报告时间：2023年4月24日（周一）上午10点

报告题目：Artificial Intelligence Analyst and Individual Investor Activities: Empirical Evidence from Mutual Fund Investment

地点：主楼418

报告人：南洋理工大学佟思亮助理教授

报告内容简介：

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.

报告人简介：

佟思亮助理教授于2021年加入南洋理工商学院信息技术与运营管理系，于2020年获得天普大学福克斯商学院的营销博士学位。佟博士是实证方向的研究者，主要研究领域涉及人工智能、移动应用营销和共享经济。其研究成果在AMA会议、ISMS Marketing Science等被评为最佳论文。目前已有研究发表成果在Strategic Management Journal，Marketing Science，Journal of Marketing，Journal of the Academy of Marketing Science。在进入学术界以前，佟博士有6年数字营销和网络分析的管理工作经验，并于2016年获得威斯康星大学麦迪逊分校的MBA学位。

（承办：管理工程系、科研与学术交流中心）