Banks, FinTech and stock returns

被引：39

作者：

Carlini, Federico ^{[1
]}

Del Gaudio, Belinda Laura ^{[2
]}

Porzio, Claudio ^{[2
]}

Previtali, Daniele ^{[2
]}

机构：

[1] LUISS Guido Carli, Dept Econ & Finance, Viale Romania 32, I-00197 Rome, Italy

[2] Univ Naples Parthenope, Dept Quantitat & Business Studies, Via Gen Parisi 13, I-80132 Naples, Italy

来源：

FINANCE RESEARCH LETTERS | 2022年 / 45卷

关键词：

Bank; Fintech; Investment; Event study;

D O I：

10.1016/j.frl.2021.102252

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the effect of banks' investment in FinTech firms (FTF) on stock returns. We hand-collect data on 581 investment rounds made by FTFs, within at least one European or North American bank acting as investor. Our results show that banks' investment in fintech affect stock markets. The abnormal reaction is negative, larger for young and technology-oriented firms, and stronger in the case of multiple investments. Bank size, leverage and profitability do not moderate abnormal returns. Overall, our study suggests that bank equity investment in FTFs is an important determinant of abnormal stock returns.

引用

页数：8

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