【财务与会计系邀请】
题目：Talking to AI-Equipped Investors: A Field Experiment
主讲人：许年行 教授，中国人民大学
时间：2026年6月11日15:30
地点：经管楼1205室
摘要：We run a large-scale randomized controlled trial (RCT) with 2,722 Chinese listed firms to examine how perceived AI bots shape managers’ disclosures and market reactions. In online earnings conferences (OECs), we randomize the questioner’s identity as either human or AI while holding information content fixed. Managers are 13% less likely to answer AI-styled questions, with stronger effects when an image signals AI identity. Linking manager and firm traits to responses shows smaller declines at state-owned enterprises and larger declines for managers who are female, older, or have a computer science background. Conditional on responding, managers provide longer, timelier answers with more neutral narratives to AI-styled questions. Using high-frequency data, we find that investors withhold trading during AI-question windows. Overall, our results are consistent with AI playing a disciplinary role on voluntary disclosure.
个人简介：许年行，现任中国人民大学商学院财务与金融系主任，教授、博士生导师。主要研究方向是公司财务、气候金融和金融科技。先后获得国家自科杰青项目、优青项目、重大项目和原创探索计划项目，全国优秀博士学位论文，入选国家级青年人才计划和中组部首批“青年拔尖人才”（国家“万人计划”），荣获中国教师发展基金会首届“卓越青年研究生导师奖励基金”。已在本领域国内外一流期刊Journal of Financial Economics、Management Science、Journal of Financial and Quantitative Analysis、Contemporary Accounting Research、Review of Finance、《经济研究》、《管理世界》、《管理科学学报》等发表论文50余篇。入选2020-2024年“爱思唯尔中国高被引学者”。学术成果先后获得中国高校人文社会科学研究优秀成果一等奖、二等奖和三等奖、中国金融学年会、China International Conference in Finance（CICF）、China Financial Research Conference（CFRC）、The Chinese Finance Association（TCFA）等国内外学术会议优秀论文奖。