Dobri, Mihai

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Dobri, Mihai
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Dobri, Mihai

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  • Publication
    Competition and Innovation in the Financial Sector: Evidence from the Rise of FinTech Start-ups
    (Springer, 2023-08-10)
    Caragea, Doina 
    ;
    Cojoianu, Theodor 
    ;
    Dobri, Mihai 
    ;
    Hoepner, Andreas 
    ;
    Peia, Oana 
    ;
    Davide, Romelli 
    This paper provides new evidence on the effects of entry on incumbents’ incentives to innovate by examining the rise of FinTech innovations over the period 2000-2016. We employ machine learning algorithms to classify a large sample of patent applications into five types of FinTech innovations. We then show that greater competition from innovators outside the financial sector increases the probability that incumbent financial firms will innovate. Our identification strategy exploits the variation over time in the share of FinTech patent applications by non-financial start-ups relative to incumbent financial firms, as a proxy for competitive pressures from outside the financial industry. We also find that this increased competition results in a higher number of FinTech patent applications by financial incumbents relative to non-financial ones, especially when the FinTech innovations are more important, as proxied by the number of their future patent citations.
      17Scopus© Citations 1
  • Publication
    Competition and Innovation in the Financial Sector: Evidence from the Rise of FinTech Start-ups
    (University College Dublin. School of Economics, 2022-01)
    Caragea, Doina 
    ;
    Cojoianu, Theodor 
    ;
    Dobri, Mihai 
    ;
    Hoepner, Andreas 
    ;
    Peia, Oana 
    We provide new evidence on the effects of competition on incumbents' innovative behavior by examining the rise of FinTech start-ups over the period 2000-2016. We employ machine learning techniques to classify a large global sample of patent applications into five FinTech categories. We exploit the variation in the share of FinTech patent applications by non-financial startups to incumbent financial firms to measure competitive pressures from outside the financial industry. We show that higher competitive pressures from non-financial start-ups increases the probability that financial incumbents innovate. Moreover, competition from start-ups results in a higher number of FinTech patent applications by financial incumbents as compared to non-financial firms, especially when the innovations of FinTech start-ups are more important, as proxied by future patent citations count.
      250