数字技术与经济金融前沿论坛（第17期）

摘要：

We explore the role of market feedback in facilitating emerging corporate policies on AI/green technologies. By assembling and analyzing a comprehensive sample of corporate press releases and disclosures in which managers discuss their emerging-technology-related investment plans, we find that firms adjust their AI/green investments upward (downward) in response to favorable (unfavorable) market reactions to such disclosures. This association is more likely due to managerial learning from the market than other alternative explanations, as it gets stronger when market reactions are unfavorable, when outside market participants are more knowledgeable about emerging technologies, and when managers have stronger incentives to promote investments in such fields. The documented investment adjustment is also absent when managers consider nonemerging-technology investment plans. Further, we find that such learning is rewarded by superior long-run operating and stock performance, especially when the feedback is unfavorable. Overall, our paper illustrates the usefulness of tapping the wisdom of the crowd when venturing into uncharted areas and sheds new light on how managerial learning from the market differs across various types of corporate investment.

主讲人介绍：

曹顺（Sean Cao），美国马里兰大学史密斯商学院会计系终身副教授。曾任美国佐治亚州立大学罗宾逊商学院会计系和金融系双聘终身副教授。曹教授的主要研究领域是：公司信息披露与决策、财务金融信息数据分析（主要涉及非结构化数据的处理、深层学习等）。已有研究成果发表在会计财务顶级期刊如Journal of Financial Economics、Journal of Accounting Research、The Accounting Review、Contemporary Accounting Research 和 IEEE Computer等。其多项研究成果在斯坦福大学、康奈尔大学、弗吉尼亚大学、明尼苏达大学和宾夕法尼亚州立大学等研究型大学进行报告。同时曹教授也受邀参与世界知名企业的研讨会，如Grant Thornton、蚂蚁金融、百度和京东等。曹教授目前担任顶级期刊Management Science大数据方向的特邀编辑，是Review of Financial Studies, Management Science、Contemporary Accounting Research、MIS Quarterly、Accounting、Organizations and Society等顶级期刊的审稿人。