报告题目：The Impact of Generative Artificial Intelligence on Individual Manual Investment Decisions: Empirical Evidence from Mutual Funds

时间：5月17日（周五）10:00-11:30

地点：主楼317

报告人：佟思亮助理教授

报告人简介：

佟思亮博士于2021年2月1日加入新加坡南洋理工大学南洋商学院的信息技术和运营管理系。他在2020年获得美国Temple University 福克斯商学院的市场营销博士学位。他是一个实证经济学研究者，研究范畴主要集中在人工智能、移动应用市场营销和共享经济等领域。他在研究方面非常活跃，他的论文曾多次获得最佳论文和入围奖，例如PACIS会议，AMA会议和ISMS营销科学会议等。他的研究成果已发表在Strategic Management Journal, Marketing Science, Journal of Marketing 以及the Journal of the Academy of Marketing Science等期刊上。在加入学术界之前，他在数字营销和网站分析领域拥有6年的管理经验，并于2016年获得University of Wisconsin-Madison的MBA学位。

报告内容简介：

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.

（承办：管理工程系、科研与学术交流中心）