点击查看！我院 周长运老师 与合作者的论文"AI Democratization and Trading Inequality"发表在 会计学领域TOP3顶尖期刊Journal of Accounting Research （UTD24、FT50）!Title: 《AI Democratization and Trading Inequality》标题：《AI平权与交易不平等》

Abstract：We are among the first to investigate how Generative AI (GenAI) shapes investors' trading activities. Using an AI-sentiment measure extracted from earnings-call transcripts to proxy for textual signals, we find notable shifts in trading behaviors around earnings calls. Before the wide deployment of ChatGPT, short selling was aligned with AI-sentiment, whereas retail trading was not. However, following ChatGPT's deployment, the alignment of retail traders with AI-sentiment significantly increases, while the alignment of short sellers weakens, albeit insignificantly. Stocks with higher information processing costs exhibit a more pronounced increase in retail trading alignment, scenarios where retail investors are likely to benefit more from AI. Using retail-AI alignment as a proxy for the extent to which retail investors trade based on AI signals, we show that information asymmetry declines and retail investors' trading profitability improves, whereas short sale profitability declines in high retail-AI alignment stocks. Exogenous outages reduce the alignment between retail trading and AI-sentiment, allowing us to draw causal inferences. Collectively, this study suggests that AI is a promising technology for narrowing the information gap in the trading of complex textual financial disclosures between investor classes with clear disparities in the ability to process public disclosures.

摘要：

我们率先研究了生成式人工智能（GenAI）如何塑造投资者的交易行为。利用从财报电话会议记录中提取的AI情感指标作为文本信号的代理，我们发现围绕财报电话会议的交易行为发生了显著变化。在ChatGPT广泛部署之前，做空交易与AI情感高度一致，而散户交易则不然。然而，在ChatGPT部署之后，散户交易者与AI情感的一致性显著增加，而做空者的一致性则略有减弱（尽管不显著）。信息处理成本较高的股票在散户交易一致性上表现出更明显的增加，在这种情况下，散户投资者可能从AI中获益更多。将散户-AI一致性作为散户投资者基于AI信号进行交易程度的代理变量，我们发现，在高散户-AI一致性的股票中，信息不对称程度下降，散户投资者的交易盈利能力提高，而做空盈利能力下降。外生的系统宕机事件降低了散户交易与AI情感之间的一致性，这使我们能够得出因果推断。总而言之，本研究表明，AI是一项极具前景的技术，能够缩小在处理公开披露信息能力上存在明显差异的投资者群体之间，在复杂文本财务披露交易中的信息鸿沟。

教师介绍周长运西南财经大学会计学院硕士生导师，博士生副导师

毕业于纽约城市大学巴鲁克学院（Baruch College，CUNY），获金融学博士学位。主要研究领域包括资本市场、人工智能和投资者行为。曾荣获美国 Dr. Richard A. Crowell Memorial Prize 最佳论文奖以及 China Journal of Accounting Research（CJAR）最佳论文奖。研究成果发表于Journal of Accounting Research（UTD24、FT50、ABS4*, SSCI）, Research in International Business and Finance（SSCI）等国际知名学术期刊，并多次受邀担任 Journal of Banking & Finance、Journal of Behavioral and Experimental Finance、Humanities and Social Sciences Communications 等国际期刊的匿名审稿人。获得美国管理会计师协会（IMA）会计案例大赛优秀指导老师、校级优秀毕业论文指导老师、会计学院优秀青年班主任等荣誉称号。

初审：孙晶晶复审：陈磊终审：唐雪松