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The effect of fintech M&As on short-term stock return in the context of macroeconomic environment

Author

Listed:
  • Elena Ochirova

    (HSE University)

  • Mikhail Miriakov

    (HSE University)

Abstract

Mergers and acquisitions (M&A) with financial technology (fintech) companies can be an effective way for firms to obtain new technologies and capabilities. However, the market reaction to fintech M&A announcements has received limited attention in the empirical academic literature. This study assesses the impact of fintech M&As on stock returns and examines whether macroeconomic variables influence the abnormal return of fintech M&As. Using event study analysis, we found that fintech M&A announcements generate a significant positive short-term abnormal return. Furthermore, we demonstrated that macroeconomic parameters, including Gross domestic product (GDP) growth, inflation rate, the share of services in GDP, and aggregate export growth, positively affect abnormal returns. In contrast, private investment, consumer spending, and an economy’s size negatively influence fintech M&As’ abnormal returns.

Suggested Citation

  • Elena Ochirova & Mikhail Miriakov, 2025. "The effect of fintech M&As on short-term stock return in the context of macroeconomic environment," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-18, December.
    • Handle: RePEc:spr:fininn:v:11:y:2025:i:1:d:10.1186_s40854-024-00673-9
    DOI: 10.1186/s40854-024-00673-9
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