報告題目：The Impact of Generative Artificial Intelligence on Individual Manual Investment Decisions: Empirical Evidence from Mutual Funds
時間：5月17日（周五）10:00-11:30
地點：主樓317
報告人：佟思亮助理教授
報告人簡介：
佟思亮博士于2021年2月1日加入新加坡南洋理工大學(xué)南洋商學(xué)院的信息技術(shù)和運營管理系。他在2020年獲得美國Temple University 福克斯商學(xué)院的市場營銷博士學(xué)位。他是一個實證經(jīng)濟學(xué)研究者，研究范疇主要集中在人工智能、移動應(yīng)用市場營銷和共享經(jīng)濟等領(lǐng)域。他在研究方面非?；钴S，他的論文曾多次獲得最佳論文和入圍獎，例如PACIS會議，AMA會議和ISMS營銷科學(xué)會議等。他的研究成果已發(fā)表在Strategic Management Journal, Marketing Science, Journal of Marketing 以及the Journal of the Academy of Marketing Science等期刊上。在加入學(xué)術(shù)界之前，他在數(shù)字營銷和網(wǎng)站分析領(lǐng)域擁有6年的管理經(jīng)驗，并于2016年獲得University of Wisconsin-Madison的MBA學(xué)位。
報告內(nèi)容簡介：
The rapid ascent of generative artificial intelligence (GAI) has led individual investors to increasingly use GAI-based consulting tools such as GAI-based investment consultants (GAICs). Despite warnings from some institutions about the risks of solely relying on GAICs for investment advice, there is limited empirical research on their impact on individual investors’ market investments. To fill this gap, we collaborated with Ant Fortune, Ant Group’s investment team, analyzing data related to the rollout of their GAIC, Zhi Xiaobao. Our analyses offer the first empirical evidence that GAICs positively influence investment decisions, redemption activities, and overall investment profit. Interestingly, our findings challenge the belief that novice investors benefit most from AI tools, showing that experienced investors benefit more significantly from GAICs by utilizing their financial acumen. Additionally, we found that the platform’s influence on investment profit is more pronounced for risk-seeking investors, suggesting GAICs enhance their market decision-making efficacy. However, novice and risk-averse investors, despite being more active in redemption behaviors, do not attain equivalent profit compared to their experienced and risk-seeking counterparts. This underscores the importance of financial literacy in harnessing GAICs’ economic benefits. In summary, while GAICs improve decision-making for experienced and risk-tolerant investors, they offer limited advantages for novices and risk-averse individuals. Our research provides essential insights for platform managers considering GAIC applications and guides policymakers in enhancing the use of GAICs, especially for vulnerable investor segments. This highlights the need for tailored financial education to fully leverage the potential of these advanced AI tools in diverse investment contexts.
（承辦：管理工程系、科研與學(xué)術(shù)交流中心）
