题　目：AI Disclosure, AI Investment, and the Cost of Capital

嘉　宾：张元 Professor Tulane University

主持人：李烁 助理教授 上海交通大学安泰经济与管理学院

时　间：2025年05月20日（周二）14:00-15:30

地　点：上海交通大学 徐汇校区安泰楼A503室

内容简介:

We employ artificial intelligence (AI) techniques to identify Item 1 disclosures in 10-K filings related to AI applications in business activities and evaluate both the quantity and quality (specificity and topical coverage) of these disclosures. We find that each of these disclosure attributes is positively associated with AI investment, proxied by the presence of employees with AI-related roles or education. This suggests that these disclosure attributes serve as credible signals of firms’ underlying AI activities. Both the quantity and quality of AI disclosures are associated with a significantly lower future cost of capital. We also document a complementary relationship between the quantity and the quality of the AI disclosures. In the context of heightened uncertainty surrounding AI, our findings shed light on disclosure informativeness in emerging technologies by demonstrating that comprehensive, high-quality AI business disclosures are aligned with real AI investment, reduce information asymmetry, and yield meaningful economic benefits.

演讲人简介：

Yuan specializes in capital market-based accounting research, with a particular emphasis on financial reporting, disclosure, and corporate governance. Her work has been widely published in leading accounting journals and cited by major financial media outlets, including The Wall Street Journal and Bloomberg. She currently serves on the editorial boards of The Accounting Review and Contemporary Accounting Research, and holds editorial roles as an editor for the China Journal of Accounting Research and associate editor for the Asia-Pacific Journal of Accounting & Economics. Yuan earned her Ph.D. in Accounting from the University of Southern California and her bachelor’s degree in Accounting from Tsinghua University.

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