Table 3 Empirical results
From: The impact of FinTech start-ups on incumbent retail banks’ share prices
Funding volume | Growth volume | Number of deals | Growth deals | ||||||
|---|---|---|---|---|---|---|---|---|---|
Full sample | 3 factor | 5 factor | 3 factor | 5 factor | 3 factor | 5 factor | 3 factor | 5 factor | |
Pooled | Estimate | 0.08 | 0.00 | 0.11 | 0.12 | 0.18 | 0.18 | 0.35 | 0.39 |
T-value | 0.82 | 0.03 | 2.64 | 2.87 | 1.90 | 1.89 | 3.00 | 3.29 | |
Fixed effects | Estimate | 0.08 | 0.00 | 0.12 | 0.13 | 0.18 | 0.18 | 0.36 | 0.39 |
T-value | 0.80 | 0.04 | 2.70 | 2.92 | 1.86 | 1.86 | 3.03 | 3.31 | |
Free | Estimate | 0.09 | 0.01 | 0.12 | 0.13 | 0.18 | 0.19 | 0.37 | 0.39 |
T-value | 0.98 | 0.07 | 3.04 | 3.24 | 2.00 | 2.08 | 3.35 | 3.56 | |
Industry | Estimate | 0.08 | 0.01 | 0.12 | 0.13 | 0.19 | 0.19 | 0.36 | 0.40 |
T-value | 0.31 | 0.02 | 1.02 | 1.13 | 0.72 | 0.74 | 1.15 | 1.29 | |