報告題目：The Impact of Generative Artificial Intelligence on Individual Manual Investment Decisions: Empirical Evidence from Mutual Funds
時間：5月17日（周五）10:00-11:30
地點：主樓317
報告人：佟思亮助理教授
報告人簡介：
佟思亮博士于2021年2月1日加入新加坡南洋理工大學南洋商學院的信息技術和運營管理系。他在2020年獲得美國Temple University 福克斯商學院的市場營銷博士學位。他是一個實證經濟學研究者，研究范疇主要集中在人工智能、移動應用市場營銷和共享經濟等領域。他在研究方面非常活躍，他的論文曾多次獲得最佳論文和入圍獎，例如PACIS會議，AMA會議和ISMS營銷科學會議等。他的研究成果已發表在Strategic Management Journal, Marketing Science, Journal of Marketing 以及the Journal of the Academy of Marketing Science等期刊上。在加入學術界之前，他在數字營銷和網站分析領域擁有6年的管理經驗，并于2016年獲得University of Wisconsin-Madison的MBA學位。
報告內容簡介：
The rapid ascent of generative artificial intelligence (GAI) has led individual investors to increasingly use GAI-based consulting tools such as GAI-based investment consultants (GAICs). Despite warnings from some institutions about the risks of solely relying on GAICs for investment advice, there is limited empirical research on their impact on individual investors’ market investments. To fill this gap, we collaborated with Ant Fortune, Ant Group’s investment team, analyzing data related to the rollout of their GAIC, Zhi Xiaobao. Our analyses offer the first empirical evidence that GAICs positively influence investment decisions, redemption activities, and overall investment profit. Interestingly, our findings challenge the belief that novice investors benefit most from AI tools, showing that experienced investors benefit more significantly from GAICs by utilizing their financial acumen. Additionally, we found that the platform’s influence on investment profit is more pronounced for risk-seeking investors, suggesting GAICs enhance their market decision-making efficacy. However, novice and risk-averse investors, despite being more active in redemption behaviors, do not attain equivalent profit compared to their experienced and risk-seeking counterparts. This underscores the importance of financial literacy in harnessing GAICs’ economic benefits. In summary, while GAICs improve decision-making for experienced and risk-tolerant investors, they offer limited advantages for novices and risk-averse individuals. Our research provides essential insights for platform managers considering GAIC applications and guides policymakers in enhancing the use of GAICs, especially for vulnerable investor segments. This highlights the need for tailored financial education to fully leverage the potential of these advanced AI tools in diverse investment contexts.
（承辦：管理工程系、科研與學術交流中心）
