德勤－复旦会计论坛系列263期讲座
时间：2025年12月19日（周五）上午10:00
地点：史带楼205教室
主持人: 金超 青年副研究员
报告人: Allen Huang （Hong Kong University of Science and Technology）
题目: Generative AI and Investor Processing of Financial Media
摘要: 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. Additional tests reveal that investors place significantly greater weight on information highlighted by the AI compared to non-highlighted content within the same article. 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.
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