Skip to main content
Fachgebiete
Automobil + Motoren Bauwesen + Immobilien Business IT + Informatik Elektrotechnik + Elektronik Energie + Nachhaltigkeit Finance + Banking Management + Führung Marketing + Vertrieb Maschinenbau + Werkstoffe Versicherung + Risiko
DE
EN
Themenseiten
Organisationspsychologie Projektmanagement Marketing Smart Manufacturing
Bücher
Zeitschriften
Weitere Formate
Podcasts Webinare Technik Webinare Wirtschaft Kongresse Veranstaltungskalender Awards
Jetzt Einzelzugang starten
Zugang für Unternehmen
Referenzkunden
ATZ-Fachkongress

Chassis.tech plus 2024


4 Kongresse in einer Veranstaltung

Treffen Sie in München die Fachleute von Chassis, Lenkung, Bremsen sowie Reifen/Räder.
Erweiterte Suche
Anmelden
nach oben
Electronic Commerce Research
Erschienen in: Electronic Commerce Research 1/2024

29.08.2023

A comparative analysis between FinTech and traditional stock markets: using Russia and Ukraine war data

verfasst von: Fakhrul Hasan, Manaf Al-Okaily, Tonmoy Choudhury, Umar Kayani

Erschienen in: Electronic Commerce Research | Ausgabe 1/2024

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config
loading …

Abstract

In this paper, we extend the current literature by seeking answers to two questions: (1) were/are traditional stock markets or FinTech markets more volatile during the Russia–Ukraine War? (2) Which market returns were/are higher during the Russia–Ukraine War—traditional stocks or Fintech stocks. We explored whether cumulative abnormal returns and the stock price of the Fintech market, proxied by Global X Fintech ETF, of firms listed in 28 different countries’ stock markets differ during the Russia–Ukraine War than before the war. Our data set covers the period from June 1, 2021, through November 22, 2022. Our results found that traditional stock markets have been more volatile than Fintech stock markets during the Russia–Ukraine War than before the war. On the other hand, we can see that traditional market returns have been lower than Fintech market returns during the Russia–Ukraine war than before the war.
Vorheriger Artikel Fintech and corporate governance: at times of financial crisis
Nächster Artikel The impact of electronic word-of-mouth on corporate performance during COVID-19

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Technik"

Online-Abonnement

Mit Springer Professional "Technik" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 390 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Maschinenbau + Werkstoffe




 

Jetzt Wissensvorsprung sichern!

Jetzt informieren
Fußnoten
1
The performance of large and mid-cap stocks in all 23 developed market nations is represented by the MSCI World Index, a comprehensive global equity index. It covers about 85% of each nation's free float-adjusted market capitalization.
 
Literatur
1.
Abd Rahman, M. S., Al-Okaily, M., Ismail, W. N. S. W., & Ali, A. (2020). Measuring success of accounting information system: Applying the DeLone and McLean model at the organizational level. Journal of Theoretical and Applied Information Technology, 98(14), 2697–2706.
2.
Abu-Salih, B., Wongthongtham, P., Morrison, G., Coutinho, K., Al-Okaily, M., & Huneiti, A. (2022). Short-term renewable energy consumption and generation forecasting: A case study of Western Australia. Heliyon, 8(3), e09152.CrossRef
3.
Adekoya, I. B., Oliyide, J. A., Saleem, O., & Adeoye, H. A. (2022). Asymmetric connectedness between Google-based investor attention and the fourth industrial revolution assets: The case of FinTech and Robotics & Artificial intelligence stocks. Technology in Society, 68, 101925.CrossRef
4.
Al-Fraihat, D., Al-Debei, M. M., & Al-Okaily, A. (2022). Factors influencing the decision to utilize eTax systems during the COVID-19 pandemic: The moderating role of anxiety of COVID-19 infection. International Journal of Electronic Government Research (IJEGR), 18(1), 1–24.CrossRef
5.
6.
7.
8.
Al-Okaily, A., Ai Ping, T., & Al-Okaily, M. (2023). Evaluation of data analytics-oriented business intelligence technology effectiveness: An enterprise-level analysis. Business Process Management Journal. Vol. and No. ahead-of-print. https://​doi.​org/​10.​1108/​BPMJ-10-2022-0546.
9.
10.
11.
Al Natour, A. R., Al-Qadi, N. S., Meqbel, R., Zaidan, H., Al-Mawali, H., & Al-Okaily, M. (2022). The role of privatisation in sustaining auditor independence: evidence from the developing markets. Sustainability, 15(8), 6350.CrossRef
12.
Alalwan, A. A., Al-Fraihat, D., Rehman, S. U., Alkhwaldi, A. F. & Al-Okaily, A., (2022). Investigating antecedents of mobile payment systems decision making: A mediated model. Global Knowledge, Memory and Communication. Vol. and No. ahead-of-print. https://​doi.​org/​10.​1108/​GKMC-10-2021-0171.
13.
Alam, A., Uddin, M., Yazdifar, H. (2019). Institutional determinants of R&D investment: Evidence from emerging markets. Technology Forecasting and Social Changes, 138, 34–44.
14.
Alqudah, H., Al-Qudah, A. A., Al-Qadi, N. S., Elrehail, H., Al-Okaily, A. (2022). Does financial awareness increase the acceptance rate for financial inclusion? An empirical examination in the era of digital transformation, Kybernetes, Vol. and No. ahead-of-print. https://​doi.​org/​10.​1108/​K-08-2021-0710.
15.
Alqudah, H., Al-Qudah, A. A., & Alkhwaldi, A.F. (2022). Examining the Critical Factors of Computer- Assisted Audit Tools and Techniques Adoption in the Post-COVID-19 Period: Internal Auditors Perspective. VINE Journal of Information and Knowledge Management Systems. Vol. ahead-of-print No. ahead-of-print. https://​doi.​org/​10.​1108/​VJIKMS-12-2021-0311.
16.
Alsmadi, A. A., Shuhaiber, A., Alhawamdeh, L. N., Alghazzawi, R., & Al-Okaily, M. (2022). Twenty years of mobile banking services development and sustainability: A bibliometric analysis overview (2000–2020). Sustainability, 14(17), 10630.CrossRef
17.
Alsmadi, A. A., Al-Okaily, M., Alrawashdeh, N., Al-Gasaymeh, A., Moh’d Al-hazimeh, A., & Zakari, A. (2023). A bibliometric analysis of green bonds and sustainable green energy: Evidence from the last fifteen years (2007–2022). Sustainability, 15(7), 5778.
18.
Asongu, S., Akpan, U. S., & Isihak, S. R. (2018). Determinants of foreign direct investment in fast-growing economies: Evidence from the BRICS and MINT countries. Financial Innovation, 4, 2–17.CrossRef
19.
20.
Bany Mohammad, A., Al-Okaily, M., Al-Majali, M., & Masa’deh, R. E. (2022). Business Intelligence and Analytics (BIA) usage in the banking industry sector: An application of the TOE framework. Journal of Open Innovation: Technology, Market, and Complexity, 8(4), 189.
21.
Baumöhl, E. (2019). Are cryptocurrencies connected to forex? A quantile cross-spectral approach. Finance Research Letters, 29, 363–372.CrossRef
22.
Baur, D. G., Hong, K., & Lee, A. D. (2018). Bitcoin: Medium of exchange or speculative assets? Journal of International Financial Markets, Institutions and Money, 54, 177–189.CrossRef
23.
Beraich, M., Amzile, K., Laamire, J., Zirari, O., & Fadali, M. A. (2022). Volatility spillover effects of the US, European and Chinese financial markets in the context of the Russia–Ukraine conflict. International Journal of Financial Studies, 10(4), 95.CrossRef
24.
Berninger, M., Kiesel, F., Kolaric, S. (2022). Should I stay or should I go? Stock market reactions to companies' decisions in the wake of the Russia–Ukraine conflict. In SSRN working paper.
25.
Boot, A. W., Hoffmann, P., Laeven, L., Ratnovski, L. (2020). Financial intermediation and technology: What's Old, What's New?. In IMF working paper. WP/20/161.
26.
Boungou, W., & Yatié, A. (2022). The impact of the Ukraine-Russia war on world stock market returns. Economics Letters, 215, 110516.CrossRef
27.
Bouri, E., Molnar, P., Azzi, G., Roubaud, D., & Hagfors, L. I. (2017). On the hedge and safe haven properties of bitcoin: Is it really more than a diversifier? Finance Research Letters, 20, 192–198.CrossRef
28.
Brown, S., & Warner, J. (1980). Measuring security price performance. Journal of Financial Economics, 8, 205–258.CrossRef
29.
Brown, S., & Warner, J. (1985). Using daily stock returns: The case of event studies. Journal of Financial Economics, 14, 3–31.CrossRef
30.
Campbell, J. Y., Lo, A. W., & MacKinley, A. C. (1997). The econometrics of financial markets. Princeton University Press.CrossRef
31.
Cheema, M. A., Faff, R. W., & Szulczuk, K. (2020). The 2008 global financial crisis and COVID-19 pandemic: How safe are the safe haven assets? Covid Economics, Vetted and Real-Time Papers, 34, 88–115.
32.
Chen, M. A., Wu, Q., & Yang, B. (2019). How valuable is FinTech innovation? The Review of Financial Studies, 32, 2062–2106.CrossRef
33.
Chen, Y., Chiu, J., Chung, H. (2022), “Givers or Receivers? Return and volatility spillovers between Fintech and the traditional financial industry”, Finance Research Letters, 46(B), 102458.
34.
Choudhry, T. (2010). World War II events and the Dow Jones industrial index. Journal of Banking & Finance, 34(5), 1022–1031.CrossRef
35.
Conlon, T., & McGee, R. (2020). Safe haven or risky hazard? Bitcoin during the Covid-19 bear market. Finance Research Letters, 35, 101607.CrossRef
36.
Deng, M., Leippold M., Wagner, A. F., Wang, Q. (2022), Stock prices and the Russia–Ukraine war: Sanctions, energy and ESG. In SSRN Working Paper.
37.
Federle, J., Müller, G., Meier, A., and Sehn, V. (2022), Proximity to war: The stock market response to the Russian invasion of Ukraine. In CEPR discussion paper series.
38.
Fernandez, V. (2008). The war on terror and its impact on the long-term volatility of financial markets. International Review of Financial Analysis, 17(1), 1–26.CrossRef
39.
Frame, W. S., & White, L. J. (2014), Technological change, financial innovation, and diffusion in banking. Atlanta, Georgia & New York, NY: Federal Reserve Bank of Atlanta & Leonard N. Stern School of Business, Department of Economics. In NYU working paper no. 2451/33549.
40.
Frey, B. S., & Waldenström, D. (2004). Markets work in war: World War II reflected in the Zurich and Stockholm bond markets. Financial History Review, 11(1), 51–67.CrossRef
41.
Frost, J., Gambacorta, L., Huang, Y., Shin, H. S., & Zbinden, P. (2019). BigTech and the changing structure of financial intermediation. Economic Policy, 34(100), 761–799.CrossRef
42.
Gopalan, S., Jain, G., Kalani, G., & Tan, J. (2012). Breakthrough IT banking. McKinsey Quarterly, 26, 30–35.
43.
Guenette, J. D., Kenworthy, P., & Wheeler, C. (2022). Implications of the war in Ukraine for the global economy. World Bank Group. EFI Policy Note 3
44.
Hasan, F., Shafique, S., Das, B. C., & Shome, R. (2022). R&D intensity and firms dividend policy: Evidence from BRICS countries. Journal of Applied Accounting Research, 23(4), 846–862.CrossRef
45.
Havlik, P. (2014). Economic Consequences of the Ukraine Conflict. WiiW Policy note 14, The Vienna Institute for International Economic Studies, wiiw
46.
Ibhagui, O. W., & Olokoyo, F. O. (2018). Leverage and firm performance: New evidence on the role of firm size. The North American Journal of Economics and Finance, 45, 57–82.CrossRef
47.
Kalay, A., & Loewenstein, U. (1985). Predictable events and excess returns: The case of dividend announcements. Journal of Financial Economics, 14(3), 423–449.CrossRef
48.
Khudaykulova, M., Yuanqiong, H., & Khudaykulov, A. (2022). Economic consequences and implications of the Ukraine-russia war. International Journal of Management Science and Business Administration, 8(4), 44–52.CrossRef
49.
Klein, T., Thu, H. P., & Walther, T. (2018). Bitcoin is not the new gold: A comparison of volatility, correlation, and portfolio performance. International Review of Financial Analysis, 59, 105–116.CrossRef
50.
Kristoufek, L. (2020). Grandpa, grandpa, tell me the one about bitcoin being a safe haven: Evidence from the COVID-19 pandemics. Cornell University Library.
51.
Kurka, J. (2019). Do cryptocurrencies and traditional asset classes influence each other? Finance Research Letters, 31, 38–46.CrossRef
52.
Lamberti, H.-J., & Buger, M. (2008). Lessons learnt: 50 Jahre Information-stechnologie im Bankgeschaft am Beispiel der Deutschen Bank AG. Wirtschaftsinformatik, 51, 31–42.CrossRef
53.
Lazar, S. (2016). Determinants of firm performance: Evidence from Romanian listed companies. Review of Economic and Business Studies, 17, 53–69.CrossRef
54.
Leigh, A., Wolfers, J., & Zitzewitz, E. (2003). What do financial markets think of war in Iraq? In National Bureau of economic research Cambridge, MA, USA.
55.
Li, J., Li, J., Zhu, X., Yao, Y., & Casu, B. (2020). Risk spillovers between FinTech and traditional financial institutions: Evidence from the US. International Review of Financial Analysis, 71, 101544.CrossRef
56.
Liadze, I., Macchiarelli, C., Mortimer-Lee, P., & Juanino, P. S. (2022). The economic costs of the Russia–Ukraine conflict. NIESR Policy Paper 32.
57.
Ma, F., Wahab, M., Chevallier, J., & Li, Z. (2023). A tug of war of forecasting the US stock market volatility: Oil futures overnight versus intraday information. Journal of Forecasting, 42(1), 60–75.CrossRef
58.
MacKinlay, A. C. (1997). Event studies in economics and finance. Journal of Economic Literature, 35(1), 13–39.
59.
Majumdar, S. K. (1997). The impact of size and age on firm-level performance: Some evidence from India. Review of Industrial Organization, 12, 231–241.CrossRef
60.
Mthanti, T., & Ojah, P. (2017). Entrepreneurial orientation (EO): Measurement and policy implications of entrepreneurship at the macroeconomic level. Research Policy, 46(4), 724–739.CrossRef
61.
Mumtaz, M. Z., & Smith, Z. A. (2020). Empirical examination of the role of fintech in monetary policy. Pacific Economic Review, 25, 620–640.CrossRef
62.
Natour, A. R. A., Shishan, F., Al-Dmour, A., Alghazzawi, R., & Alsharairi, M. (2021). Sustainable FinTech innovation orientation: A moderated model. Sustainability, 13(24), 1–12.
63.
Orhan, E. (2022). The effects of the Russia–Ukraine war on global trade. Journal of International Trade, Logistics and Law, 8(1), 141–146.
64.
Penrose, E. (1995). The theory of the growth of the firm. Oxford University Press.CrossRef
65.
Pereira, P., Bašić, F., Bogunovic, I., & Barcelo, D. (2022). Russian-Ukrainian war impacts the total environment. Science of The Total Environment, 837, 155865.CrossRef
66.
Philippon, T. (2016). The fintech opportunity (No. w22476). National Bureau of Economic Research.
67.
Puschmann, T. (2017). Fintech. Business & Information Systems Engineering, 59, 69–76.CrossRef
68.
Rigobon, R., & Sack, B. (2005). The effects of war risk on US financial markets. Journal of Banking & Finance, 29(7), 1769–1789.CrossRef
69.
Shahzad, S. J. H., Bouri, E., Roubaud, D., Kristoufek, L., & Lucey, B. (2019). Is bitcoin a better safehaven investment than gold and commodities? International Review of Financial Analysis, 63, 322–330.CrossRef
70.
Sharpe, W. F. (1963). A simplified model for portfolio analysis. Managerial Science, 9(2), 277–293.
71.
Shumilova, O., Tockner, K., Sukhodolov, A., Khilchevskyi, V., De Meester, L., Stepanenko, S., Gleick, P. (2023). Impact of the Russia–Ukraine armed conflict on water resources and water infrastructure. Nature Sustainability, 1–9.
72.
Smales, L. A. (2019). Bitcoin as a safe haven: Is it even worth considering? Finance Research Letters, 30, 385–393.CrossRef
73.
Stukalo, N., & Simakhova, A. (2018). Social and economic effects of the war conflict in Ukraine for Europe. Geopolitics under Globalization, 2(1), 11.CrossRef
74.
Symitsi, E., & Chalvatzis, K. J. (2019). The economic value of bitcoin: A portfolio analysis of currencies, gold, oil and stocks. Research in International Business and Finance, 48, 97–110.CrossRef
75.
Umar, Z., Polat, O., Choi, S.-Y., & Teplova, T. (2022). The impact of the Russia–Ukraine conflict on the connectedness of financial markets. Finance Research Letters, 48, 102976.CrossRef
76.
Wu, F.-L., Zhan, X.-d., Zhou, J.-Q., Wang, M.-H. (2023). Stock market volatility and Russia–Ukraine conflict. Finance Research Letters, 103919.
77.
Yao, M., Di, H., Zheng, X., & Xu, X. (2018). Impact of payment technology innovations on the traditional financial industry: A focus on China. Technological Forecasting and Social Change, 135, 199–207.CrossRef
78.
Yermack, D. (2013). Is bitcoin a real currency? An economic appraisal (no. w19747). National Bureau of Economic Research, 36(2), 843–850.
79.
Yousaf, I., Patel, R., & Yarovaya, L. (2022). The reaction of G20+ stock markets to the Russia–Ukraine conflict “black-swan” event: Evidence from event study approach. Journal of Behavioral and Experimental Finance, 35, 100723.CrossRef
80.
Yousaf, I., Patel, R., Yaroyaya, L. (2022). The reaction of G20+ stock markets to the Russia–Ukraine conflict "black-swan" event: Evidence from event study approach. In SSRN working paper.
81.
Zhang, Z., Hung, K., & Chang, T. (2017). P2P Loans and bank loans, the chicken and the egg, what causes what?: Further evidence from a bootstrap panel granger causality test. Applied Economics Letters, 24(19), 1358–1362.CrossRef
82.
Zhou, H., & Lu, X. (2023). Investor attention on the Russia–Ukraine conflict and stock market volatility: Evidence from China. Finance Research Letters, 52, 103526.CrossRef
Metadaten
Titel
A comparative analysis between FinTech and traditional stock markets: using Russia and Ukraine war data
verfasst von
Fakhrul Hasan
Manaf Al-Okaily
Tonmoy Choudhury
Umar Kayani
Publikationsdatum
29.08.2023
Verlag
Springer US
Erschienen in
Electronic Commerce Research / Ausgabe 1/2024
Print ISSN: 1389-5753
Elektronische ISSN: 1572-9362
DOI
https://doi.org/10.1007/s10660-023-09734-0

Weitere Artikel der Ausgabe 1/2024

Electronic Commerce Research 1/2024 Zur Ausgabe

OriginalPaper

What influences users’ continuance intention of internet wealth management services? A perspective from network externalities and herding

Editorial

Introduction to the special issue on electronic commerce in banking and finance

OriginalPaper

Barriers to blockchain adoption for supply chain finance: the case of Indian SMEs

OriginalPaper

The effect of digital finance on Residents' happiness: the case of mobile payments in China

OriginalPaper

The effect of social media on bank performance: an fsQCA approach

OriginalPaper

The role of expertise in herding behaviors: evidence from a crowdfunding market