毓秀讲堂 |【Seminar 预告】No.681--Seungjoon Oh (PHBS)

时 间：2026年4月28日（Tue.）

14:00 - 15:30 p.m.

地 点：同德楼208

主 讲：Seungjoon Oh (PHBS)

We study how generative AI adoption by institutional investors reshapes corporate governance. Exploiting the November 2022 release of ChatGPT as a quasi-experimental shock to AI adoption costs, we use pre-shock machine-based EDGAR access patterns to measure firm-level exposure to AI-oriented investors. Firms with greater exposure experience significant valuation gains and strengthened governance: stronger CEO pay-performance and turnover-performance sensitivity, greater shareholder activism, fewer financial restatements, fewer but higher-quality acquisitions, and fewer but more valuable patents. These improvements are driven by systematic portfolio changes among machine-based investors: reduced information acquisition costs enable them to shorten investment horizons, increase trading synchronization, and engage more actively in proxy voting and shareholder proposals. Overall, our findings suggest that generative AI fundamentally lowers the cost of institutional monitoring, enabling investors to exercise governance at scale and reshaping both the discipline of management and the allocation of corporate capital.

Professor Seungjoon Oh, Tenured Associate Professor of Finance at Peking University HSBC Business School (PHBS). Professor Oh holds a Ph.D. in Finance from the University of Michigan and a B.S. in Industrial Engineering from KAIST. His research spans entrepreneurial finance, corporate innovation, venture capital, corporate governance, and mergers & acquisitions. He has published in leading journals including the Journal of Financial and Quantitative Analysis, Review of Accounting Studies, and The Accounting Review, and his working papers have earned best paper award recognition at major international conferences including FMA and SFS Cavalcade Asia-Pacific.