Sean Shun Cao, Wilbur Xinyuan Chen, Guang Ma, Suraj Srinivasan
{"title":"Generative AI in Capital Markets: Information Production, Dissemination, and Processing","authors":"Sean Shun Cao, Wilbur Xinyuan Chen, Guang Ma, Suraj Srinivasan","doi":"10.1111/1475-679x.70061","DOIUrl":"https://doi.org/10.1111/1475-679x.70061","url":null,"abstract":"We synthesize evidence from six papers presented at the 2025 <jats:italic>Journal of Accounting Research</jats:italic> Conference on how generative artificial intelligence (GenAI) is reshaping capital‐market information flows. Our discussion is organized around an economic framework with three layers: information production by firms and accounting professionals, information dissemination through intermediaries, and information processing by investors. Across these layers, the conference papers show that GenAI can lower preparation costs, improve intermediary productivity, and reduce investors’ processing costs. At the same time, they point to a common constraint: whether GenAI improves the information environment depends critically on information verification costs. We also highlight gaps in current evidence and outline future research opportunities within and across the three layers.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"36 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2026-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147733598","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
ANNE YANRU CHANG, XI DONG, XIUMIN MARTIN, CHANGYUN ZHOU
{"title":"AI Democratization and Trading Inequality","authors":"ANNE YANRU CHANG, XI DONG, XIUMIN MARTIN, CHANGYUN ZHOU","doi":"10.1111/1475-679x.70063","DOIUrl":"https://doi.org/10.1111/1475-679x.70063","url":null,"abstract":"We are among the first to investigate how Generative AI (GenAI) shapes investors' trading activities. Using an AI‐sentiment measure extracted from earnings‐call transcripts to proxy for textual signals, we find notable shifts in trading behaviors around earnings calls. Before the wide deployment of ChatGPT, short selling was aligned with AI‐sentiment, whereas retail trading was not. However, following ChatGPT's deployment, the alignment of retail traders with AI‐sentiment significantly increases, while the alignment of short sellers weakens, albeit insignificantly. Stocks with higher information processing costs exhibit a more pronounced increase in retail trading alignment, scenarios where retail investors are likely to benefit more from AI. Using retail‐AI alignment as a proxy for the extent to which retail investors trade based on AI signals, we show that information asymmetry declines and retail investors' trading profitability improves, whereas short sale profitability declines in high retail‐AI alignment stocks. Exogenous outages reduce the alignment between retail trading and AI‐sentiment, allowing us to draw causal inferences. Collectively, this study suggests that AI is a promising technology for narrowing the information gap in the trading of complex textual financial disclosures between investor classes with clear disparities in the ability to process public disclosures.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"48 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2026-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147733599","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Human + AI in Accounting: Early Evidence from the Field","authors":"Jung Ho Choi, Chloe L. Xie","doi":"10.1111/1475-679x.70052","DOIUrl":"https://doi.org/10.1111/1475-679x.70052","url":null,"abstract":"This paper provides early evidence on the integration and impact of generative artificial intelligence (GenAI) in accounting at the accountant and task levels. Using survey data from 277 professional accountants, we document substantial heterogeneity in adoption patterns, perceived benefits, and concerns about GenAI. Using proprietary field data from an AI‐enabled accounting platform serving 79 small‐ and medium‐sized enterprises, we analyze over 200,000 transaction‐level records. We document that GenAI adoption is associated with significant productivity gains and systematic reallocation of effort away from routine data entry toward business communication and quality assurance tasks. GenAI use is also associated with improvements to financial reporting quality, evidenced by more granular ledgers and faster month‐end closing. Examining human–AI interaction, we find that accountants selectively intervene when AI confidence scores are low, consistent with complementarity between professional expertise and AI. A framed field experiment further shows that while AI assistance improves classification accuracy on average, reliance on non‐consensus AI recommendations can increase the risk of error. Overall, our findings highlight both the promise and the risks of GenAI in accounting and suggest that, in practice, AI is most effective as a tool that augments—rather than replaces—professional judgment.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"18 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2026-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147695465","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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