陳睿祥龔芳朱玉芳2025-08-042025-08-042025-06https://www.airitilibrary.com/Article/Detail?DocID=22219374-N202506140003-00002https://scholars.lib.ntu.edu.tw/handle/123456789/730946This paper examines whether investors value financial technology (FinTech) development when reacting to seasoned equity offerings (SEOs). Using 986 observations of U.S. SEOs from 2019 to 2022, we find that firms with better FinTech experience more positive reactions than others. This positive effect is especially pronounced for firms with higher levels of information asymmetry, highlighting FinTech's role in reducing information asymmetry. An extended event window analysis further shows that FinTech adoption continues to generate positive investor sentiment beyond the SEO announcement period. Beyond short-term market reactions, FinTech also contributes to long-term firm performance. Moreover, firms with better Fintech demonstrate greater investment efficiency by reducing underinvestment. Our findings remain robust after testing alternative FinTech proxies, accounting for the COVID-19 period, excluding technology-intensive firms, and considering the potential self-selection bias. Overall, our findings indicate that investors highly value FinTech for its ability to reduce information asymmetry and improve investment efficiency and firm performance.enFinancial technology (FinTech)Seasoned equity offerings (SEO)Market reactionInvestment efficiencyFirm performancejournal article