信息管理与商业智能系学术讲座

时间：3月19日（周二）13:30-15:00

地点：李达三楼104室

题目：The Effect of Product Recommendations on Online Investor Behaviors

报告人：Yu Jeffrey Hu （胡宇），Professor and Accenture Chair, Purdue University

主持人：窦一凡教授信息管理与商业智能系

摘要：Despite the popularity of product recommendations on online investment platforms, few studies have explored their impact on investor behaviors. Using data from a global e-commerce platform, we apply regression discontinuity design to causally examine the effects of product recommendations on online investors’ mutual fund investments. Our findings indicate that recommended funds experience a significant rise in purchases. However, investors suffer significantly worse investment returns after purchasing recommended funds, and this negative impact is also most significant for investors with low socioeconomic status. To explain this disparity, we find investors tend to gather less information and expend reduced effort in fund research when buying recommended funds. Furthermore, investors’ redemption timing of recommended funds is less optimal than non-recommended funds. We also find that recommended funds experience a larger return reversal than non-recommended funds. In conclusion, product recommendations make investors behave more irrationally and these negative consequences are most significant for investors with low socioeconomic status, which can amplify wealth inequality among investors in financial markets.

简介：Yu Jeffrey Hu is a Full Professor and Accenture Chair at Purdue University’s Daniels School of Business. He is also a Distinguished Fellow of INFORMS Information Systems Society and he has been a Digital Fellow at MIT's Initiative on Digital Economy. He is a world-renowned expert on AI, analytics, digital economy, digital transformation, electronic commerce, omni-channel retailing, offline commerce, social media, and fintech. His research uses AI, econometric, and analytical models to study technology-driven consumer behaviors in environments such as electronic commerce, omni-channel retailing, offline commerce, social media, mobile app, and fintech.

He coauthored the first paper discovering the "Long Tail" phenomenon in Internet markets, the first paper proving the value of social media in predicting stock markets, and the first paper using interpretable AI to quantify ROI of marketing campaigns.