题　目：Generative AI for Analysts

嘉　宾：祝武 助理教授 清华大学

主持人：万相伟 副教授 上海交通大学安泰经济与管理学院

时　间：2026年4月22日（周三）13:30-15:00

地　点：上海交通大学 徐汇校区安泰浩然楼306

内容简介:

We study how generative artificial intelligence (AI) transforms the work of financial analysts. Using the 2023 launch of \textsc{FactSet}’s AI platform as a natural experiment, we find that adoption produces markedly richer and more comprehensive reports—featuring 40\% more distinct information sources, 34\% broader topical coverage, and 25\% greater use of advanced analytical methods—while also improving timeliness. However, forecast errors rise by 59\% as AI-assisted reports convey a more balanced mix of positive and negative information that is harder to synthesize, particularly for analysts facing heavier cognitive demands. Placebo tests using other data vendors confirm that these effects are unique to \textsc{FactSet}’s AI integration. Overall, our findings reveal both the productivity gains and cognitive limits of generative AI in financial information production.

演讲人简介：

Wu Zhu is an Assistant Professor of Finance at the School of Economics and Management, Tsinghua University, where he also serves as Deputy Director of the Center for Computational Finance and Research. He is currently a visiting economist at the International Monetary Fund (IMF).  His research spans finance, artificial intelligence, and network economics, with particular focus on how AI and big data reshape asset pricing, corporate decision, innovation, macro-financial linkages, Chinese economy. His paper has been published in the top journals like Management Science, Journal of American Statistics Association (JASA), Journal of the Royal Statistical Society: Statistical Methodology, and Book Chapter at Cambridge University Press. He also serves as an associate editor (guest) at Management Science. Professor Zhu received his Ph.D. in Economics from the University of Pennsylvanian and M.A. in Statistics from Wharton School, the University of Pennsylvania, and his research has been recognized with multiple best paper awards at leading conferences including CICF Best Paper Award, CICF Xiyue Best Paper Award, MRS Best Paper Award, CFRC Best Paper Award, 20th Conference Asian-Pacific Financial Market etc.

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