Fintech market efficiency: a multifractal detrended fluctuation analysis

Keshab Shrestha, Babak Naysary, Sheena Sara Suresh Philip

Research output: Contribution to journalArticleResearchpeer-review

3 Citations (Scopus)


The efficiency of the Fintech market is still an unverified issue. We aim to investigate the Fintech market efficiency for four S&P Kensho Fintech indices using the multifractal detrended fluctuation analysis (MF-DFA) method. All indices except one are found to be inefficient based on the joint hypothesis tests. We also find combinations of autocorrelation and/or extreme values as the main causes of the inefficiencies.

Original languageEnglish
Article number103775
Number of pages7
JournalFinance Research Letters
Publication statusPublished - Jun 2023


  • Fintech
  • Market efficiency
  • MF-DFA

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