報告時間：2023年4月24日（周一）上午10點
報告題目：Artificial Intelligence Analyst and Individual Investor Activities: Empirical Evidence from Mutual Fund Investment
地點：主樓418
報告人：南洋理工大學佟思亮助理教授
報告內容簡介：
Many retail investment platforms have introduced artificial intelligence (AI) analysts to help individual investors gather insights and evaluate investment products. Yet, there is scant empirical effort examining the business impact of such an AI tool on individual investors' financial market investments. To fill this gap, we collaborate with Ant Fortune (an affiliate of Alibaba), the largest retail investment platform in China, and explore a unique dataset wherein an AI analyst was introduced to facilitate individual investors’ investment activity. Our analyses provide the first empirical evidence showing that individual investors who use the AI analyst perform more manual investment sessions and invest more than those who do not use the AI tool. Interestingly, our further analyses document both positive and negative effects across heterogeneous investor groups. Specifically, we demonstrate that, on the one hand, the use of an AI analyst could drive more investment activity from individual investors who lack adequate financial knowledge, indicating a positive financial inclusion effect. On the other hand, we find that AI analyst use reduces investment activity from investors who are less familiar with financial technology, suggesting a negative resistance effect of AI applications. More importantly, using an AI analyst alters investors’ risk tolerance, increasing their investment in products carrying increased volatility. Despite the positive effects of using AI analysts for investment returns, information overload causes lower returns for investors with less finance knowledge. Our results help platform managers understand whether and how they should implement AI analysts to promote individual investors’ standing in financial markets.
報告人簡介：
佟思亮助理教授于2021年加入南洋理工商學院信息技術與運營管理系，于2020年獲得天普大學福克斯商學院的營銷博士學位。佟博士是實證方向的研究者，主要研究領域涉及人工智能、移動應用營銷和共享經濟。其研究成果在AMA會議、ISMS Marketing Science等被評為最佳論文。目前已有研究發表成果在Strategic Management Journal，Marketing Science，Journal of Marketing，Journal of the Academy of Marketing Science。在進入學術界以前，佟博士有6年數字營銷和網絡分析的管理工作經驗，并于2016年獲得威斯康星大學麥迪遜分校的MBA學位。
（承辦：管理工程系、科研與學術交流中心）
