@article{article_1827721, title={Artificial Intelligence, Digital Finance, and the Green Bond Market Nexus: Volatility Spillover Effects}, journal={Muhasebe ve Finansman Dergisi}, pages={19–58}, year={2026}, DOI={10.25095/mufad.1827721}, url={https://izlik.org/JA27DK28TR}, author={Nur, Tuğba and Topaloğlu, Emre Esat and Kaymaz, Türker and Ege, İlhan}, keywords={Fintek, yapay zekâ, yeşil tahvil, volatilite yayılımı}, abstract={The study examines the volatility dynamics and spillover effects among artificial intelligence, FinTech, and green bond indices during the period from June 15, 2018, to April 17, 2025, using ARCH/GARCH-type conditional heteroskedasticity models, as well as the CCC-GARCH, QDCC-GARCH, and QFCON approaches. The findings indicate that the most appropriate model for the FinTech index is EGARCH(1,1), while TGARCH(1,1) is the most suitable for the artificial intelligence and green bond indices. Significant volatility clustering was observed in all indices during the pandemic period. FinTech shocks are more persistent and asymmetric. The artificial intelligence market, however, exhibits the highest shock persistence. CCC-TGARCH results reveal a bidirectional volatility spillover between FinTech and artificial intelligence, while green bonds exhibit weaker spillover behavior. QDCC-GARCH findings show that conditional correlations vary by time and quantiles, with the strongest link observed between artificial intelligence and FinTech. QFCON results confirm that FinTech acts as a net shock transmitter, while green bonds are predominantly shock absorbers.}, number={111}