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| 1 | Fintech investments in European banks:a hybrid IT2 fuzzy multidimensional decision‑making approach显示文摘Financial technology(Fintech)makes a significant contribution to the financial system by reducing costs,providing higher quality services and increasing customer satisfaction.Hence,new studies play an essential role to improve Fintech investments.This study evaluates Fintech-based investments of European banking services with an application of an original methodology that considers interval type-2(IT2)fuzzy decision-making trial and evaluation laboratory and IT2 fuzzy TOPSIS models.Empirical findings are controlled for consistency by applying the VIKOR method.Moreover,we conduct a sensitivity analysis by considering six distinct cases.This study contributes to the existing literature by identifying the most important Fintech-based investment alternatives to improve the financial performance of European banks.Our empirical findings illustrate that results are coherent,reliable,and identify“competitive advantage”as the most important factor among Fintech-based determinants.Moreover,“payment and money transferring systems”are the most important Fintech-based investment alternatives.It is recommended that,among Fintech-based investments,European banks should mainly focus on payment and money transferring alternatives to attract the attention of customers and satisfy their expectations.This is also believed to have a positive impact on the ease of bank’receivable collection.Another important point is that Fintech-based investments in money transferring systems could help to decrease costs. | Gang Kou Ozlem Olgu Akdeniz Hasan Dincer Serhat Yuksel | 2021 | Financial Innovation2021，7，1： | 38 |
| 2 | Forecasting and trading cryptocurrencies with machine learning under changing market conditions显示文摘This study examines the predictability of three major cryptocurrencies—bitcoin,ethereum,and litecoin—and the profitability of trading strategies devised upon machine learning techniques(e.g.,linear models,random forests,and support vector machines).The models are validated in a period characterized by unprecedented turmoil and tested in a period of bear markets,allowing the assessment of whether the predictions are good even when the market direction changes between the validation and test periods.The classification and regression methods use attributes from trading and network activity for the period from August 15,2015 to March 03,2019,with the test sample beginning on April 13,2018.For the test period,five out of 18 individual models have success rates of less than 50%.The trading strategies are built on model assembling.The ensemble assuming that five models produce identical signals(Ensemble 5)achieves the best performance for ethereum and litecoin,with annualized Sharpe ratios of 80.17%and 91.35%and annualized returns(after proportional round-trip trading costs of 0.5%)of 9.62%and 5.73%,respectively.These positive results support the claim that machine learning provides robust techniques for exploring the predictability of cryptocurrencies and for devising profitable trading strategies in these markets,even under adverse market conditions. | Helder Sebastiao Pedro Godinho | 2021 | Financial Innovation2021，7，1： | 21 |
| 3 | A systematic review of blockchain显示文摘Blockchain is considered by many to be a disruptive core technology.Although many researchers have realized the importance of blockchain,the research of blockchain is still in its infancy.Consequently,this study reviews the current academic research on blockchain,especially in the subject area of business and economics.Based on a systematic review of the literature retrieved from the Web of Science service,we explore the top-cited articles,most productive countries,and most common keywords.Additionally,we conduct a clustering analysis and identify the following five research themes:“economic benefit,”“blockchain technology,”“initial coin offerings,”“fintech revolution,”and“sharing economy.”Recommendations on future research directions and practical applications are also provided in this paper. | Min Xu Xingtong Chen Gang Kou | 2019 | Financial Innovation2019，5，1： | 21 |
| 4 | Cryptocurrency trading:a comprehensive survey显示文摘In recent years,the tendency of the number of financial institutions to include crypto-currencies in their portfolios has accelerated.Cryptocurrencies are the first pure digital assets to be included by asset managers.Although they have some commonalities with more traditional assets,they have their own separate nature and their behaviour as an asset is still in the process of being understood.It is therefore important to summarise existing research papers and results on cryptocurrency trading,including available trading platforms,trading signals,trading strategy research and risk management.This paper provides a comprehensive survey of cryptocurrency trading research,by covering 146 research papers on various aspects of cryptocurrency trading(e.g.,cryptocurrency trading systems,bubble and extreme condition,prediction of volatility and return,crypto-assets portfolio construction and crypto-assets,technical trading and others).This paper also analyses datasets,research trends and distribution among research objects(contents/properties)and technologies,concluding with some promising opportunities that remain open in cryptocurrency trading. | Fan Fang Carmine Ventre Michail Basios Leslie Kanthan David Martinez-Rego Fan Wu Lingbo Li | 2022 | Financial Innovation2022，8，1： | 21 |
| 5 | Blockchain-based sharing services:What blockchain technology can contribute to smart cities显示文摘Background:The notion of smart city has grown popular over the past few years.It embraces several dimensions depending on the meaning of the word“smart”and benefits from innovative applications of new kinds of information and communications technology to support communal sharing.Methods:By relying on prior literature,this paper proposes a conceptual framework with three dimensions:(1)human,(2)technology,and(3)organization,and explores a set of fundamental factors that make a city smart from a sharing economy perspective.Results:Using this triangle framework,we discuss what emerging blockchain technology may contribute to these factors and how its elements can help smart cities develop sharing services.Conclusions:This study discusses how blockchain-based sharing services can contribute to smart cities based on a conceptual framework.We hope it can stimulate interest in theory and practice to foster discussions in this area. | Jianjun Sun Jiaqi Yan Kem Z.K.Zhang | 2016 | Financial Innovation2016，2，1： | 20 |
| 6 | The transition from traditional banking to mobile internet finance:an organizational innovation perspective-a comparative study of Citibank and ICBC显示文摘The development of Financial Technology(FinTech)in areas such as mobile Internet,cloud computing,big data,search engines,and blockchain technology have significantly changed the financial industry.FinTech is expected to overturn the traditional banking business model,forcing banks to upgrade and transform.This study adopts a comparative case study method to contrast and analyze the Industrial and Commercial Bank of China(ICBC)and Citibank.It analyzes the strategies,organizations,HR systems,and product innovations adopted by these two banks in response to the impact of FinTech.This paper proposes an“electric vehicle”mode for ICBC and an“airplane mode”for Citibank.Further,it describes the difficulties encountered by the Chinese banking industry and proposes some feasible ways to upgrade.“Technology power”will become the core competitive concept for the financial institutions of the future. | Zhuming Chen Yushan Li Yawen Wu Junjun Luo | 2017 | Financial Innovation2017，3，1： | 19 |
| 7 | A credit risk assessment model based on SVM for small and medium enterprises in supply chain finance显示文摘Background:Supply chain finance(SCF)is a series of financial solutions provided by financial institutions to suppliers and customers facing demands on their working capital.As a systematic arrangement,SCF utilizes the authenticity of the trade between(SMEs)and their“counterparties”,which are usually the leading enterprises in their supply chains.Because in these arrangements the leading enterprises are the guarantors for the SMEs,the credit levels of such counterparties are becoming important factors of concern to financial institutions’risk management(i.e.,commercial banks offering SCF services).Thus,these institutions need to assess the credit risks of the SMEs from a view of the supply chain,rather than only assessing an SME’s repayment ability.The aim of this paper is to research credit risk assessment models for SCF.Methods:We establish an index system for credit risk assessment,adopting a view of the supply chain that considers the leading enterprise’s credit status and the relationships developed in the supply chain.Furthermore,We conducted two credit risk assessment models based on support vector machine(SVM)technique and BP neural network respectly.Results:(1)The SCF credit risk assessment index system designed in this paper,which contained supply chain leading enterprise’s credit status and cooperative relationships between SMEs and leading enterprises,can help banks to raise their accuracy on predicting a small and medium enterprise whether default or not.Therefore,more SMEs can obtain loans from banks through SCF.(2)The SCF credit risk assessment model based on SVM is of good generalization ability and robustness,which is more effective than BP neural network assessment model.Hence,Banks can raise the accuracy of credit risk assessment on SMEs by applying the SVM model,which can alleviate credit rationing on SMEs.Conclusions:(1)The SCF credit risk assessment index system can solve the problem of banks incorrectly labeling a creditworthy enterprise as a default enterprise,and thereby improve the credit rating status in the process of SME financing.(2)By analyzing and comparing the empirical results,we find that the SVM assessment model,on evaluating the SME credit risk,is more effective than the BP neural network assessment model.This new assessment model based on SVM can raise the accuracy of classification between good credit and bad credit SMEs.(3)Therefore,the SCF credit risk assessment index system and the assessment model based on SVM,is the optimal combination for commercial banks to use to evaluate SMEs’credit risk. | Lang Zhang Haiqing Hu Dan Zhang | 2015 | Financial Innovation2015，1，1： | 17 |
| 8 | Overview of business innovations and research opportunities in blockchain and introduction to the special issue显示文摘Blockchain has become a new frontier of venture capitals that has attracted the attention of banks,governments,and other business corporations.The recent blockchain related attempts included legal blockchains by Fadada.com and Microsoft and pork tracking blockchains by Walmart and IBM.Blockchain is poised to become the most exciting invention after the Internet;while the latter connects the world to enable new business models based on online business processes,the former will help resolve the trust issue more efficiently via network computing.In this paper,we give an overview on blockchain research and development as well as introduce the papers in this special issue.We show that while blockchain has enabled Bitcoin,the most successful digital currency,its widespread adoption in finance and other business sectors will lead to many business innovations as well as many research opportunities. | J.Leon Zhao Shaokun Fan Jiaqi Yan | 2016 | Financial Innovation2016，2，1： | 17 |
| 9 | Analysis and outlook of applications of blockchain technology to equity crowdfunding in China显示文摘Equity crowdfunding via the Internet is a new channel of raising money for startups.It features low barriers to entry,low cost,and high speed,and thus encourages innovation.In recent years,equity crowdfunding in China has experienced some developments.However,some problems remain unsolved in practice.Blockchain is a decentralized and distributed ledger technology to ensure data security,transparency,and integrity.Because it cannot be tampered with or forged,the technology is deemed to have great potential in the finance industry.This study examines current problems in the practice of equity crowdfunding in China.Based on the analysis of the characteristics of blockchain technology,this study further explores its practical applications in equity crowdfunding.1)Blockchain technology may be a secure,efficient,low-cost solution for the registration of stocks and shares of a firm financed by crowdfunding;2)Blockchain technology simplifies the transaction and transfer of crowdfunding equities,and thus facilitates their circulation;3)Blockchain technology enables peer to peer transactions between investors and entrepreneurs,and solves the problems of regulatory compliance and security of fund management;Blockchain technology can be used to develop a voting system for crowdfunders,which enables them to be involved in corporate governance.This helps protect the rights and interests of small investors;5)Blockchain technology helps regulators know about market conditions,and supports regulatory activities such as managing investors and fighting money laundering. | Huasheng Zhu Zach Zhizhong Zhou | 2016 | Financial Innovation2016，2，1： | 15 |
| 10 | Predicting the daily return direction of the stock market using hybrid machine learning algorithms显示文摘Big data analytic techniques associated with machine learning algorithms are playing an increasingly important role in various application fields,including stock market investment.However,few studies have focused on forecasting daily stock market returns,especially when using powerful machine learning techniques,such as deep neural networks(DNNs),to perform the analyses.DNNs employ various deep learning algorithms based on the combination of network structure,activation function,and model parameters,with their performance depending on the format of the data representation.This paper presents a comprehensive big data analytics process to predict the daily return direction of the SPDR S&P 500 ETF(ticker symbol:SPY)based on 60 financial and economic features.DNNs and traditional artificial neural networks(ANNs)are then deployed over the entire preprocessed but untransformed dataset,along with two datasets transformed via principal component analysis(PCA),to predict the daily direction of future stock market index returns.While controlling for overfitting,a pattern for the classification accuracy of the DNNs is detected and demonstrated as the number of the hidden layers increases gradually from 12 to 1000.Moreover,a set of hypothesis testing procedures are implemented on the classification,and the simulation results show that the DNNs using two PCA-represented datasets give significantly higher classification accuracy than those using the entire untransformed dataset,as well as several other hybrid machine learning algorithms.In addition,the trading strategies guided by the DNN classification process based on PCA-represented data perform slightly better than the others tested,including in a comparison against two standard benchmarks. | Xiao Zhong David Enke | 2019 | Financial Innovation2019，5，1： | 9 |
| 11 | Government-incentivized crowdfunding for one-belt, one-road enterprises: design and research issues显示文摘Background:Local,state,and federal governments have started exploring the potential of crowdfunding in transforming conventional financing methods used previously to fund public projects and services.While crowdfunding has been applied to improve government financing methods in recent years,little is known about how this new model can be extended and applied in international collaboration among governmentincentivized projects.Methods:In this paper,we explores what roles crowdfunding can play as a financial intermediary to support government-incentivized multinational projects in the context of the One-Belt,One-Road initiative.Results:We conjecture that crowdfunding can offer an efficient mechanism to improve participatory budgeting and facilitate private-public collaboration while providing a high level of transparency in the budget decision process.Conclusions:The paper also discusses research issues and challenges,including features of the crowdfunding platforms that can affect the adoption and use of the crowdfunding platforms in multinational initiatives. | Chang Heon Lee J.Leon Zhao Ghazwan Hassna | 2016 | Financial Innovation2016，2，1： | 7 |
| 12 | Harnessing Internet finance with innovative cyber credit management显示文摘In the last two decades,Internet technologies,such as cloud computing,mobile communications,social media,and big data analytics,have brought tremendous changes to our society and reshaped the business in various industries.Specifically,the mushrooming innovations in the financial area fertilized by information and communication technologies indicates the advent of the Internet finance era.Applying the exploratory research approach,we investigate major innovative Internet-based financial services and classify them into five categories,as of e-commerce,e-payment,e-money market,online loan services,and digital currencies.Then we propose a market structure of Internet finance extended from the traditional financial market.We claim that credit management is the key issue in the marketplace of Internet finance,characterized by big data analytics,in which cyber credit appears as whole-process,multi-dimensional,and holographic.We further suggest that cyber credit be represented in the form of vector to overcome the limits of traditional single-value measure in cyber credit management.Based on this framework,we raise main research issues in Internet finance from the perspectives of theory,technology,and governance. | Zhangxi Lin Andrew B.Whinston Shaokun Fan | 2015 | Financial Innovation2015，1，1： | 7 |
| 13 | Financial innovation and its governance:Cases of two major innovations in the financial sector显示文摘The power of financial innovations to affect societies on global and intergenerational levels compels us to ask how we can ensure their responsible emergence in society.This requires an understanding of how innovation occurs and how it is governed in practice.Despite this,there is little research on the process and governance of financial innovation.The few studies conducted in this area have focused on the‘backend’of the innovation process.Therefore,using data from secondary sources,this study investigates how two major financial innovations occurred and were governed,and it discusses the findings in relation to those in the literature.This approach revealed that innovation processes fall within a continuum ranging from structured to unstructured.Moreover,lead times are potentially longer for innovations that are significantly disruptive,new to the market,and technological in nature.Finally,innovation processes can involve multiple stakeholders who use both statutory regulation and self-regulation for innovation governance.This paper concludes that innovation processes and their governance can vary significantly according to different areas of the financial landscape and associated innovation contexts.Thus,there is a need for more empirical work to understand such variability and practices in the sector as a whole. | Keren Naa Abeka Arthur | 2017 | Financial Innovation2017，3，1： | 6 |
| 14 | Blockchain application and outlook in the banking industry显示文摘Blockchain technology is a core,underlying technology with promising application prospects in the banking industry.On one hand,the banking industry in China is facing the impact of interest rate liberalization and profit decline caused by the narrowing interest-rate spread.On the other hand,it is also affected by economic transformation,Internet development,and financial innovations.Hence,the banking industry requires urgent transformation and is seeking new growth avenues.As such,blockchains could revolutionize the underlying technology of the payment clearing and credit information systems in banks,thus upgrading and transforming them.Blockchain applications also promote the formation of“multi-center,weakly intermediated”scenarios,which will enhance the efficiency of the banking industry.However,despite the permissionless and self-governing nature of blockchains,the regulation and actual implementation of a decentralized system are problems that remain to be resolved.Therefore,we propose the urgent establishment of a“regulatory sandbox”and the development of industry standards. | Ye Guo Chen Liang | 2016 | Financial Innovation2016，2，1： | 6 |
| 15 | How does financial literacy impact on inclusive finance?显示文摘Inclusive finance is a core concept of finance that makes various financial products and services accessible and affordable to all individuals and businesses,especially those excluded from the formal financial system.One of the leading forces affecting people’s ability to access financial services in rural areas is financial literacy.This study investigated the impacts of financial knowledge on financial access through banking,microfinance,and fintech access using the Bangladesh rural population data.We employed three econometrics models:logistic regression,probit regression,and complementary log–log regression to examine whether financial literacy significantly affects removing the barriers that prevent people from participating and using financial services to improve their lives.The empirical findings showed that knowledge regarding various financial services factors had significant impacts on getting financial access.Some variables such as profession,income level,knowledge regarding depositing and withdrawing money,and knowledge regarding interest rate highly affected the overall access to finance.The study’s results provide valuable recommendations for the policymaker to improve financial inclusion in the developing country context.A comprehensive and long-term education program should be delivered broadly to the rural population to make a big stride in financial inclusion,a key driver of poverty reduction and prosperity boosting. | Morshadul Hasan Thi Le Ariful Hoque | 2021 | Financial Innovation2021，7，1： | 5 |
| 16 | Developing a prediction model for customer churn from electronic banking services using data mining显示文摘Background:Given the importance of customers as the most valuable assets of organizations,customer retention seems to be an essential,basic requirement for any organization.Banks are no exception to this rule.The competitive atmosphere within which electronic banking services are provided by different banks increases the necessity of customer retention.Methods:Being based on existing information technologies which allow one to collect data from organizations’databases,data mining introduces a powerful tool for the extraction of knowledge from huge amounts of data.In this research,the decision tree technique was applied to build a model incorporating this knowledge.Results:The results represent the characteristics of churned customers.Conclusions:Bank managers can identify churners in future using the results of decision tree.They should be provide some strategies for customers whose features are getting more likely to churner’s features. | Abbas Keramati Hajar Ghaneei Seyed Mohammad Mirmohammadi | 2016 | Financial Innovation2016，2，1： | 5 |
| 17 | A maturity model for blockchain adoption显示文摘Background:The rapid development of the blockchain technology and its various applications has rendered it important to understand the guidelines for adopting it.Methods:The comparative analysis method is used to analyze different dimensions of the maturity model,which is mainly based on the commonly used capability maturity model.Results:The blockchain maturity model and its adoption process have been discussed and presented.Conclusions:This study serves as a guide to institutions to make blockchain adoption decisions more systematically. | Huaiqing Wang Kun Chen Dongming Xu | 2016 | Financial Innovation2016，2，1： | 5 |
| 18 | Analysis on the influence factors of Bitcoin’s price based on VEC model显示文摘Background:Bitcoin,the most innovate digital currency as of now,created since 2008,even through experienced its ups and downs,still keeps drawing attentions to all parts of society.It relies on peer-to-peer network,achieved decentralization,anonymous and transparent.As the most representative digital currency,people curious to study how Bitcoin’price changes in the past.Methods:In this paper,we use monthly data from 2011 to 2016 to build a VEC model to exam how economic factors such as Custom price index,US dollar index,Dow jones industry average,Federal Funds Rate and gold price influence Bitcoin price.Result:From empirical analysis we find that all these variables do have a long-term influence.US dollar index is the biggest influence on Bitcoin price while gold price influence the least.Conclusion:From our result,we conclude that for now Bitcoin can be treated as a speculative asset,however,it is far from being a proper credit currency. | Yechen Zhu David Dickinson Jianjun Li | 2017 | Financial Innovation2017，3，1： | 5 |
| 19 | How to compare market efficiency? The Sharpe ratio based on the ARMA-GARCH forecast显示文摘This paper derives a new method for comparing the weak-form efficiency of markets.The author derives the formula of the Sharpe ratio from the ARMA-GARCH model and finds that the Sharpe ratio just depends on the coefficients of the AR and MA terms and is not affected by the GARCH process.For empirical purposes,the Sharpe ratio can be formulated with a monotonic increasing function of R-squared if the sample size is large enough.One can utilize the Sharpe ratio to compare weak-form efficiency among different markets.The results of stochastic simulation demonstrate the validity of the proposed method.The author also constructs empirical AR-GARCH models and computes the Sharpe ratio for S&P 500 Index and the SSE Composite Index. | Lin Liu Qiguang Chen | 2020 | Financial Innovation2020，6，1： | 5 |
| 20 | How signaling and search costs affect information asymmetry in P2P lending:the economics of big data显示文摘In the past decade,online Peer-to-Peer(P2P)lending platforms have transformed the lending industry,which has been historically dominated by commercial banks.Information technology breakthroughs such as big data-based financial technologies(Fintech)have been identified as important disruptive driving forces for this paradigm shift.In this paper,we take an information economics perspective to investigate how big data affects the transformation of the lending industry.By identifying how signaling and search costs are reduced by big data analytics for credit risk management of P2P lending,we discuss how information asymmetry is reduced in the big data era.Rooted in the lending business,we propose a theory on the economics of big data and outline a number of research opportunities and challenging issues. | Jiaqi Yan Wayne Yu JLeon Zhao | 2015 | Financial Innovation2015，1，1： | 5 |
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