How investors’ ChatGPT attention influence stock market? A liquidity perspective

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-05-01 DOI:10.1016/j.ribaf.2025.102939

Xiaoyu Li , Shuyang Jia , Fujing Xue , Nan Hu

引用次数: 0

Abstract

ChatGPT has garnered immense popularity due to its remarkable language proficiency, enabling lifelike conversations and technically advanced responses. This study investigates whether and how investors’ attention to ChatGPT impacts stock liquidity in the financial market. We use the GPT-related questions posted by investors on Chinese Investor Interactive Platforms (IIPs) as a proxy for investors’ attention to a firm’s ChatGPT usage. Utilizing a dataset comprising 206,741 Chinese firm-date observations, we find that firm-level investors’ attention to ChatGPT increases the stock liquidity. This is driven by the decreased information asymmetry and increased probabilities of ChatGPT application among investors. Moreover, the effect is more pronounced for firms with limited AI disclosure, lower financial transparency, fewer analyst coverage, and lower institutional ownership.

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投资者的ChatGPT关注如何影响股市？流动性视角

ChatGPT因其卓越的语言能力而广受欢迎，支持逼真的对话和技术先进的响应。本研究探讨投资者对ChatGPT的关注是否以及如何影响金融市场的股票流动性。我们使用投资者在中国投资者互动平台（iip）上发布的与gpt相关的问题来代表投资者对公司ChatGPT使用情况的关注。利用包含206,741个中国公司日期观察数据的数据集，我们发现公司层面投资者对ChatGPT的关注增加了股票流动性。这是由投资者之间信息不对称的减少和ChatGPT应用概率的增加所驱动的。此外，对于人工智能披露有限、财务透明度较低、分析师覆盖率较低、机构所有权较低的公司，这种影响更为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance