blockchain transactions. We find that tokens provide broad real estate ownership to many small investors through digital fractional ownership and low entry barriers, while investors do not yet hold well-diversified real estate token portfolios. We analyze the determinants of the success of security token offerings (STOs), secondary market trading, and daily aggregated capital flows. In addition to some property-specific determinants, we find that crypto-market-specific determinants, such as transaction costs and the related sentiment, are relevant both to the STO and capital flows.& COPY; 2023 The Author(s). Published by Elsevier B.V. This is an open access article under the CC BY license ( http://creativecommons.org/licenses/by/4.0/ )
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| 4. |
- Steininger, Bertram I.
(författare)
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Return-Risk Analysis of Real Estate Tokens : An Asset Class of Its Own
- 2023
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Ingår i: Journal of Portfolio Management. - : PAGEANT MEDIA LTD. - 0095-4918. ; 49:10, s. 83-102
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Tidskriftsartikel (refereegranskat)abstract
- This study analyzes the return-risk metrics of real estate security tokens as digital representatives of fractional ownership in physical properties. The author uses approximately 40,000 pricing data points for 180 tokenized properties in the United States between 2019 and 2022 to construct a monthly index. This index is used in various analyses to see whether the tokens ' returns follow the performance of the underlying markets for housing, securitized real estate, stock, and cryptocurrency. The token index shows no clear pattern of similarity to other asset classes and has its own return-risk pattern. The principal component analysis shows that debt and macroeconomic factors are the major drivers and that the crypto market and housing market are of minor importance in explaining variation in returns. This absence of a clear linear relationship with other assets makes real estate tokens attractive as diversifiers in a multiasset portfolio. However, investors looking for an alternative investment vehicle for the real estate asset class cannot rely on tokenized real estate.
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