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.