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Artificial Intelligence and Firms
- 来源：
- 学校官网
- 收录时间：
- 2025-10-18 15:47:11
- 时间：
- 2025-10-20 14:00:00
- 地点：
- 延安路校区旭日楼310室
- 报告人：
- 吴志岩教授
- 学校：
- -/-
- 关键词：
- Artificial Intelligence, Firm Risk, Textual Analysis, Stock Volatility, AI Patents, Strategic Management, Causal Inference
- 简介：
- We develop a measure of firm exposure to artificial intelligence (AI) risk using textual analysis of quarterly earnings conference-call transcripts. We validate the measure through several tests, demonstrating that: (1) it captures intuitive variations over time and across firms; (2) it accurately reflects risk exposure, as evidenced by its significant correlation with both realized and options-implied stock return volatility, even after controlling for well-established aggregate risk measures; (3) firms facing higher AI risks have greater cash holdings, file more AI-related patents, and develop more AI-specific investments; (4) during unexpected AI events, such as the AI Beats Humans event in the Reading Comprehension SQuAD, firms with higher ex-ante risk exposure not only suffer adverse outcomes like increased volatility and decreased sales but also intensify their engagement in AI-focused patent applications and investments in response to these events. These results suggest that our text-based measure provides a credible quantification of firm exposure to AI risk and can thus be reliably used by scholars and policymakers to understand the multifaceted impacts of AI on firms and markets.
- -/- 15
报告介绍：
We develop a measure of firm exposure to artificial intelligence (AI) risk using textual analysis of quarterly earnings conference-call transcripts. We validate the measure through several tests, demonstrating that: (1) it captures intuitive variations over time and across firms; (2) it accurately reflects risk exposure, as evidenced by its significant correlation with both realized and options-implied stock return volatility, even after controlling for well-established aggregate risk measures; (3) firms facing higher AI risks have greater cash holdings, file more AI-related patents, and develop more AI-specific investments; (4) during unexpected AI events, such as the AI Beats Humans event in the Reading Comprehension SQuAD, firms with higher ex-ante risk exposure not only suffer adverse outcomes like increased volatility and decreased sales but also intensify their engagement in AI-focused patent applications and investments in response to these events. These results suggest that our text-based measure provides a credible quantification of firm exposure to AI risk and can thus be reliably used by scholars and policymakers to understand the multifaceted impacts of AI on firms and markets.
报告人介绍：
吴志岩，管理学博士，现任浙江大学教授。其研究聚焦于战略管理，擅长运用因果推断方法。相关成果发表于《管理世界》、Academy of Management Journal、Journal of Business Venturing、Journal of Management、Management Science、Organization Science 等期刊。现任Management and Organization Review副主编，并担任Journal of Business Venturing和Journal of Management的编委。研究曾获EBS最佳论文奖，入选INFORMS播客 Resoundingly Human 专题介绍。此外，他曾获Journal of Management最佳审稿人奖。
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