Articles
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Citation: Financial Innovation 2022 8:63
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Bank loan information and information asymmetry in the stock market: evidence from China
In this study, we use bank loan information to construct proxies for corporate transparency and examine whether these measures reflect information asymmetry in the stock market. Our analysis is based on a nove...
Citation: Financial Innovation 2022 8:62 -
Detecting the lead–lag effect in stock markets: definition, patterns, and investment strategies
Human activities widely exhibit a power-law distribution. Considering stock trading as a typical human activity in the financial domain, the first aim of this paper is to validate whether the well-known power-...
Citation: Financial Innovation 2022 8:51 -
Predicting cash holdings using supervised machine learning algorithms
This study predicts the cash holdings policy of Turkish firms, given the 20 selected features with machine learning algorithm methods. 211 listed firms in the Borsa Istanbul are analyzed over the period betwee...
Citation: Financial Innovation 2022 8:44 -
Impact of COVID-19 effective reproductive rate on cryptocurrency
The importance of cryptocurrency to the global economy is increasing steadily, which is evidenced by a total market capitalization of over $2.18T as of December 17, 2021, according to coinmarketcap.com (Coin, 202...
Citation: Financial Innovation 2022 8:49 -
ARMA–GARCH model with fractional generalized hyperbolic innovations
In this study, a multivariate ARMA–GARCH model with fractional generalized hyperbolic innovations exhibiting fat-tail, volatility clustering, and long-range dependence properties is introduced. To define the f...
Citation: Financial Innovation 2022 8:48 -
Introduction of the special issue on COVID-19 and the financial and economic systems
Citation: Financial Innovation 2022 8:59 -
Digital finance and renewable energy consumption: evidence from China
While digital finance and renewable energy consumption (REC) are two timely issues, it remains unclear whether the former affects the latter, especially in developing economies. This paper examines the impact ...
Citation: Financial Innovation 2022 8:58 -
Tone of language, financial disclosure, and earnings management: a textual analysis of form 20-F
This study investigates the relationship between the tone of financial disclosures and managers’ earnings management behavior using Form 20-F filings of Chinese firms listed in the U.S. during 2002–2014. The r...
Citation: Financial Innovation 2022 8:43 -
Analysis of crowdfunding platforms for microgrid project investors via a q-rung orthopair fuzzy hybrid decision-making approach
Effective crowdfunding platforms positively contribute toward improving microgrid energy management systems. Therefore, a comprehensive analysis is required to understand the key factors responsible for succes...
Citation: Financial Innovation 2022 8:52 -
Robust estimation of time-dependent precision matrix with application to the cryptocurrency market
Most financial signals show time dependency that, combined with noisy and extreme events, poses serious problems in the parameter estimations of statistical models. Moreover, when addressing asset pricing, por...
Citation: Financial Innovation 2022 8:47 -
Bitcoin price change and trend prediction through twitter sentiment and data volume
Twitter sentiment has been shown to be useful in predicting whether Bitcoin’s price will increase or decrease. Yet the state-of-the-art is limited to predicting the price direction and not the magnitude of inc...
Citation: Financial Innovation 2022 8:45 -
A credit scoring model based on the Myers–Briggs type indicator in online peer-to-peer lending
Although psychometric features have been considered for alternative credit scoring, they have not yet been applied to peer-to-peer (P2P) lending because such information is not available on platforms. This stu...
Citation: Financial Innovation 2022 8:42 -
Modelling the dynamics of stock market in the gulf cooperation council countries: evidence on persistence to shocks
This study examines the statistical properties required to model the dynamics of both the returns and volatility series of the daily stock market returns in six Gulf Cooperation Council countries, namely Bahra...
Citation: Financial Innovation 2022 8:46 -
A literature review and integrated framework for the determinants of crowdfunding success
Crowdfunding is an innovative strategy for financing a new business venture from the general public instead of seeking funds in traditional ways, such as issuing bonds or bank lending. This study aims to ident...
Citation: Financial Innovation 2022 8:41 -
Impact of CEO attributes on corporate reputation, financial performance, and corporate sustainable growth: evidence from India
This article investigates the impact of CEO attributes on corporate reputation, financial performance, and corporate sustainable growth in India. Using static panel data methodology for a sample of NSE listed ...
Citation: Financial Innovation 2022 8:40 -
A new analytical approach for identifying market contagion
This study proposed a new analytical approach to identify the excessive comovement of two markets as contagion. This goal is achieved by linking latent-factor and single-equation error correction models and ev...
Citation: Financial Innovation 2022 8:39 -
Consumer lending efficiency: commercial banks versus a fintech lender
Fintechs are believed to help expand credit access to underserved consumers without taking on additional risk. We compare the performance efficiency of LendingClub’s unsecured personal loans with similar loans...
Citation: Financial Innovation 2022 8:38 -
Does microfinance foster the development of its clients? A bibliometric analysis and systematic literature review
This paper conducts a scientometric analysis and systematic literature review to identify the trends in microfinance outcomes from the perspective of their recipients, specifically more vulnerable people, whil...
Citation: Financial Innovation 2022 8:34 -
Cloud economy and its relationship with China’s economy—a capital market-based approach
Through the lens of the stock market, we examine whether and how the cloud economy affects China’s economy. We review the literature on cloud computing and related concepts and propose a definition of the clou...
Citation: Financial Innovation 2022 8:50 -
On the role of stablecoins in cryptoasset pricing dynamics
We examine the interactions between stablecoins, Bitcoin, and a basket of altcoins to uncover whether stablecoins represent the investors’ demand for trading and investing into cryptoassets or rather play a ro...
Citation: Financial Innovation 2022 8:37 -
Default or profit scoring credit systems? Evidence from European and US peer-to-peer lending markets
For the emerging peer-to-peer (P2P) lending markets to survive, they need to employ credit-risk management practices such that an investor base is profitable in the long run. Traditionally, credit-risk managem...
Citation: Financial Innovation 2022 8:32 -
Can news-based economic sentiment predict bubbles in precious metal markets?
This study examines the role of market sentiment in predicting the price bubbles of four strategic metal commodities (gold, silver, palladium, and platinum) from January 1985 to August 2020. It is the first to...
Citation: Financial Innovation 2022 8:35 -
Hybrid data decomposition-based deep learning for Bitcoin prediction and algorithm trading
In recent years, Bitcoin has received substantial attention as potentially high-earning investment. However, its volatile price movement exhibits great financial risks. Therefore, how to accurately predict and...
Citation: Financial Innovation 2022 8:31 -
A closed-form pricing formula for European options in an illiquid asset market
This article addresses the problem of pricing European options when the underlying asset is not perfectly liquid. A liquidity discounting factor as a function of market-wide liquidity governed by a mean-revert...
Citation: Financial Innovation 2022 8:30 -
Corporate pledgeable asset ownership and stock price crash risk
We investigate how a firm’s corporate pledgeable asset ownership (CPAO) affects the risk of future stock price crashes. Using pledgeable asset ownership and crash risk data for a large sample of U.S. firms, we...
Citation: Financial Innovation 2022 8:28 -
Stressed portfolio optimization with semiparametric method
Tail risk is a classic topic in stressed portfolio optimization to treat unprecedented risks, while the traditional mean–variance approach may fail to perform well. This study proposes an innovative semiparame...
Citation: Financial Innovation 2022 8:27 -
Default rules in investment decision-making: trait anxiety and decision-making styles
This study investigates the role of default options in the relationship between trait anxiety, and decision-making styles and financial decisions. One hundred and ninety-four participants were divided into thr...
Citation: Financial Innovation 2022 8:23 -
Do biometric payment systems work during the COVID-19 pandemic? Insights from the Spanish users' viewpoint
Technological developments are changing how users pay for goods and services. In the context of the COVID-19 (coronavirus disease 2019) pandemic, new payment systems have been established to reduce contact bet...
Citation: Financial Innovation 2022 8:22 -
The witching week of herding on bitcoin exchanges
This paper analyses the herding behaviour among exchanges around the expiration of bitcoin futures traded on the Chicago Mercantile Exchange (CME). The database extends from December 2017 to October 2020, taki...
Citation: Financial Innovation 2022 8:26 -
Tracking market and non-traditional sources of risks in procyclical and countercyclical hedge fund strategies under extreme scenarios: a nonlinear VAR approach
The subprime crisis was quite damaging for hedge funds. Using the local projection method (Jordà 2004, 2005, 2009), we forecast the dynamic responses of the betas of hedge fund strategies to macroeconomic and ...
Citation: Financial Innovation 2022 8:24 -
Did green debt instruments aid diversification during the COVID-19 pandemic?
Faced with a persistent pandemic, investors are concerned about portfolio diversification. While the literature on COVID-19 has evolved impressively, limited work remains on diversification opportunities. We c...
Citation: Financial Innovation 2022 8:21 -
Pandemic or panic? A firm-level study on the psychological and industrial impacts of COVID-19 on the Chinese stock market
This study presents a thorough investigation of the relationship between the coronavirus disease 2019 (COVID-19) and daily stock price changes. We use several types of COVID-19 patients as indicators for explo...
Citation: Financial Innovation 2022 8:36 -
How does Covid-19 affect global equity markets?
This study applies OLS, panel regression and Granger causality test to investigate the impact of the Coronavirus disease 2019 (Covid-19) outbreak on the global equity markets during the early stage of the pand...
Citation: Financial Innovation 2022 8:25 -
Operational risk assessment of third-party payment platforms: a case study of China
Operational risk events have severely impacted the development of third-party payment (TPP) platforms, and have even led to a discussion on the operational risk capital charge settlement by relevant internatio...
Citation: Financial Innovation 2022 8:19 -
Editor’s introduction
Citation: Financial Innovation 2022 8:33 -
Automated market makers and decentralized exchanges: a DeFi primer
Recent advancements in decentralized finance (DeFi) have resulted in a rapid increase in the use of Automated Market Makers (AMMs) for creating decentralized exchanges (DEXs). In this paper, we organize these ...
Citation: Financial Innovation 2022 8:20 -
Non-Value-Added Tax to improve market fairness and quality
The promotion of both market fairness and efficiency has long been a goal of securities market regulators worldwide. Accelerated digital disruption and abusive trading behaviors, such as the GameStop mania, pr...
Citation: Financial Innovation 2022 8:18 -
Entrepreneurial, institutional and financial strategies for FinTech profitability
Notwithstanding the emergence of FinTech startups in the financial services industry, most of these companies face significant difficulties in breaking even and surviving. This study examines the main manageri...
Citation: Financial Innovation 2022 8:15 -
Overconfidence and the adoption of robo-advice: why overconfident investors drive the expansion of automated financial advice
Adaptive online platforms, powered by artificial intelligence, commonly referred to as robo-advice, steadily increase their market share. Yet these comparably new financial services are critically understudied...
Citation: Financial Innovation 2022 8:14 -
Cryptocurrency trading: a comprehensive survey
In recent years, the tendency of the number of financial institutions to include cryptocurrencies in their portfolios has accelerated. Cryptocurrencies are the first pure digital assets to be included by asset...
Citation: Financial Innovation 2022 8:13 -
Cue the volatility spillover in the cryptocurrency markets during the COVID-19 pandemic: evidence from DCC-GARCH and wavelet analysis
This study investigates the dynamic mechanism of financial markets on volatility spillovers across eight major cryptocurrency returns, namely Bitcoin, Ethereum, Stellar, Ripple, Tether, Cardano, Litecoin, and ...
Citation: Financial Innovation 2022 8:12 -
Using ELECTRE-TRI and FlowSort methods in a stock portfolio selection context
In recent years, multi-criteria sorting problems have become an interesting topic for researchers working on multi-criteria decision-making. ELimination and Choice Expressing REality (ELECTRE)-TRI and FlowSort...
Citation: Financial Innovation 2022 8:11 -
Credit granting sorting model for financial organizations
Considering the environment of risks and influences inherent in the decision-making process for credit-granting operations, it has become a matter of survival for financial organizations to seek to improve how...
Citation: Financial Innovation 2022 8:10 -
Factors affecting consumer acceptance of electronic cash in China: an empirical study
This paper proposes and validates a comprehensive model of consumer acceptance in the context of offline e-cash payment. It modifies the unified theory of acceptance and the use of technology model (UTAUT) wit...
Citation: Financial Innovation 2022 8:9 -
Fintech, regtech, and financial development: evidence from China
This study investigates the influence of fintech on developments in China’s financial sector across 290 cities and 31 provinces between 2011 and 2018. Using a two-stage least squares instrumental variable regr...
Citation: Financial Innovation 2022 8:29 -
Initial coin offerings (ICOs): Why do they succeed?
Recent literature has addressed initial coin offering (ICO) projects, which are an innovative form of venture financing through cryptocurrencies using blockchain technology. Many features of ICOs remain unexpl...
Citation: Financial Innovation 2022 8:17 -
The role of R&D and economic policy uncertainty in Sri Lanka’s economic growth
In this paper, we assess the role of investment in research and development (R&D) and economic policy uncertainty (EPU) in Sri Lanka’s economic growth experience. We do this by first determining which endogeno...
Citation: Financial Innovation 2022 8:16 -
Energy crypto currencies and leading U.S. energy stock prices: are Fibonacci retracements profitable?
This paper investigates the role of Fibonacci retracements levels, a popular technical analysis indicator, in predicting stock prices of leading U.S. energy companies and energy cryptocurrencies. The study met...
Citation: Financial Innovation 2022 8:8 -
Analysis of the cryptocurrency market using different prototype-based clustering techniques
Since the emergence of Bitcoin, cryptocurrencies have grown significantly, not only in terms of capitalization but also in number. Consequently, the cryptocurrency market can be a conducive arena for investors...
Citation: Financial Innovation 2022 8:7
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- ISSN: 2199-4730 (electronic)