【报告主题】Enhancing Investor Engagement with AI-Summarized Disclosures
【主讲嘉宾】黄德尊，南加州大学教授
【报告时间】2024年12月16日 10:00
【报告地点】会计学院108室
【内容提要】
We conduct a field experiment where we provide investors with an AI-generated summary of annual reports during virtual conference calls. We find that providing investors with annual report summaries increases investor participation during the calls. Treatment firms with AI-generated summaries experience a 46% increase in the number of investor questions, relative to control firms. The content of investors' questions directed toward the treatment firms is more aligned with the topics presented in the summaries. The treatment firms’ questions are more likely to come from less experienced investors. The summaries lead management to provide longer and more detailed answers. The findings suggest that AI-generated summaries can lead to greater investor engagement by providing focal points for more vibrant conversations with management.