How Valuable Is FinTech Innovation?

• 成果类型: Article
• 署名作者: Chen, Mark A.; Wu, Qinxi; Yang, Baozhong
• 署名单位: University System of Georgia; Georgia State University; Baylor University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhy130
• 发表日期: 2019
• 页码: 2062
• 关键词: intellectual property-rights; market value; COMPETITION; resource; patents; IMPACT; POLICY; GROWTH; entry

摘要

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.