题　目：Working Alongside Algorithms: How Parallel AI Deployment Affects Mutual Fund Analysts’ Performance

嘉　宾：Grace Fan（范皓晴），助理教授，新加坡管理大学

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6月01日（周一）14:00-15:30

地　点：上海交通大学 徐汇校区安泰楼A407室

内容简介:

Artificial intelligence (AI) is increasingly deployed in the finance industry to imitate human expert decision-making and scale information production, yet little is known about how human experts respond when AI performs the same task independently. We study this question in a leading multinational financial research firm that introduced AI-generated ratings to increase mutual fund coverage, with AI rating funds previously uncovered by human analysts. Leveraging the internal and external launches of AI in the U.S., we find that human analysts exert more effort and produce higher-quality ratings when exposed to AI that works in parallel, as measured by more frequent rating updates and stronger predictive power for future fund performance. A stacked difference-in-differences design exploiting staggered international rollouts corroborates these effects. We identify two mechanisms that explain these effects. First, awareness of AI deployment disciplines analysts by reducing favoritism toward socially connected fund managers in the rating process. Second, access to AI ratings for previously unrated comparable funds provides analysts with new information benchmarks that can improve analysts’ judgment. These effects are stronger among more experienced and higher-performing analysts. Overall, our findings show that AI operating in parallel with human experts can enhance human performance, even without direct human–AI collaboration

演讲人简介：

She obtained her PhD in Accounting at INSEAD, MPAcc degree at Shanghai Jiao Tong University, and Bachelor's degree in Accounting at Sun Yat-Sen University. Her research interests include the role of disclosure and accounting regulation in the public sector, the impact of AI on the labor market, and intangible asset valuation. She is also enthusiastic about conducting multidisciplinary studies between economy/finance and accounting. She has experiences in the auditing, banking, and equity research industries.

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