This paper provides new evidence on the dynamic dependence and connectedness between investments in Financial Technology (FinTech) and green assets across different market conditions and investment horizons. The paper uses daily data and relies on wavelets coherency and quantile-based connectedness methods. First, our results indicate that the co-movement between FinTech and green bonds and clean energy stocks is mostly positive and strongest in the long-term but weak in the short-term, indicating a high probability of large joint losses for long-term investors and hedging opportunities of FinTech stocks for short-term investors in green financial assets. Second, the level of connectedness is stronger at both tails of the return distribution and similar in the short- and long-term while in the medium-term, normal market period total connectedness became stronger than the bearish market period connectedness during the COVID-19 pandemic. Lastly, results also indicate that across all market conditions and time scales, FinTech stocks dominate most of the green financial assets as demonstrated by the net pairwise directional risk spillover. This suggests that FinTech stocks may not offer good hedging opportunities for green financial indexes. The paper provides some crucial implications based on these findings.

本文提供了关于不同市场条件和投资期限下金融科技（FinTech）投资与绿色资产之间的动态依赖性和关联性的新证据。该论文使用日常数据并依赖于小波相干性和基于分位数的连通性方法。首先，我们的研究结果表明，金融科技与绿色债券和清洁能源股之间的联动大多是积极的，长期最强，但短期较弱，这表明长期投资者出现大额联合损失的可能性很高。以及金融科技股票为绿色金融资产短期投资者提供的对冲机会。其次，回报分布两端的连通性水平更强，并且短期和长期的连通性水平相似，而在中期，正常市场期间的总连通性比 COVID-19 大流行期间的看跌市场期间的连通性更强。最后，结果还表明，在所有市场条件和时间范围内，金融科技股票在大多数绿色金融资产中占据主导地位，净成对定向风险溢出就证明了这一点。这表明金融科技股可能无法为绿色金融指数提供良好的对冲机会。该论文根据这些发现提供了一些重要的启示。这表明金融科技股可能无法为绿色金融指数提供良好的对冲机会。该论文根据这些发现提供了一些重要的启示。这表明金融科技股可能无法为绿色金融指数提供良好的对冲机会。该论文根据这些发现提供了一些重要的启示。