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.

中文翻译：

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金融科技市场效率：多重分形去趋势波动分析

金融科技市场的效率仍然是一个未经证实的问题。我们旨在使用多重分形去趋势波动分析 (MF-DFA) 方法调查四个 S&P Kensho 金融科技指数的金融科技市场效率。根据联合假设检验，发现除一个指数外的所有指数都是低效的。我们还发现自相关和/或极值的组合是效率低下的主要原因。