应用金融Seminar海外学者系列讲座2024-9：Baozhong Yang
报告题目：Generative AI and Asset Management
报 告 人：Baozhong Yang（Georgia State University）
报告时间：2024年7月10日（周三）9:00-11:00
报告地点：ZOOM平台在线交流（会议ID： 950 1081 9321）
ZOOM App下载链接：https://zoom.us/download, 亦可点击以下链接直接参加会议：https://ucincinnati.zoom.us/j/95010819321
主办单位：金融科技学院
【报告人简介】
Baozhong Yang is the H. Talmage Dobbs Jr Chair in Finance and Professor of Finance at the J. Mack Robinson College of Business in Georgia State University. He is also the Director of the FinTech Lab at the Robinson College, one of the first such labs associated with a business school in the nation. He has founded and organized the GSU-RFS FinTech Conference, a leading annual FinTech conference that offers dual submission to the premier journal Review of Financial Studies.
Professor Yang’s research interests span theoretical and empirical studies in FinTech, Investments, and Corporate Finance. His most recent research involves innovative applications of Machine Learning and AI to study economic questions in Capital Markets and Corporate Finance. Professor Yang’s research has been published in leading academic journals in finance and other disciplines, including the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Management Science, and Journal of Accounting Research. Professor Yang’s papers have been extensively presented at prestigious conferences, such as the National Bureau of Economic Research (NBER) Big Data, NBER Economics of AI, NBER Blockchain, NBER Law and Economics, American Finance Association, and Western Finance Association meetings. Professor Yang received his Ph.D. in Finance from Stanford University and Ph.D. in Mathematics from the Massachusetts Institute of Technology.
【内容摘要】
This paper proposes a novel measure of the reliance on generative AI of investment companies and utilizes it to study the adoption and implications of generative AI tools in the asset management industry, particularly hedge fund companies. We document a sharp increase in the use of generative AI by hedge fund companies after ChatGPT was introduced in 2022. In a difference-in-differences test, we find that hedge fund companies adopting generative AI produce superior raw and risk-adjusted returns relative to non- adopters, with a gain of 3 to 5% in annualized abnormal returns. We further identify this effect by exploiting ChatGPT outages as exogenous shocks. The outperformance originates from investment in AI talent, and more from firm policy and performance information than from macroeconomic information. Unlike hedge funds, non-hedge fund companies do not produce significant returns from their adoption. Large and more active hedge fund companies adopt the technology early and achieve higher returns than others, indicating that utilizing generative AI effectively as an investment tool may require a combination of other resources, such as data and expertise. Overall, our findings suggest that generative AI may exacerbate existing disparities among investors rather than mitigate them, further widening the gap between market participants.
撰稿：赵鹏辉 审核：史永东 单位：金融科技学院