金融与财务学系列讲座之343期

 

Time: 10:30-12:00, Thursday, November 12, 2026

Location: Room 603, Starr Building（史带楼603室）

 

Host: Prof. Xintong Zhan （战昕彤 教授）

          Department of Finance, FDSM

 

Topic: Expected Economic Impacts of Open-Source AI Models: Firm-Level Evidence

Speaker: Prof. Bernard Yeung (杨贤‌ 教授)

                Southern University of Science and Technology

 

Abstract: We examine firm-level stock-market reactions to AI model releases and find that open-source releases generate more favorable valuation responses than proprietary releases. Relative to proprietary releases, open-source releases disproportionately benefit smaller, capital-constrained firms, consistent with their greater accessibility and lower user costs. Valuation gains after open-source releases concentrate among firms with greater exposure to AI-suitable tasks, particularly those involving human–AI augmentation; comparable patterns are absent after proprietary releases. Using input-output exposure measures, we further document positive valuation spillovers from high-AI-exposure firms to upstream and downstream partners in low-AI-exposure industries, but only following open-source releases. Taken together, our findings suggest that open-source AI broadens the expected economic benefits of technological progress by lowering adoption barriers and extending benefits across firms and interconnected industries.

 

Bio: Professor Bernard Yeung is Emeritus and Founding President of the Asian Bureau of Finance and Economic Research (ABFER), Emeritus Professor at NUS Business School, Yangtze River Scholar, and Visiting Chair Professor at the Southern University of Science and Technology (SUSTech). He served as Stephen Riady Distinguished Professor of Finance and Strategic Management at NUS (2008–2023), President of ABFER (2013–2023), and Dean of NUS Business School (2008–2019). Before joining NUS, he was Abraham Krasnoff Professor of Global Business and Economics at NYU Stern School of Business and Director of NYU China House. Earlier, he was a professor at the University of Michigan and a faculty member at the University of Alberta. Professor Yeung's research spans finance, economics, strategy, and international business. Widely published and cited, his work has asked how institutions shape the functioning of markets and firms and, ultimately, economic development, with particular emphasis on the allocation of capital, information, and entrepreneurial opportunities. His honors include Singapore's Public Administration Medal (Silver), the Irwin Outstanding Educator Award from the Academy of Management, and election as a Fellow of the Academy of International Business. He has served on public bodies, including Singapore's Economic Strategies Committee, the Social Science Research Council, and the Monetary Authority of Singapore's Financial Research Council. He serves on the East Asian Institute Management Board, the Academic Committee of the Hong Kong Academy of Industry and Innovation, and as an Independent Non-Executive Director of Bank of China Aviation Limited.