题　目：Artificial Intelligence Consultation and Individual Investor Activities: Empirical Evidence from Mutual Fund Investment

嘉　宾：佟思亮  助理教授  新加坡南洋理工大学

主持人：徐海峰  助理教授  上海交通大学安泰经济与管理学院

时　间：2023年08月15日（周二） 10:30-12:00

地　点：安泰经济与管理学院A305

内容简介:

Many retail investment platforms have introduced artificial intelligence (AI) consultation 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 consultation was introduced to facilitate individual investors’ investment activity. Our analyses provide the first empirical evidence showing that individual investors who use the AI consultation become more active in manual investment sessions (e.g., both purchase and redemption) than those who do not use the AI tool. Interestingly, our further analyses document heterogeneous effects across investor groups. Specifically, we demonstrate that the use of an AI consultation could drive more investment activities from individual investors who are risk averse, lack adequate financial investment experience, and live in less developed region, indicating a positive financial inclusion effect.  More interestingly, the use of AI alters investors’ risk tolerance as they invest more on high volatile products. Despite the positive effects of using AI consultation for investment returns, those investors who are more actively engaging with the investment activities do not attain higher returns, indicating that they might lack sufficient knowledge to incorporate the AI insights into the investment. Our results help platform managers understand whether and how they should implement AI consultation to promote individual investors’ standing in financial markets.

演讲人简介：

Dr. Siliang (Jack) Tong joined the Division of Information Technology and Operation Management at Nanyang Business School, Nanyang Technological University on 01/02/2021. He earned his Doctoral degree in Marketing from the Fox School of Business, Temple University in 2020. Siliang is an empirical modeler who is interested in the substantive areas of artificial intelligence, mobile app marketing, and sharing economy. He is very active in research as his works were awarded as the best paper and finalist in multiple occasions such as AMA conference and ISMS Marketing Science conference. His research is published in Strategic Management Journal, Marketing Science, Journal of Marketing and the Journal of the Academy of Marketing Science. Before joining the academia, he had 6-year management experience in digital marketing and web analytics, and he obtained his MBA degree from the University of Wisconsin-Madison in 2016.

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