Table 2.

Explaining dispersion of ownership

	Number of owners (N)		Ownership concentration (HHI*)
	Coefficient	t-statistic	Coefficient	t-statistic
Intercept	382.2	7.52*	− 0.476	− 0.15
Token amount (NUM)	0.015	1.12	0.0012	1.45
Property value (VAL)	0.00040	2.72*	− 0.000020	− 2.12*
Days since listed (AGE)	− 0.417	− 6.06*	0.022	5.08*
DETROIT dummy	− 128.3	− 3.19*	0.349	0.14
R-square (adj.)	0.792		0.286

Statistical significance at the 5% level indicated with a *