Economic Implications of the Payment Services Directive 2: Empirical Evidence from the Capital Markets

Detta är en Kandidat-uppsats från Göteborgs universitet/Företagsekonomiska institutionen

Sammanfattning: This study is the first, to our knowledge, to analyze the effect of the Payment Services Directive 2 onthe European banks’ stock returns. The financial market data is analyzed using the event studymethodology. Our findings show that the PSD 2 has had a statistically significant positive impact onthe stock returns of the European banks. Specifically, the overall effect is estimated to be a 2.78% -6.89% increase in stock returns for an average EU bank.Moreover, the interpretation of the findings provides important implications for various stakeholderson the digital payment services market. In addition, this study offers an early evaluation of theregulation’s performance in terms of achieving its intended results. The conclusions drawn in thisstudy suggest that the positive valuation of the PSD 2-related events by investors may serve as anecessary incentive for the banks to become compliant with the directive’s requirements.Consequently, it may contribute to the PSD 2’s ability to fulfill its goal in creating more secure andinnovative digital payment services. However, further examination is warranted regarding theregulation’s potential of improving the competitive situation on the market.

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