How Valuable Is FinTech Innovation?
By Mark A. Chen, Qinxi Wu, Baozhong Yang. The Review of financial studies, 2019
634 citations recorded by the source corpus.
We provide large-scale evidence on the occurrence and value of FinTech innovation. Using data on patent filings from 2003 to 2017, we apply machine learning to identify and classify innovations by their underlying technologies. We find that most FinTech innovations yield substantial value to innovators, with blockchain being particularly valuable. For the overall financial sector, internet of things (IoT), robo-advising, and blockchain are the most valuable innovation types. Innovations affect financial industries more negatively when they involve disruptive technologies from nonfinancial startups, but market leaders that invest heavily in their own innovation can avoid much of the negative value effect.ReceivedMay 31, 2017; editorial decision September 30, 2018 by Editor Andrew Karolyi.
View Paper: https://www.semanticscholar.org/paper/845729b538e34beb4a68f6c6c204eb844083e3a5
How researchers see this paper
The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.
Citations in the corpus
- Accounting and auditing with blockchain technology and artificial Intelligence: A literature review (2023, unknown): “Blockchain is described as a type of distributed ledger technology (DLT) (Christie, 2018; Ø lnes et al., 2017) or a type of financial technology (FinTech) (FRC, 2018; Chen et al., 2019; Goldstein et al., 2019; Gomber et al., 2018).”
- Going digital: implications for firm value and performance (2019, unknown): “For example, studies on FinTech have also found that its adoption leads to significant improvements in productivity for financial services firms (Philippon 2016) and that it is highly valued by markets (Chen et al. 2019).”
- Fintech and banking: What do we know? (2019, unknown): “Fintech is part of the process of evolving financial innovation, which has theoretically been shown to be risky but of value (e.g. Thakor (2012)), with supporting recent evidence that it yields substantial value to investors (see Chen, et. al (2019)).”
- A systematic review of the bubble dynamics of cryptocurrency prices (2020, unknown): “As our understanding of FinTech evolves (Goldstein et al. [2019]) and the growing value of blockchain (Chen et al. [2019]), one key area of research focuses on the interactions between cryp-tocurrencies and other more traditional financial markets.”
- Sustainability in FinTechs: An Explanation through Business Model Scalability and Market Valuation (2020, background): “) [25], innovative intangibles, like blockchains [26,27], big data [28], or artificial intelligence [29].”