The DOI matches its Crossref record; 6 of the 6 references it cites were found in a registry or an index.
How Valuable Is FinTech Innovation?
Open accessAbstract
We provide large-scale evidence on the occurrence and value of FinTech innovation. Using a unique dataset of patent filings covering 2003-2017, we apply text-based machine learning to identify and classify innovations according to their key underlying technologies. To measure the value of FinTech innovations for firms and industries, we develop a new method that combines stock price responses with estimated patent-filing count intensities. Our cross-sectional analysis shows that most types of FinTech innovation yield positive value to innovators, with Blockchain being particularly valuable. For the financial sector as a whole, Internet of Things (IoT), Robo-Advising, and Blockchain are the most valuable innovation types. Innovations impact industries more negatively when they involve disruptive technologies that originate from nonfinancial startups. Also, market leaders that have invested heavily in their own innovation appear to avoid much of the negative value effect from disruptive innovation by startups.
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Cites
“A Model of Growth: Through Creative Destruction”
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Giving content to investor sentiment: The role of media in the stock market
TETLOCK, P. C. (2007) · The Journal of Finance · doi:10.1111/j.1540-6261.2007.01232.x · Cited by 4,827
Estimation and Inference of Heterogeneous Treatment Effects using Random Forests
Wager, S., & Athey, S. (2018) · Journal of the American Statistical Association · doi:10.1080/01621459.2017.1319839 · Cited by 2,917
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Kleinberg, J., Ludwig, J., Mullainathan, S., & Obermeyer, Z. (2015) · American Economic Review · doi:10.1257/aer.p20151023 · Cited by 584
Cited by
Artificial intelligence, firm growth, and product innovation
Babina, T., Fedyk, A., He, A., & Hodson, J. (2024) · Journal of Financial Economics · doi:10.1016/j.jfineco.2023.103745 · Cited by 1,460
FinTech and banking: What do we know?
Thakor, A. V. (2020) · Journal of Financial Intermediation · doi:10.1016/j.jfi.2019.100833 · Cited by 1,378
On the Rise of FinTechs: Credit Scoring Using Digital Footprints
Berg, T., Burg, V., Gombović, A., & Puri, M. (2020) · The Review of Financial Studies · doi:10.1093/rfs/hhz099 · Cited by 919
Goldstein, I., Jiang, W., & Karolyi, G. A. (2019) · The Review of Financial Studies · doi:10.1093/rfs/hhz025 · Cited by 686
Does bank FinTech reduce credit risk? Evidence from China
Cheng, M., & Qu, Y. (2020) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2020.101398 · Cited by 498
Metadata
- Authors
- Chen, M. A., Wu, Q., & Yang, B.
- Venue
- The Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2019-04-04
- Volume
- 32
- Issue
- 5
- Pages
- 2062-2106
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W2788957357
- Cited by
- 808
- References
- 6
- FWCI
- 53.61
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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