题　目：Generative AI and Investor Processing of Financial Media

嘉　宾：Allen Huang（黄昊），教授，香港科技大学商学院（HKUST Business School）

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：2026年3月30日（周一）9:00-10:30

地　点：上海交通大学 徐汇校区安泰楼A511室

内容简介:

We examine how AI-generated summaries in financial news influence investor information processing. Exploiting The Wall Street Journal’s rollout of AI summaries, we find that articles featuring these summaries elicit stronger immediate market reactions, including higher trading volume and amplified price responses, and lead to subsequent information search by both retail and institutional investors. These effects are concentrated in settings with greater information frictions. We investigate the underlying mechanism using a controlled experiment. Contrary to the concern that AI summaries encourage skimming, we find they increase both perceived confidence and objective recall of the full article text. These findings suggest that AI summaries do not substitute for reading but rather serve as interpretive cues, enhancing overall comprehension while directing investor attention toward highlighted elements. Our study documents how the integration of AI in financial media reshapes the consumption of firm news.  

演讲人简介：

Professor Allen Huang is Head of the Accounting Department at HKUST. He has published in Journal of Finance, Management Science, The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics, Journal of Financial and Quantitative Analysis, Review of Accounting Studies, and Contemporary Accounting Research. He serves as an Editor at the Journal of Business, Finance and Accounting, and sits on the Editorial Boards of The Accounting Review and Contemporary Accounting Research. He is also a member of the Associate Editor Board of the Review of Accounting Studies and an Associate Editor at Journal of Financial and Quantitative Analysis. Allen holds a Ph.D. in Business Administration from Duke University and a B.S. in Electronics from Peking University in China. Prior to joining HKUST, Allen worked in the Quantitative Equity Strategy group in Lehman Brothers and Barclays Capital in New York.

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