Generative AI and Asset Management

• 成果类型: Article; Early Access
• 署名作者: Sheng, Jinfei; Sun, Zheng; Yang, Baozhong; Zhang, Alan L.
• 署名单位: University of California System; University of California Irvine; University System of Georgia; Georgia State University; Iowa State University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454; 1465-7368
• DOI: 10.1093/rfs/hhag050
• 发表日期: 2026-06-15
• 关键词: C81; G11; G14; G23; HEDGE FUNDS TIME; MARKET; INFORMATION

摘要

Using a novel measure of investment companies' reliance on generative artificial intelligence (GenAI), we document a sharp increase in GenAI usage by hedge funds after ChatGPT's 2022 launch. A difference-in-differences test shows that hedge funds adopting GenAI earn 2-4% higher annualized abnormal returns than nonadopters, while non-hedge funds do not benefit. The outperformance originates from funds' AI talent and ChatGPT's strength in analyzing firm-specific information. We conduct a new survey of fund managers' GenAI usage to provide direct validation of our measure and offer additional new insights on how managers adopt GenAI tools in their practice.