{"title":"生成式人工智能促进了投资者的交易吗?ChatGPT中断的早期证据","authors":"Qiang Cheng, Pengkai Lin, Yue Zhao","doi":"10.1016/j.jacceco.2025.101821","DOIUrl":null,"url":null,"abstract":"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.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"257 1","pages":"101821"},"PeriodicalIF":0.3000,"publicationDate":"2025-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Does generative AI facilitate investor Trading? Early evidence from ChatGPT outages\",\"authors\":\"Qiang Cheng, Pengkai Lin, Yue Zhao\",\"doi\":\"10.1016/j.jacceco.2025.101821\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"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.\",\"PeriodicalId\":42721,\"journal\":{\"name\":\"International Journal of Economics Management and Accounting\",\"volume\":\"257 1\",\"pages\":\"101821\"},\"PeriodicalIF\":0.3000,\"publicationDate\":\"2025-08-13\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Journal of Economics Management and Accounting\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1016/j.jacceco.2025.101821\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q4\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Economics Management and Accounting","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1016/j.jacceco.2025.101821","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"ECONOMICS","Score":null,"Total":0}
Does generative AI facilitate investor Trading? Early evidence from ChatGPT outages
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.