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More Than Human: The Informational Effects of AI-Powered Corporate Disclosure
时 间：2025年12月30日（Tue.）
10:00 - 11:30 a.m.
地 点：同德楼312
主 讲：Mark Chen (Georgia State University)
论文摘要
We examine firms’ use of AI to help generate the language in their corporate disclosures. Applying state-of-the-art Large Language Models (LLMs) to detect and quantify AI-generated text in earnings conference calls during 2015-2024, we document that the use of AI-powered disclosure is prevalent and increasing across firms and industries. While text generated by AI exhibits relatively more positive sentiment and greater linguistic sophistication, there is no evidence that such text helps managers strategically mislead investors. Indeed, AI usage in earnings call disclosures is decreasing in the strength of managers’ incentives to obfuscate information. We also find that greater managerial use of AI in disclosures leads to tighter bid-ask spreads, larger stock market responses to earnings releases, and smaller analyst forecast errors. Managers whose linguistic styles tend toward greater obfuscation and tone inconsistency benefit more from the improvements in market informativeness by using AI. Overall, we conclude that AI can be an important tool for enhancing the quality of corporate disclosures to market participants.
主讲简介
Professor Mark Chen is a Full Professor of Finance at Georgia State University. He received his Ph.D. from Harvard University and, before joining the Robinson College of Business, served on the faculty at the University of Maryland, College Park. His research spans corporate finance, corporate governance, sell-side analyst behavior and performance, firm innovation, AI, and FinTech. His work has been published in leading academic journals, including the Journal of Finance, Journal of Business, Journal of Law and Economics, Journal of Economic Theory, Journal of Financial and Quantitative Analysis, and Management Science, among others.
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