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Table 5 OLS Regression Results of Models with FinTech Volume Growth

From: The impact of FinTech start-ups on incumbent retail banks’ share prices

Ticker

Name

alpha

 

RMRF

 

SMB

 

HML

 

FINTECH

Entire banking industry

−0.10

 

0.90

*

0.61

*

0.46

 

0.12

BAC

Bank of America Corp

−1.03

 

1.36

*

0.48

 

0.81

 

0.45

BBT

BB&T Corp

−0.41

 

0.94

*

0.50

 

0.23

 

0.21

BK

Bank of New York Mellon Corp

−0.61

 

1.27

*

−0.09

 

0.75

 

0.09

BOKF

BOK Financial Corp

−0.16

 

0.72

*

0.61

*

0.50

 

0.11

BXS

BancorpSouth Inc

−0.50

 

0.89

*

1.07

*

0.69

*

0.70

C

Citigroup Inc

−1.10

 

1.70

*

0.09

 

0.60

 

0.08

CARE

Carter Bank & Trust

1.12

 

0.27

 

0.37

 

0.35

 

−0.22

CBF

Capital Bank Financial Corp

1.27

 

0.20

 

0.66

 

−0.34

 

0.79

CFG

Citizens Financial Group Inc

−0.39

 

1.32

*

0.54

 

0.48

 

−1.23

CMA

Comerica Inc

−0.70

 

1.17

*

0.61

*

0.78

 

−0.03

COF

Capital One Financial Corp

0.00

 

1.11

*

0.27

 

0.57

 

−0.14

EWBC

East West Bancorp Inc

−0.12

 

1.31

*

1.00

*

0.14

 

−0.33

FFIN

First Financial Bankshares Inc

0.14

 

0.91

*

1.15

*

0.31

 

−0.22

FITB

Fifth Third Bancorp

−0.46

 

1.21

*

0.41

 

0.44

 

0.28

FRC

First Republic Bank/CA

0.69

 

1.00

*

0.48

 

0.12

 

0.43

HSBC

HSBC Holdings PLC

−1.38

*

1.15

*

−0.50

 

0.22

 

−0.26

IBKC

IBERIABANK Corp

−0.38

 

0.76

*

1.05

*

0.74

 

0.15

IBTX

Independent Bank Group Inc

−0.31

 

1.16

*

1.54

*

0.20

 

0.81

JPM

JPMorgan Chase & Co

0.37

 

−1.42

*

0.06

 

−0.60

 

−0.31

MTB

M&T Bank Corp

0.34

 

0.59

*

0.26

 

0.52

 

−0.05

NTRS

Northern Trust Corp

−0.58

 

1.00

*

0.19

 

0.31

 

−0.07

NWBI

Northwest Bancshares Inc

0.27

 

0.46

*

0.38

 

0.48

 

0.18

OZRK

Bank of the Ozarks Inc

1.75

*

0.96

*

0.84

*

0.34

 

−0.11

PB

Prosperity Bancshares Inc

−0.51

 

1.03

*

1.12

*

0.35

 

0.05

PBCT

People’s United Financial Inc

−0.31

 

0.72

*

0.28

 

0.22

 

0.02

PNBI

Pioneer Bankshares Inc

0.78

 

0.26

 

−0.01

 

0.40

 

−0.01

PNC

PNC Financial Services Group Inc

0.01

 

0.81

*

0.52

 

0.32

 

0.33

PRK

Park National Corp

0.65

 

0.55

*

1.13

*

0.17

 

0.33

SNV

Synovus Financial Corp

−0.78

 

1.81

*

0.70

*

0.28

 

−0.17

STI

SunTrust Banks Inc

−0.56

 

1.38

*

0.41

 

0.50

 

0.33

SUSQ

Susquehanna Bancshares Inc

−0.52

 

1.57

*

0.35

 

0.26

 

−0.16

SYBJF

Security Bank Corp

3.83

*

0.06

 

1.64

*

1.03

 

0.04

TCB

TCF Financial Corp

−0.84

 

0.94

*

0.82

*

0.60

 

0.11

TD

Toronto-Dominion Bank

0.00

 

0.93

*

−0.17

 

0.62

 

0.44

TRMK

Trustmark Corp

−1.09

 

1.15

*

0.30

 

0.23

 

0.50

TRST

TrustCo Bank Corp NY

−0.06

 

0.67

*

1.05

*

0.76

 

0.01

UBSH

Union Bankshares Corp

0.24

 

1.06

*

0.82

*

0.37

 

0.29

UCBI

United Community Banks Inc./GA

0.39

 

0.34

*

1.71

*

1.36

 

0.32

UMBF

UMB Financial Corp

−0.07

 

0.75

*

1.16

*

0.26

 

0.43

UMPQ

Umpqua Holdings Corp

−0.26

 

1.08

*

1.38

*

0.55

 

−0.11

USB

US Bancorp

0.01

 

0.83

*

0.06

 

0.11

 

0.27

VLY

Valley National Bancorp

−0.47

 

0.75

*

0.77

*

0.50

 

0.07

WAFD

Washington Federal Inc

−0.35

 

0.94

*

0.70

*

0.64

*

0.63

WBS

Webster Financial Corp

0.23

 

1.25

*

0.91

*

0.45

 

−0.28

WFC

Wells Fargo & Co

0.02

 

0.97

*

0.05

 

0.44

 

0.41

WSBC

WesBanco Inc

0.85

 

0.61

*

1.21

*

0.94

 

0.18

ZION

Zions Bancorporation

−0.70

 

1.47

*

1.04

*

1.13

 

0.28

 

average

−0.04

 

0.89

 

0.64

 

0.45

 

0.12

 

negative

29

 

1

 

4

 

2

 

16

 

positive

18

 

46

 

43

 

45

 

31

  1. A after a coefficient *denotes statistical significance at the 5% level