德勤－复旦会计论坛系列208期讲座
时 间：2023年 10月23日（周一）上午10:00
地 点：史303教室
主持人：潘文强 青年副研究员
报告人：Yibin Liu, Assistant Professor (National University of Singapore)
题 目：Capital Market Consequences of Generative AI: Early Evidence from the Ban of ChatGPT in Italy
摘 要：
On March 31, 2023, the Italian Data Protection Authority found ChatGPT in violation of privacy laws and banned the service in Italy, providing a natural experiment to evaluate the economic impact of generative AI. Italian firms with higher exposure to the technology suffered a negative market reaction of about 9% during the ban period compared to firms with lower exposure. The negative impact was greater for smaller and more newly established businesses, supporting a link with creative destruction. We also document that the ban affected the information environment. Italian-based analysts issued fewer forecasts than foreign analysts covering the same Italian firm. Moreover, bid-ask spreads widened during the ban, especially for firms with fewer institutional investors, limited analyst coverage, and fewer foreign investors. Overall, our results suggest a dual role for generative AI in enhancing firm productivity and information processing.
会计学系
2023-10-18
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