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本期主题
Talk to AI-Equipped Investors: A Field Experiment
时 间：2025年11月18日（Tue.）
14:30 - 16:00 p.m.
地 点：同德楼 204
主 讲：许年行（中国人民大学）
论文摘要
We conduct a large-scale randomized controlled trial (RCT) involving a sample of listed firms in China to study how perceived AI bots affect managerial disclosure behavior and market reactions. Leveraging Online Earnings Conferences (OECs), we experimentally manipulate the perceived identity of questioners, framing them as either human or AI, while holding informational environment constant. Managers are 14% less likely to respond to AI-styled questions, especially questions about current industry performance. When they respond, their tone is significantly less positive, especially for current industry performance. Using intraday data, we find that equity investors postpone trading during the window in which AI-equipped questions are raised and exhibit greater reactions once managerial responses are released. Therefore, part of the observed decline in disclosure can be attributed to reduced managerial strategic behavior.
主讲简介
许年行，现任中国人民大学商学院财务与金融系主任，教授、博士生导师。主要研究方向是公司财务、气候金融和金融科技。先后获得国家自科杰青项目、优青项目、重大项目和原创探索计划项目，全国优秀博士学位论文，入选国家级青年人才计划和中组部首批“青年拔尖人才”（国家“万人计划”），荣获中国教师发展基金会首届“卓越青年研究生导师奖励基金”。已在本领域国内外一流期刊Journal of Financial Economics、Management Science、Journal of Financial and Quantitative Analysis 、Contemporary Accounting Research、Review of Finance、《经济研究》、《管理世界》、《管理科学学报》等发表论文50余篇。入选2020-2024年“爱思唯尔中国高被引学者”。学术成果先后获得中国高校人文社会科学研究优秀成果一等奖、二等奖和三等奖、中国金融学年会、China International Conference in Finance（CICF）、China Financial Research Conference（CFRC）、The Chinese Finance Association（TCFA）等国内外学术会议优秀论文奖。
欢迎各位老师和同学们前来参加！
