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

IF 0.3 Q4 ECONOMICS
Qiang Cheng, Pengkai Lin, Yue Zhao
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引用次数: 0

摘要

在本文中,我们使用ChatGPT中断来提供早期证据,证明投资者是否依赖生成式人工智能(GenAI)来执行专业任务以及对股价信息的相关影响。我们记录了ChatGPT中断期间股票交易量的显著下降。对于在停电之前或期间立即发布公司新闻的公司,以及由临时机构投资者持有较高所有权的公司,这种影响更强。然后,我们记录了停机期间短期价格影响和回报差异的下降,与减少的知情交易一致。最后,我们证明了基因人工智能辅助交易对长期股价信息的积极影响。总体而言,我们的研究结果表明,相当多的投资者使用ChatGPT的方式影响他们的交易决策和市场结果。未来的研究可以调查这些GenAI效应背后的机制以及使用GenAI进行交易的潜在风险。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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.
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