题　目：Open-source Generative AI and Firm Value: Evidence from the Release of DeepSeek

嘉　宾：Yue Zhao（赵越），Ph.D. Candidate，Singapore Management University

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12月3日（周三）14:00-15:30

地　点：上海交通大学 徐汇校区安泰楼B201室

内容简介：

In this paper, I exploit the release of DeepSeek in January 2025 as a shock to the availability of open-source Generative AI (GenAI) models and investigate the value implications for corporate GenAI adopters. I document that U.S. firms with high pre-event GenAI exposure, i.e., those that have adopted or plan to adopt GenAI, earn an average cumulative abnormal return of 1.2% over the event window, relative to low-exposure firms. The effect is stronger for firms with tighter financial constraints and for those with proprietary information concerns, consistent with the benefits of open-source GenAI in reducing adoption costs and mitigating privacy concerns. In the post-event period, high-exposure firms are more likely to articulate adoption plans and benefits of DeepSeek during conference calls, and to embed DeepSeek in their algorithms shared on GitHub. High-exposure firms also experience an upward revision of analyst forecasts and a more positive media tone. In contrast, GenAI providers and their hardware suppliers experience negative abnormal returns. Lastly, the baseline analysis for Chinese firms yields a larger market impact of DeepSeek’s release. Overall, the findings indicate that open-source GenAI can further unlock the valuation potential of adopting GenAI.

演讲人简介：

Yue (Michael) Zhao, a fifth-year Ph.D. student at School of Accountancy, Singapore Management University (SMU). My research focuses on empirical financial accounting, with particular interests in AI and ESG. My recent work aims to understand the economic consequences of Generative AI adoption in corporate and market settings. My research has been accepted by Journal of Accounting and Economics and Journal of Financial and Quantitative Analysis. I have been studying accounting since 2014, earning my B.A. (2018), M.A. (2020), and Ph.D. (2023) in Accounting from Renmin University of China (RUC), where I received the Wu Yuzhang Scholarship and the National Scholarship. In 2021, I moved to Singapore to pursue my second Ph.D. in Accounting at SMU, where I was awarded the Presidential Fellowship in 2023 and 2024.  

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