Finance and the digital economy: financial behaviour, markets, and competitiveness
TalTech priority area
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Overview
The research group seeks to contribute to theinternational academic literature that dealswith contemporary topics in financial economics. Special attention is paid to the emergingtopics related to digitalisation in finance (e.g.,crowdfunding, ICOs, cryptocurrencies, digitalwallets, robo-advisory) as well as to the businessmodels and ecosystems of FinTechs and sustainable finance. The research is also linked to thefields of industrial organisation and economicdevelopment, innovation, technological changeand growth. Traditional and behavioural finance theoriesare utilised to investigate topics related tocorporate finance, household finance, financialmarkets, and banking with the aim of enhancingthe understanding of the financial behaviour ofindividuals, firms and financial intermediaries,and the linkages between them (mainly in theEuropean context). Interdisciplinary approach isused to address questions related to business, legal and technological aspects of digitalisation infinance and its economic impact for determiningthe factors needed for improving the competitiveness and performance of the national economiesthrough the employment of suitable regulativemeasures.
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Publications related to the research group
- Laidroo, L. Capturing the ‘true' information content of supervisory announcements in Europe // The European journal of finance (2022) vol. 28, 18, p. 1917-1939.
https://doi.org/10.1080/1351847X.2022.2029523 - Kukk, M.-L. The debt-equity choice in crowdfunding : a two-method approach // Venture capital : an international journal of entrepreneurial finance (2022) vol. 24, 3-4, p. 287-308.
https://doi.org/10.1080/13691066.2022.2128932 - Laidroo, L., Koroleva, E., Kliber, A. et al. Business models of FinTechs – Difference in similarity? // Electronic commerce research and applications (2021) vol. 46, art. 101034, 14 p.
https://doi.org/10.1016/j.elerap.2021.101034 - Kepp, K., Männasoo, K. Investment irreversibility and cyclical adversity : implications for the financial performance of European manufacturing companies // Managerial and decision economics (2021) vol. 42, 7, p. 1665-1678.
https://doi.org/10.1002/mde.3334 - Talpsepp, T., Tänav, A.-L. Do gender, age and education affect herding in the real estate market? // Journal of behavioral and experimental finance (2021) vol. 32, art. 100571 : ill.
https://doi.org/10.1016/j.jbef.2021.100571 - Koroleva, E., Laidroo, L., Avarmaa, M. Performance of FinTechs : are founder characteristics important? // JEEMS Journal of East European Management Studies (2021) Jahrgang 26, 2, S. 306 - 338.
https://doi.org/10.5771/0949-6181-2021-2-306 - Avarmaa, M., Torkkeli, L., Laidroo, L., Koroleva, E. The interplay of entrepreneurial ecosystem actors and conditions in FinTech ecosystems : an empirical analysis // Journal of Entrepreneurship, Management and Innovation (JEMI) (2022) Vol. 18, Issue 4, p. 79 - 113.
https://doi.org/10.7341/20221843 - Laidroo, L., Avarmaa, M. The role of location in FinTech formation // Entrepreneurship and Regional Development (2020) Vol. 32, 7-8, p. 555-572.
https://doi.org/10.1080/08985626.2019.1675777 - Illiashenko, P., Laidroo, L. National culture and bank risk-taking : contradictory case of individualism // Research in international business and finance (2020) vol. 51, art. 101069, 15 p.
https://doi.org/10.1016/j.ribaf.2019.101069 - Tapver, T., Laidroo, L., Gurvitš-Suits, N.A. Banks’ CSR reporting – do women have a say? // Corporate governance (2020) vol. 20, 4, p. 639−651.
https://doi.org/10.1108/CG-11-2019-0338 - Talpsepp, T., Liivamägi, K., Vaarmets, T. Academic abilities, education and performance in the stock market // Journal of Banking & Finance (2020) vol. 117, art. 105848.
https://doi.org/10.1016/j.jbankfin.2020.105848 - Kukk, M.-L., Laidroo, L. Institutional drivers of crowdfunding volumes // Journal of Risk and Financial Management (2020) vol. 13, 12, art. 326, 28 p. : ill.
https://doi.org/10.3390/jrfm13120326 - Kukk, M.-L. Predicting business failure after crowdfunding success : are platforms the unsung heroes? // Journal of Business Venturing Insights (2022) vol. 17, art. e00308, 11 p. : ill.
https://doi.org/10.1016/j.jbvi.2022.e00308 - Jõeveer, K. Firm capital structure in Europe : A comparative analysis of CEE firms vs. Western firms in the changing financial environment // The Routledge companion to European business. London ; New York : Routledge, Taylor & Francis Group, 2019. p. 267–281.
https://www.taylorfrancis.com/books/e/9781315397306 - Liivamägi, K., Vaarmets, T., Talpsepp, T. Investor education and IPO participation // Emerging markets finance and trade (2019) vol.55, 3, p. 545-561 : ill.
https://doi.org/10.1080/1540496X.2018.1443806 - Laidroo, L., Joost, J. Earnings announcement lags and market responses-does the tone of the news and the market sentiment matter? // Emerging markets finance and trade (2018) vol. 54, 8, p. 1885-1906 : tab.
https://doi.org/10.1080/1540496X.2017.1326028 - Laidroo, L. Are annual report graphs being used for making performance attributions? // International journal of business communication (2019) vol. 56, 4, p. 476-504 : tab.
https://doi.org/10.1177/2329488416668838 - Talpsepp, T., Vaarmets, T. The disposition effect, performance, stop loss orders and education // Journal of behavioral and experimental finance (2019) vol. 24, art. 100240, 6 p. : ill.
https://doi.org/10.1016/j.jbef.2019.100240 - Muhl, S., Talpsepp, T. Faster learning in troubled times : how market conditions affect the disposition effect // The quarterly review of economics and finance (2018) vol. 68, p. 226-236 : ill.
https://doi.org/10.1016/j.qref.2017.08.002 - Vaarmets, T., Liivamägi, K., Talpsepp, T. From academic abilities to occupation : What drives stock market participation? // Emerging markets review (2019) vol. 39, p. 83-100 : tab.
https://doi.org/10.1016/j.ememar.2019.04.004 - Illiashenko, P. "Tough Guy" vs. "Cushion" hypothesis: How does individualism affect risk-taking? // Journal of behavioral and experimental finance (2019) vol. 24, art. 100212, 11 p. : tab.
https://doi.org/10.1016/j.jbef.2019.04.005 - Vaarmets, T., Liivamägi, K., Talpsepp, T. How does learning and education help to overcome the disposition effect? // Review of finance (2019) Vol. 23, Issue 4, p. 801-830 : ill.
https://doi.org/10.1093/rof/rfy006 - Dzielinski, M., Rieger, M. O., Talpsepp, T. Asymmetric attention and volatility asymmetry // Journal of empirical finance (2018) vol. 45, p. 59-67 : ill.
https://doi.org/10.1016/j.jempfin.2017.09.010 - Tapver, T. Corporate governance as a corporate social responsibility reporting determinant // Eurasian economic perspectives : proceedings of the 28th Eurasia Business and Economics Society Conference. Cham : Springer Nature, 2020. p. 113-128. (Eurasian studies in business and economics ; 15/1).
https://doi.org/10.1007/978-3-030-48531-3_8 - Jõeveer, K., Kepp, K. What drives drivers? Switching, learning, and the impact of claims in car insurance // Journal of behavioral and experimental economics (2023) vol. 103, art. 101993, 11 p.
https://doi.org/10.1016/j.socec.2023.101993 - Tapver, T. Luck and skill in the performance of global equity funds in Central and Eastern Europe // Managerial finance (2023) vol. 49, 4, p. 597-619 : ill.
https://doi.org/10.1108/MF-01-2022-0051 - Bedowska-Sojka, B., Kliber, A., Laidroo, L. Has the pandemic changed the relationships between fintechs and banks? // Operations research and decisions (2023) vol. 33, 4, p. 15-33.
https://doi.org/10.37190/ord230402 - Illiashenko, P., Mykhailyshyna, D. Left-wing economic populism and savings: how do attitudes influence forward-looking financial behavior? // Eastern European economics (2023) vol. 61, 3, p. 238-269.
https://doi.org/10.1080/00128775.2023.2198513 - Laidroo, L., Küttim, M., Rumma, K., Siimann, P., Avarmaa, M. Mandatory annual report filings of private companies – why late or missing? // Baltic journal of management (2024) vol. 19, 1, p. 123-144.
https://doi.org/10.1108/BJM-11-2022-0431