生成语法
业务
货币经济学
交易策略
金融经济学
经济
金融体系
计算机科学
人工智能
作者
Qiang Cheng,Pengkai Lin,Yue Zhao
标识
DOI:10.1016/j.jacceco.2025.101821
摘要
In this paper, we use ChatGPT outages to provide early evidence on whether investors rely on generative artificial intelligence (GenAI) to perform professional tasks and the associated impact on stock price informativeness. We document a significant decline in stock trading volume during ChatGPT outages. The effect is stronger for firms with corporate news released immediately before or during the outages and for firms with higher ownership held by transient institutional investors. We then document declines in short-run price impact and return variance during the outage periods, consistent with reduced informed trading. Lastly, we document a positive effect of GenAI-assisted trading on long-run stock price informativeness. Overall, our findings indicate that a significant number of investors use ChatGPT in ways that influence their trading decisions and market outcomes. Future research can investigate the mechanisms underlying these GenAI effects and the potential risks of using GenAI for trading.
科研通智能强力驱动
Strongly Powered by AbleSci AI