DETERMINANTS OF FINANCIAL MARKET PARTICIPANT EFFICIENCY IN AN INNOVATION-DRIVEN ECONOMY
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https://doi.org/10.5281/zenodo.19274418##article.subject##:
financial market efficiency, innovation-driven economy, market participant behavior, fintech, information asymmetry, behavioral finance, regulatory quality, intangible assets.##article.abstract##
This paper investigates the determinants of financial market participant efficiency within the context of an
innovation-driven economy. Drawing on a multidimensional framework that integrates informational, technological,
behavioral, human capital, and institutional factors, the study examines how rapid technological change, the proliferation
of intangible assets, and evolving regulatory structures interact to shape the capacity of market participants to process
information, allocate capital, and generate risk-adjusted returns. The findings reveal that, although fintech infrastructure
and algorithmic tools significantly enhance operational efficiency, behavioral biases and information asymmetries—
particularly those associated with intangible-intensive business models—continue to impose substantial constraints on
informational efficiency
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