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作者：Chang, Anne Yanru; Dong, Xi; Martin, Xiumin; Zhou, Changyun
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Washington University (WUSTL); Southwestern University of Finance & Economics - China
摘要：We are among the first to investigate how Generative AI (GenAI) shapes investors' trading activities. Using an AI-sentiment measure extracted from earnings-call transcripts to proxy for textual signals, we find notable shifts in trading behaviors around earnings calls. Before the wide deployment of ChatGPT, short selling was aligned with AI-sentiment, whereas retail trading was not. However, following ChatGPT's deployment, the alignment of retail traders with AI-sentiment significantly increas...
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作者：Choi, Jung Ho; Xie, Chloe L.
作者单位：Stanford University; Massachusetts Institute of Technology (MIT)
摘要：This paper provides early evidence on the integration and impact of generative artificial intelligence (GenAI) in accounting at the accountant and task levels. Using survey data from 277 professional accountants, we document substantial heterogeneity in adoption patterns, perceived benefits, and concerns about GenAI. Using proprietary field data from an AI-enabled accounting platform serving 79 small- and medium-sized enterprises, we analyze over 200,000 transaction-level records. We document ...
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作者：Ecker, Frank; Li, Xitong; Li, Yilan; Wu, Fan
作者单位：Frankfurt School Finance & Management; Hautes Etudes Commerciales (HEC) Paris; ESSEC Business School; Chinese University of Hong Kong
摘要：This paper provides descriptive evidence on how stock market participants use Generative Artificial Intelligence (GenAI) to process investment-related information. Using a data set of 1.7 million stock-related queries from one of China's largest GenAI platforms during the first half of 2024, we document that user queries address a wide range of topics and tasks and vary systematically with usage intensity and financial sophistication. Query activity increases around corporate disclosure events...
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作者：Blankespoor, Elizabeth; Dehaan, Ed; Li, Qianqian
作者单位：University of Washington; University of Washington Seattle; Stanford University
摘要：Generative artificial intelligence (GAI) will likely alter many aspects of the financial reporting process and spawn a deep stream of academic research. We take an early step by examining the extent to which firms have begun using GAI in one important part of the reporting process: writing disclosures. We begin by evaluating a commercial tool's ability to detect GAI writing in disclosures, and we find that it reliably identifies even very small amounts of GAI usage in realistic samples. We the...
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作者：Levy, Bradford
作者单位：University of Chicago
摘要：Recent work within accounting and finance has highlighted that modern AI systems exhibit superhuman performance on a variety of foundational activities within these fields. However, the literature often does not provide economic rationale for why AI models seem to outperform, largely because these models are a black box. Through a series of experiments, I set out to open the black box and provide direct evidence on how and why AI models appear to perform so well on accounting and finance-relat...
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作者：Bradshaw, Mark T.; Ma, Chenyang; Yost, Benjamin P.; Zou, Yuan
作者单位：Boston College; Duke University; Harvard University
摘要：We study the use of generative AI for firm-specific financial analysis on the Seeking Alpha platform. After the initial launch of ChatGPT in November 2022, the share of AI-generated articles rose sharply to 13.5% of all articles, then declined in late 2023 after Seeking Alpha equated the use of AI to plagiarism and announced a prohibition on its use. We organize our study around two questions: (1) Does AI use increase author productivity? and (2) does AI use have capital market consequences an...
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作者：Cao, Sean Shun; Chen, Wilbur Xinyuan; Ma, Guang; Srinivasan, Suraj
作者单位：University System of Maryland; University of Maryland College Park; Hong Kong University of Science & Technology; Rutgers University System; Rutgers University New Brunswick; Harvard University
摘要：We synthesize evidence from six papers presented at the 2025 Journal of Accounting Research Conference on how generative artificial intelligence (GenAI) is reshaping capital-market information flows. Our discussion is organized around an economic framework with three layers: information production by firms and accounting professionals, information dissemination through intermediaries, and information processing by investors. Across these layers, the conference papers show that GenAI can lower ...
