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Conference Paper/Proceeding/Abstract 199 views

Financial Technophilia: Markets and Corporate Disclosure of Emerging Technologies

Pengfei Gao Orcid Logo, Arman Eshraghi Orcid Logo, Izidin El Kalak Orcid Logo, Jason Zezhong Xiao Orcid Logo

WPGRC 2022, BFWG 2023, Tri-Uni Annual Conference (Xiamen University) 2023, 2nd Cardiff FinTech Conference 2023, CER FinTech Symposium 2024, ISAFE 2025, EFMA 2025; Research Seminars at: Cardiff University, University of Birmingham, Queen Mary University of London, University of Bath, Loughborough Business School, Newcastle University, and University of Macau.

Swansea University Author: Pengfei Gao Orcid Logo

Abstract

We examine how investors react when firms disclose hyped emerging technologies. In a novel US setting, we match technologies disclosed in 8-K filings with corresponding stages of the widely used Gartner Hype Cycle. Findings show strong robust evidence for ‘technology hype’: investor short-term react...

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Published in: WPGRC 2022, BFWG 2023, Tri-Uni Annual Conference (Xiamen University) 2023, 2nd Cardiff FinTech Conference 2023, CER FinTech Symposium 2024, ISAFE 2025, EFMA 2025; Research Seminars at: Cardiff University, University of Birmingham, Queen Mary University of London, University of Bath, Loughborough Business School, Newcastle University, and University of Macau.
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URI: https://cronfa.swan.ac.uk/Record/cronfa70709
first_indexed 2025-10-16T14:51:02Z
last_indexed 2025-12-05T18:10:15Z
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spelling 2025-12-04T12:04:10.8100840 v2 70709 2025-10-16 Financial Technophilia: Markets and Corporate Disclosure of Emerging Technologies bd00b4a498e1c45d25e0fcdab1838b26 0009-0008-7818-1231 Pengfei Gao Pengfei Gao true false 2025-10-16 CBAE We examine how investors react when firms disclose hyped emerging technologies. In a novel US setting, we match technologies disclosed in 8-K filings with corresponding stages of the widely used Gartner Hype Cycle. Findings show strong robust evidence for ‘technology hype’: investor short-term reactions are significantly positive - particularly to technologies at their peak of inflated expectations - but reverse later due to insider selling and firms overselling the hype. Firms with low analyst coverage, high retail ownership and information asymmetry, and those outside Nasdaq and the Silicon Valley experience stronger abnormal returns, consistent with investors searching for ‘hidden gems’. Conference Paper/Proceeding/Abstract WPGRC 2022, BFWG 2023, Tri-Uni Annual Conference (Xiamen University) 2023, 2nd Cardiff FinTech Conference 2023, CER FinTech Symposium 2024, ISAFE 2025, EFMA 2025; Research Seminars at: Cardiff University, University of Birmingham, Queen Mary University of London, University of Bath, Loughborough Business School, Newcastle University, and University of Macau. 0 0 0 0001-01-01 COLLEGE NANME Management School COLLEGE CODE CBAE Swansea University 2025-12-04T12:04:10.8100840 2025-10-16T15:46:34.7210716 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance Pengfei Gao 0009-0008-7818-1231 1 Arman Eshraghi 0000-0002-7406-1725 2 Izidin El Kalak 0000-0002-2992-4042 3 Jason Zezhong Xiao 0000-0003-0703-6447 4
title Financial Technophilia: Markets and Corporate Disclosure of Emerging Technologies
spellingShingle Financial Technophilia: Markets and Corporate Disclosure of Emerging Technologies
Pengfei Gao
title_short Financial Technophilia: Markets and Corporate Disclosure of Emerging Technologies
title_full Financial Technophilia: Markets and Corporate Disclosure of Emerging Technologies
title_fullStr Financial Technophilia: Markets and Corporate Disclosure of Emerging Technologies
title_full_unstemmed Financial Technophilia: Markets and Corporate Disclosure of Emerging Technologies
title_sort Financial Technophilia: Markets and Corporate Disclosure of Emerging Technologies
author_id_str_mv bd00b4a498e1c45d25e0fcdab1838b26
author_id_fullname_str_mv bd00b4a498e1c45d25e0fcdab1838b26_***_Pengfei Gao
author Pengfei Gao
author2 Pengfei Gao
Arman Eshraghi
Izidin El Kalak
Jason Zezhong Xiao
format Conference Paper/Proceeding/Abstract
container_title WPGRC 2022, BFWG 2023, Tri-Uni Annual Conference (Xiamen University) 2023, 2nd Cardiff FinTech Conference 2023, CER FinTech Symposium 2024, ISAFE 2025, EFMA 2025; Research Seminars at: Cardiff University, University of Birmingham, Queen Mary University of London, University of Bath, Loughborough Business School, Newcastle University, and University of Macau.
institution Swansea University
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Accounting and Finance{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Accounting and Finance
document_store_str 0
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description We examine how investors react when firms disclose hyped emerging technologies. In a novel US setting, we match technologies disclosed in 8-K filings with corresponding stages of the widely used Gartner Hype Cycle. Findings show strong robust evidence for ‘technology hype’: investor short-term reactions are significantly positive - particularly to technologies at their peak of inflated expectations - but reverse later due to insider selling and firms overselling the hype. Firms with low analyst coverage, high retail ownership and information asymmetry, and those outside Nasdaq and the Silicon Valley experience stronger abnormal returns, consistent with investors searching for ‘hidden gems’.
published_date 0001-01-01T07:55:27Z
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score 11.08895

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