{"title":"给予者还是接受者?金融科技与传统金融业的回报与波动溢出效应","authors":"Yuxuan Chen, J. Chiu, Hui-Young Chung","doi":"10.2139/ssrn.3919636","DOIUrl":null,"url":null,"abstract":"We investigate the return and volatility spillovers between a Fintech ETF and the ETFs of the traditional financial industry with an empirical network model. We find that the traditional financial ETFs are still the main givers, and the Fintech ETF is the net receiver. The Fintech ETF does not lead to greater volatility and financial instability in most of the traditional financial sectors. The information transmission between these ETFs is high, especially during the period of US-China trade friction. Our results provide a full understanding of the effect of changes in information transmission between Fintech and the traditional financial industry.","PeriodicalId":331807,"journal":{"name":"Banking & Insurance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"16","resultStr":"{\"title\":\"Givers or Receivers? Return and volatility spillovers between Fintech and the Traditional Financial Industry\",\"authors\":\"Yuxuan Chen, J. Chiu, Hui-Young Chung\",\"doi\":\"10.2139/ssrn.3919636\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We investigate the return and volatility spillovers between a Fintech ETF and the ETFs of the traditional financial industry with an empirical network model. We find that the traditional financial ETFs are still the main givers, and the Fintech ETF is the net receiver. The Fintech ETF does not lead to greater volatility and financial instability in most of the traditional financial sectors. The information transmission between these ETFs is high, especially during the period of US-China trade friction. Our results provide a full understanding of the effect of changes in information transmission between Fintech and the traditional financial industry.\",\"PeriodicalId\":331807,\"journal\":{\"name\":\"Banking & Insurance eJournal\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-09-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"16\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Banking & Insurance eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3919636\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Banking & Insurance eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3919636","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Givers or Receivers? Return and volatility spillovers between Fintech and the Traditional Financial Industry
We investigate the return and volatility spillovers between a Fintech ETF and the ETFs of the traditional financial industry with an empirical network model. We find that the traditional financial ETFs are still the main givers, and the Fintech ETF is the net receiver. The Fintech ETF does not lead to greater volatility and financial instability in most of the traditional financial sectors. The information transmission between these ETFs is high, especially during the period of US-China trade friction. Our results provide a full understanding of the effect of changes in information transmission between Fintech and the traditional financial industry.