A comparative analysis between FinTech and traditional stock markets: using Russia and Ukraine war data

Fakhrul Hasan*, Manaf Al-Okaily, Tonmoy Choudhury, Umar Kayani

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

22 Citations (Scopus)


In this paper, we extend the current literature by seeking answers to two questions: (1) were/are traditional stock markets or FinTech markets more volatile during the Russia–Ukraine War? (2) Which market returns were/are higher during the Russia–Ukraine War—traditional stocks or Fintech stocks. We explored whether cumulative abnormal returns and the stock price of the Fintech market, proxied by Global X Fintech ETF, of firms listed in 28 different countries’ stock markets differ during the Russia–Ukraine War than before the war. Our data set covers the period from June 1, 2021, through November 22, 2022. Our results found that traditional stock markets have been more volatile than Fintech stock markets during the Russia–Ukraine War than before the war. On the other hand, we can see that traditional market returns have been lower than Fintech market returns during the Russia–Ukraine war than before the war.

Original languageEnglish
Pages (from-to)629-654
Number of pages16
JournalElectronic Commerce Research
Issue number1
Early online date29 Aug 2023
Publication statusPublished - 1 Mar 2024

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