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Volatility spillovers among Fintech, ESG stocks, cryptocurrencies and natural alternative assets: portfolio hedging implications

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dc.contributor.advisorMolina Muñoz, Jesús Enrique
dc.contributor.advisorSoriano Felipe, Pilar
dc.creatorHernández Martínez, Daniela
dc.creator.degreeAdministrador de Empresas
dc.creator.degreeLevelPregrado
dc.date.accessioned2025-07-08T15:19:57Z
dc.date.available2025-07-08T15:19:57Z
dc.date.created2025-06-06
dc.date.embargoEndinfo:eu-repo/date/embargoEnd/2026-07-09
dc.descriptionEn los últimos años, el rápido crecimiento de la tecnología financiera (FinTech) ha transformado significativamente el sector de servicios financieros, con inversiones globales que superaron los 115 mil millones de dólares en 2021. FinTech ha ganado relevancia por su papel en la diversificación de carteras, su accesibilidad y su contribución a los objetivos ESG (Ambientales, Sociales y de Gobernanza). No obstante, las acciones FinTech son altamente volátiles y susceptibles a efectos de contagio, observados en distintos tipos de activos, como criptomonedas y mercados tradicionales. A pesar del potencial de FinTech para mejorar la eficiencia del sistema financiero y fomentar la sostenibilidad ambiental, existe debate sobre si actúa como transmisor o receptor de volatilidad. Además, la relación entre FinTech y los criterios ESG —especialmente en mercados emergentes— aún está poco explorada. Este estudio analiza los derrames de volatilidad entre FinTech, acciones ESG (de mercados desarrollados y emergentes), criptomonedas y activos alternativos naturales (como el agua y la madera) durante el periodo 2019-2024. Utiliza la metodología de Antonakakis et al. (2020) para examinar la conectividad dinámica entre estos activos y evaluar su utilidad en estrategias de cobertura y gestión de riesgos. El estudio busca cubrir vacíos en la literatura sobre mercados emergentes y el papel del capital natural en la inversión sostenible.
dc.description.abstractThe rapid growth of financial technology (FinTech) and the increasing emphasis on environmental, social, and governance (ESG) criteria have emerged as two defining trends in global financial markets. This study explores volatility spillovers among FinTech firms, ESG companies (in developed and emerging markets), cryptocurrencies, and natural alternative assets. It uses daily data from 2019 to 2014. Using a time-varying framework, it finds that FinTech and developed market ESG firms are major transmitters of volatility, especially during global crises. The research highlights that combining FinTech and ESG stocks can lower portfolio risk, while assets like cryptocurrencies and timber can act as effective hedges. These findings provide valuable guidance for investors and policymakers focused on sustainable and technology-driven investments.
dc.format.extent44 pp
dc.format.mimetypeapplication/pdf
dc.identifier.doihttps://doi.org/10.48713/10336_45806
dc.identifier.urihttps://repository.urosario.edu.co/handle/10336/45806
dc.language.isoeng
dc.publisherUniversidad del Rosario
dc.publisher.departmentEscuela de Administración
dc.publisher.programAdministración de Empresas
dc.rightsAttribution-NonCommercial-ShareAlike 4.0 International*
dc.rights.accesRightsinfo:eu-repo/semantics/embargoedAccess
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dc.source.instnameinstname:Universidad del Rosario
dc.source.reponamereponame:Repositorio Institucional EdocUR
dc.subjectConectividad dinámica
dc.subjectEstrategias de cobertura
dc.subjectModelo Vectorial Autorregresivo con Parámetros Variables en el Tiempo (TVP-VAR)
dc.subjectEfectos de contagio
dc.subjectVolatilidad
dc.subjectFintech
dc.subjectESG
dc.subjectCriptomonedas
dc.subjectMercados Emergentes
dc.subject.keywordDynamic connectedness
dc.subject.keywordFintech
dc.subject.keywordESG
dc.subject.keywordCryptocurrencies
dc.subject.keywordEmerging Markets
dc.subject.keywordHedging strategies
dc.subject.keywordTime-Varying Parameter VectorAutoregression (TVP-VAR)
dc.subject.keywordVolatility Spillovers
dc.titleVolatility spillovers among Fintech, ESG stocks, cryptocurrencies and natural alternative assets: portfolio hedging implications
dc.title.TranslatedTitleEfectos de contagio de volatilidad entre Fintech, acciones ESG, criptomonedas y activos alternativos naturales: implicaciones para la cobertura de carteras
dc.typebachelorThesis
dc.type.hasVersioninfo:eu-repo/semantics/acceptedVersion
dc.type.spaTrabajo de grado
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local.regionesBogotá
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