Disruptive innovation in business and finance in the digital world / edited by J. Jay Choi and Bora Ozkan.

Format:

Book

Contributor:

Choi, J. Jay, editor.

Ozkan, Bora, editor.

Series:

International finance review ; 1569-3767 v. 20.

International finance review, 1569-3767 ; volume 20

Language:

English

Subjects (All):

Disruptive technologies.

Digital divide.

Physical Description:

1 online resource (viii, 245 pages).

Edition:

1st ed.

Place of Publication:

Bingley, England : Emerald Publishing, [2019]

Summary:

Digital disruption is ubiquitous and has changed both the way businesses operate and the way people live. Disruption caused by innovation affects firms across multiple industries, from financial services to industrial firms, business processes to payment systems, manufacturing to supply chains. Further, scholars hear more and more about artificial intelligence (AI), big data, machine learning, blockchain, and fintech as examples of contemporary manifestations of disruptive technology that will profoundly influence disciplines beyond business and finance, such as law, health care and government. Global extensions of these technologies and innovations challenge the efficacy and boundaries of law. Indeed, disruptive innovations are potentially change the way we consider the future as humans versus some super artificial intelligence.This volume contains fourteen articles split across four parts, exploring the debate around the topics of fintech, AI, blockchain, and cryptocurrency. Featuring a cast of global contributors, this is an unmissable volume exploring the most current research on digital innovation in the financial and business worlds.

Contents:

Intro

DISRUPTIVE INNOVATIONIN BUSINESS AND FINANCEIN THE DIGITAL WORLD

Contents

List of Contributors

PART I: DISRUPTIVE INNOVATIONAND FINTECH FIRMS

Chapter 1: Innovation and Disruption: Industry Practices and Conceptual Bases

1. Introduction

2. Conceptual Bases

3. Three Mediums of Innovation

3.1 Artificial Intelligence

3.2 Financial Technology (Fintech)

3.3 Blockchain

4. Conclusions

References

Chapter 2: Trends in Financial Innovation: Evidence from Fintech Firms

2. Literature Review

3. Data and Descriptive Statistics

3.1 Patent Data

3.2 Additional Data

4. Financial Innovation

5. Conclusion

PART II: ARTIFICIAL INTELLIGENCE AND TECHNOLOGICAL INNOVATON

Chapter 3: The Economics of Big Data and Artificial Intelligence

Introduction

Big Data as Information Good and Intangible Asset

Allocative Efficiency: Big Data as a Search Technology

Big Data and the Productivity Puzzle

Inequality Among Firms

Inequality Among Workers

Tech in Finance

Conclusions

Chapter 4: A Bag of Beads Or a Necklace? Combinative Capability and Value in Technological Scope Expansions

Hypotheses

Technological Scope and Firm Value

Technological Scope, Combinative Capability, and Firm Value

Empirics

Context

Data Sources

Sample Construction

Variable Construction

Dependent Variable

Independent Variables

Control Variables

Empirical Methodology

Results

Robustness Checks

Discussion

Chapter 5: AI-Generated Corporate Environmental Data: An Event Study with Predictive Power

Brief Background and Context: ESG and Financial Performance

TVL Data Gathering and Analysis

Methodology and Analysis

Methodology.

Empirical Results

Robustness Tests

PART III: BLOCKCHAIN AND APPLICATIONS

Chapter 6: Overcoming Supply Chain Finance Challenges Via Blockchain Technology

2. Background: What is SCF?

2.1 Invoice-Based

2.1.2 Supplier-Led Financing: Accounts Receivable Financing

2.2 Purchase Order-based

2.2.1 Pre-shipment Finance

2.2.2 Inventory Finance: Warehouse Receipts

3. What is BCT?

3.1 Definition of BCT

3.2 Blockchain-based SCF Model

3.3 US Regulatory Framework: Howey Test

4. Benefits of BCT-Based SCF

5. Block Chain Use Cases: Solving SCF Challenges

5.1 KYC and AML Requirements

5.2 Legal Validity of Invoices: Double Payment Risk

5.3 Accounting: Payables Reclassified as Bank Debt

5.4 Legal: Perfecting the Receivable for Securitization

6. Conclusion and Future Research

Notes

Chapter 7: Can Blockchain Futureproof Supply Chains? A Brexit Case Study

2. Conceptual Framework: Blockchain and Uncertainty in Trade

2.1. Customs Unions and Blockchain

2.2. Blockchain and Trade Uncertainty

3. Logistics

3.1. Border Measures

3.1.1. Tariff Application

3.2. Regulatory Compliance

3.3. Time

3.3.1. The Irish Border Question

4. Trade Finance

4.1. Expectations around Working Capital

4.2. Blockchain's Disruption of Trade Finance

5. Data Security

5.1. Cybersecurity

5.2. Data Privacy (GDPR)

6. Conclusion

Chapter 8: Blockchain Finance: Questions Regulators Ask

2. Conceptual Framework

2.1. Why the Current Financial System is Inefficient

2.2. Defining Blockchain

2.3. Understanding How Blockchain Works

3. Promoting Blockchain

4. Regulatory Concern

References.

Chapter 9: Research on Blockchain: A Descriptive Survey of the Literature

1. INTRODUCTION

2. A Descriptive Analysis of Literature on "Blockchain"

3. A Survey of the Patent Literature on "Blockchain"

4. Discussion and Future Research

PART IV: CRYPTOCURRENCY, INITIAL COIN OFFERINGS, AND ANOMALY TRADING

Chapter 10: Is Bitcoin Trustworthy?

1. Trust and Blockchain

2. Blockchain and Bitcoin

3. Trustworthiness in Ethics

3.1 An Account of Trustworthiness

3.2 Trustworthiness in Agents and Non-agents

3.2.1 Liability to be Trusted and Liability to be Evaluated as Trustworthy

3.2.2 Are Currencies Liable to be Trusted?

3.3 Bitcoin is Liable to be Evaluated as Trustworthy or Untrustworthy

4. The (Un)Trustworthiness of Bitcoin

4.1 Three Functions of Currencies

4.1.1 Medium of Exchange

4.1.2 Store of Value

4.1.3 Speculative Investment

4.2 Bitcoin's Distinctive Characteristics

4.3 Evaluation of Bitcoin's Trustworthiness

5. CONCLUSION

Chapter 11: The Future of Cryptotokens

2. Background

3. Disrupting Traditional Funding Sources

4. Market Trends

5. Regulation

6. Case Studies

6.1 Ethereum

6.2 EOS

6.3 The Decentralized Autonomous Organization (DAO)

6.4 Dogecoin

6.5 Munchee

6.6 Property Coin

7. Challenges

8. Conclusion

Appendix

Chapter 12: Cryptocurrency Tide and Islamic Finance Development: Any Issue?

Cryptocurrency Emergence

Types and Features

Islamic Law (Sharīʿah) Perspectives on Cryptocurrencies

Features of Islamic Finance Contracts

Any Issue in Cryptocurrency Value Fluctuations vis-á-vis Islamic Finance Development?

Recommendations

Chapter 13: Bitcoin Conditional Volatility: GARCH Extensions and Markov Switching Approach.

1. Introduction

3. Data and Methodology

3.1 Data and Descriptive Statistics

3.2 Methodology

3.3 TARCH Model

3.4 E-GARCH Model

3.5 APARCH Model

3.6 Component-GARCH (CGARCH)

3.7 Asymmetric CGARCH (ACGARCH) Model

3.8 MS-AR Model

4. Empirical Results

4.1 MS-AR Model Results

5. Conclusions

Web Sources

Chapter 14: Data-Driven Investigation into Anomaly Trading Strategies: Evidence with Econometrics

3. Review of the Anomaly Strategies

3.1 Price-to-Earnings

3.2 Book-to-Market

3.3 Size

3.4 Sales Growth (Five-year Average)

3.5 Monthly

3.6 Returns (Independent Variable)

4. Methodology

4.1 Fama and MacBeth Regression

4.2 Panel Data Regression

4.3 Quantile Regression

4.4 The Portfolios

5. Results

5.1 Price-to-Earnings

5.2 Book-to-Market

5.3 Size

5.4 Sales Growth (Five-year Average)

5.5 Monthly Returns

Notes:

Includes bibliographical references.

ISBN:

9781789733839

1789733839

9781789733815

1789733812