Asymmetric connectedness between Google-based investor attention and the fourth industrial revolution assets: The case of FinTech and Robotics & Artificial intelligence stocks

Oluwasegun Adekoya (), Johnson Oliyide, Owais Saleem and Habeeb A. Adeoye

Technology in Society, 2022, vol. 68, issue C

Abstract: As the global economy is fast applying and appreciating modern technology in different sectors, some of the fourth industrial revolution assets are increasingly considered for investment purposes. Unfortunately, only cryptocurrency among the fourth industrial revolution assets has enjoyed massive empirical consideration in terms of the relationship between its performance and investor attention. Nothing is yet known about the connection of investor attention with FinTech and Robotics & Artificial Intelligence stocks. Against the limited empirical evidence, this study examines the dynamic relationship between different measures of investor attention and the returns of FinTech and robotics & artificial intelligence stocks while accounting for spillover effects, asymmetries and varying market states. In summary, our findings reveal, contrary to expectations, that the investor attention indicators are the net recipients of spillovers from the asset returns, regardless of whether asymmetry is accounted for or not. However, the connectedness is stronger between investor attention and the negative asset returns, and the net spillover for each asset is close to zero after 2016/2017. The causality results further show that investor attention affects the aggregate asset returns when the market is normal, but affect both asymmetric asset returns when the market is bearish and normal.

Keywords: FinTech; Robotics & artificial intelligence; Investor attention; Fourth industrial revolution (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (13)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:teinso:v:68:y:2022:i:c:s0160791x22000665

DOI: 10.1016/j.techsoc.2022.101925

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