题　目：Talk to AI-Equipped Investors: A Field Experiment

嘉　宾：倪政辉，助理教授，中国人民大学

主持人：李烁，助理教授，上海交通大学安泰经济与管理学院

时　间：2025年11月28日（周五）13:30-15:00

地　点：上海交通大学 徐汇校区安泰楼A511室

内容简介:

We run a large-scale randomized controlled trial (RCT) with 2,722 Chinese listed firms to examine how perceived AI bots shape disclosure and market reactions. In Online Earnings Conferences (OECs), we randomize the questioner’s identity as human or AI while holding information content fixed. Managers are 13% less likely to answer AI-styled questions, with stronger effects when AI identity is signaled by an image rather than wording. Linking manager and firm traits to responses shows attenuated declines at state-owned enterprises, larger declines for female and older managers and for managers with computer-science background. When managers do respond, tone is less positive. Using high-frequency data, investors delay trading during AI-question windows but react more once responses arrive, suggesting reduced managerial strategic disclosure.

演讲人简介：

倪政辉，2024年于新加坡国立大学商学院获得博士学位，现为中国人民大学商学院助理教授。主要研究领域为人工智能与资本市场，实证投资，论文入选包括AFA在内的多个国内外知名学术会议，研究成果发表在Journal of Accounting and Economics、Journal of Financial and Quantitative Analysis等学术期刊上，主持国家自然科学基金青年项目。担任Management Science、Journal of Internation。

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