主讲人：Allen Huang教授，香港科技大学

主题：生成式AI与投资者对财经媒体的信息处理（Generative AI and Investor Processing of Financial Media）

时间：2025年12月23日上午10:00 -11:30

地点：学术会堂702会议室

主持人：王佳琪助理教授，中央财经大学会计学院

摘要：We examine how AI-generated summaries in financial news influence investor information processing. Exploiting The Wall Street Journal’s rollout of AI summaries, we find that articles featuring these summaries elicit stronger immediate market reactions, including higher trading volume and amplified price responses. Additional tests reveal that investors place significantly greater weight on information highlighted by the AI compared to non-highlighted content within the same article. We investigate the underlying mechanism using a controlled experiment. Contrary to the concern that AI summaries encourage skimming, we find they increase both perceived confidence and objective recall of the full article text. These findings suggest that AI summaries do not substitute for reading but rather serve as interpretive cues, enhancing overall comprehension while directing investor attention toward highlighted elements. Our study documents how the integration of AI in financial media reshapes the consumption of firm news.

主讲人简介：Allen Huang（黄昊）教授现任香港科技大学商学院会计系教授和系主任、商业与社会分析中心副主任、新兴市场研究所研究员、香港科技大学高等研究院复杂量子系统中心教授、利丰供应链研究院研究员、亚洲金融经济研究局研究员、香港金融管理局数字货币专家组成员。黄教授在Journal of Finance，Management Science, The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics, Review of Accounting Studies, Contemporary Accounting Research, Journal of Financial and Quantitative Analysis, Review of Finance 等国际顶尖会计学和金融学期刊上发表了多篇学术论文，并被 CNBC、《经济学人》、《金融时报》和《哈佛商业评论》等多家媒体报道。他担任Journal of Business, Finance and Accounting（JBFA）主编和在The Accounting Review和Review of Accounting Studies 担任编委。黄教授目前在香港科技大学的多个高管教育、EMBA、MBA 和本科课程中讲授商业大数据和人工智能、加密货币和区块链以及管理会计。在从事学术研究之前，黄教授曾在雷曼兄弟和巴克莱资本担任定量股票分析师。

撰稿 | 谢蓉蓉 林雯 王佳琪

排版 | 刘怡帆

审核 | 郑登津