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Dynamic effect of Bitcoin, fintech and artificial intelligence stocks on eco-friendly assets, Islamic stocks and conventional financial markets: Another look using quantile-based approaches

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  • Abakah, Emmanuel Joel Aikins
  • Tiwari, Aviral Kumar
  • Ghosh, Sudeshna
  • Doğan, Buhari

Abstract

Against the milieu of rapidly growing investment in technologically induced assets, this study examines the investment role of Bitcoin, fintech, and artificial intelligence (AI) stocks in relation to major environmentally friendly assets (green bonds, sustainable investments, and clean energy), Islamic stocks, and conventional financial markets using quantile-based approaches. To this end, we specifically examine the distributional and directional predictability between the returns of fintech, Bitcoin, and AI and various markets using the nonparametric causality-in-quantiles method and the cross-quantilogram correlation method respectively. We use daily data spanning March 9, 2018 to January 27, 2021. In terms of the distributional predictability of fintech, Bitcoin, and AI in relation to the traditional markets, Islamic stocks, clean energy stocks, and sustainable investments, we find strong evidence of causal asymmetry across quantiles and strong variations across markets. Likewise, findings in terms of directional predictability between the returns of fintech, Bitcoin, and AI and various markets infer that Islamic stocks act as a good hedge against Bitcoin. The S&P Treasury Bond and S&P Green Bond are also perfect hedges for fintech stocks, while S&P Global Clean Energy is a perfect hedge for AI stocks in terms of long-term dynamics.

Suggested Citation

  • Abakah, Emmanuel Joel Aikins & Tiwari, Aviral Kumar & Ghosh, Sudeshna & Doğan, Buhari, 2023. "Dynamic effect of Bitcoin, fintech and artificial intelligence stocks on eco-friendly assets, Islamic stocks and conventional financial markets: Another look using quantile-based approaches," Technological Forecasting and Social Change, Elsevier, vol. 192(C).
    • Handle: RePEc:eee:tefoso:v:192:y:2023:i:c:s0040162523002512
    DOI: 10.1016/j.techfore.2023.122566
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    Keywords

    Fintech; Bitcoin; Artificial intelligence; Predictability; Causality in quantiles; Cross-quantilogram correlation;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes

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