FINTECH ADOPTION AND MARKET EFFICIENCY: AN EMPIRICAL ANALYSIS OF INDIAN STOCK MARKET RESPONSES TO DIGITAL PAYMENT INNOVATIONS

Keywords

Abstract

References

1. [1]Arner, D. W., Barberis, J., & Buckley, R. P. (2015). The evolution of Fintech: A new post-crisis paradigm? Georgetown Journal of International Law, 47(4), 1271-1319.
2. [2]Barber, B. M., & Odean, T. (2013). The behavior of individual investors. In Handbook of the Economics of Finance, Elsevier, 2, 1533-1570).
3. [3]Biais, B., & Foucault, T. (2014). HFT and market quality. Journal of Financial Economics, 112(3), 329-346.
4. [4]Boehmer, E., Fong, K. Y. L., & Wu, J. (2018). International evidence on algorithmic trading and market quality. Journal of Financial Markets, 38, 1-23.
5. [5]Chordia, T., Goyal, A., Lehmann, B. N., & Saar, G. (2014). High-frequency trading. Journal of Financial Markets, 17, 1-15.
6. [6]Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. Journal of Finance, 25(2), 383-417.
7. [7]Frydman, C., & Saks, R. E. (2010). Executive compensation: A new view from a long-term perspective. Journal of Financial Economics, 96(2), 225-252.
8. [8]Glosten, L. R., & Milgrom, P. R. (1985). Bid, ask and transaction prices in a specialist market with heterogeneously informed traders. Journal of Financial Economics, 14(1), 71-100.
9. [9]Goldstein, I., Jiang, W., & Karolyi, G. A. (2019). To FinTech and beyond. Review of Financial Studies, 32(5), 1647-1661.
10. [10]Grossman, S. J., & Stiglitz, J. E. (1980). On the impossibility of informationally efficient markets. American Economic Review, 70(3), 393-408.
11. [11]Hendershott, T., Jones, C. M., & Menkveld, A. J. (2011). Does algorithmic trading improve liquidity? Journal of Finance, 66(1), 1-33.
12. [12]Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263-291.
13. [13]Kirilenko, A., Kyle, A. S., Samadi, M., & Tuzun, T. (2017). The flash crash: High-frequency trading in an electronic market. Journal of Finance, 72(3), 967-998.
14. [14]Kyle, A. S. (1985). Continuous auctions and insider trading. Econometrica, 53(6), 1315-1335.
15. [15]Liu, J., Wang, Y., & Zhao, X. (2021). Fintech innovation and stock market reactions: Evidence from China. Pacific-Basin Finance Journal, 67, 101557.
16. [16]Lo, A. W. (2004). The adaptive markets hypothesis: Market efficiency from an evolutionary perspective. Journal of Portfolio Management, 30(5), 15-29.
17. [17]Lo, A. W., & MacKinlay, A. C. (1988). Stock market prices do not follow random walks: Evidence from a simple specification test. Review of Financial Studies, 1(1), 41-66.
18. [18]Madhavan, A. (2000). Market microstructure: A survey. Journal of Financial Markets, 3(3), 205-258.
19. [19]NPCI. (2019). Unified Payments Interface (UPI) - Vision Document. National Payments Corporation of India.
20. [20]PWC. (2020). India FinTech Report 2020. PricewaterhouseCoopers.
21. [21]Schueffel, P. (2016). Taming the beast: A scientific definition of Fintech. Journal of Innovation Management, 4(4), 32-54.
22. [22]Shiller, R. J. (2003). From efficient markets theory to behavioral finance. Journal of Economic Perspectives, 17(1), 83-104.
23. [23]Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly, 27(3), 425-478.
24. [24]Wang, X., Zhang, C., & Zhang, L. (2022). Digital payments and stock market reactions: Evidence from partnership announcements. International Review of Economics & Finance, 81, 180-195.

Authors (2)