The impact of generative AI on information processing: Evidence from the ban of ChatGPT in Italy

• 成果类型: Article
• 署名作者: Bertomeu, Jeremy; Lin, Yupeng; Liu, Yibin; Ni, Zhenghui
• 署名单位: Washington University (WUSTL); National University of Singapore; Renmin University of China
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2025.101782
• 发表日期: 2025
• 关键词: capital-markets; earnings; analysts; recommendations; acquisition

摘要

This paper explores how the emergence of generative artificial intelligence is reshaping the information environment in capital markets. Leveraging an unexpected ban on ChatGPT in Italy, we examine its impact on the information processing capabilities of market participants. We employ metrics for AI-generated text detection to show that the ban coincides with decreased AI usage by domestic financial analysts and fewer earnings forecasts issued relative to foreign analysts covering the same firm. The negative effects are more pronounced among analysts whose pre-ban reports are more consistent with AI use or analysts with a technical background. The ban also diminishes forecast accuracy, increases reliance on industry-specific information, and reduces information efficiency. Furthermore, investor reactions to earnings announcements become more pronounced, and bid-ask spreads widen, reflecting lower market efficiency.