Market Valuation of Artificial Intelligence Implementation Announcements

IF 2.8 4区 管理学 Q1 INFORMATION SCIENCE & LIBRARY SCIENCE
Cheng-Kui Huang, Yu-Tsung Lee
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引用次数: 0

Abstract

With the advent of artificial intelligence (AI), more and more enterprises have begun developing AI to promote their own competitive advantage and increase their business value. In order to reveal the value-added results of AI implementation, this study adopts an event study methodology to capture the abnormal returns resulting from the announcement of AI implementation. Based on the empirical results of this study, in response to the announcement of AI implementation, we find significant positive abnormal returns on the event day. With respect to the grouping analysis, the results show significant differences in average cumulative abnormal returns between announcements with detailed information and those without detailed information. In addition, our findings present significant differences in average cumulative abnormal returns between IT-companies and non-IT companies on the event day. Ultimately, according to the content analysis, only one characteristic, the frequency of negative words, is modestly and negatively correlated with average cumulative abnormal returns.
人工智能实施公告的市场估值
随着人工智能(AI)的出现,越来越多的企业开始开发人工智能来提升自身的竞争优势,增加企业的商业价值。为了揭示人工智能实施的增值结果,本研究采用事件研究方法捕捉人工智能实施公告带来的异常收益。根据本研究的实证结果,在人工智能实施公告的响应中,我们发现事件当天的异常收益显著正。分组分析结果显示,有详细信息的公告与没有详细信息的公告平均累积异常收益差异显著。此外,我们的研究结果显示,it公司和非it公司在活动当天的平均累积异常收益存在显著差异。最终,根据内容分析,只有负面词汇频率这一特征与平均累积异常收益呈适度负相关。
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
Data Base for Advances in Information Systems
Data Base for Advances in Information Systems INFORMATION SCIENCE & LIBRARY SCIENCE-
CiteScore
3.60
自引率
7.10%
发文量
18
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