Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2019.1702076
Does virtual currency development harm financial stocks’ value? Comparing Taiwan and China markets
Chi Ming Ho
Sažetak
This research incorporated virtual currency development factors
into the capital asset pricing model (CAPM) and interpreted the
effects of bitcoin and fin-tech on the capital market through a
deduction of the portfolio theory and innovation diffusion theory
(IDT) on changes to financial stocks’ value. This paper examined a
total of 67,166 panel data of financial stocks in the two emerging
markets of Taiwan and China between July 2016 and April 2019,
presenting the following significant findings. (1) Financial stocks
in Taiwan’s market are more greatly shocked by the bitcoin and
interaction effect between bitcoin and fin-tech than those in
China’s market. (2) Even after changing proxy variable or autocorrelation
and heteroskedasticity are considered, the asymmetric
shocks on financial stocks in Taiwan’s market are still great. (3)
The effects of the two variables of bitcoin and interaction with
fin-tech on financial stocks are consistently important as the
three-factor CAPM model. (4) Transmitted by the changes in currency
supply and demand as well as exchange rate volatilities,
the spillover effects of virtual currencies and financial innovation
indirectly change the currency multiplier of the home country,
investors’ sensibility to interest rates, and balance of import and
export trades and may eventually impact the gross outputs and
inflation of individual economies.
Ključne riječi
Bitcoin; fin-tech; financial stock performance
Hrčak ID:
254388
URI
Datum izdavanja:
9.2.2021.
Posjeta: 651 *