文澜金融论坛（第369期）

摘要：

In this paper, we investigate the impact of generative AI on cryptocurrency trading activity. Using ChatGPT outages as exogenous shocks, we document a significant increase in cryptocurrency trading volume during these periods. The mechanism analysis shows that news releases exert an incremental effect on trading volume. Further analysis indicates that the increase in trading volume primarily stems from a rise in small trade. Moreover, unlike the effects observed during ChatGPT outages, cryptocurrency trading volume does not change significantly during OpenAI API outage periods. These findings suggest that the increase in cryptocurrency trading volume closely relates to intensified retail trading activity.

主讲人介绍：

沈德华，南开大学金融学院教授、博士生导师、百名青年学科带头人、爱思唯尔中国高被引学者（2022-2025年、入选学科领域：应用经济学）。现任中国管理现代化研究会金融管理专业委员会副秘书长、中国优选法统筹法与经济数学研究会青年工作委员会副秘书长、中国工业与应用数学学会区块链专业委员会委员和中国信息经济学会理事等职务。主持国家自然科学基金青年科学基金1项、面上项目2项、天津市青年人才托举工程1项以及作为青年骨干参与国家自然科学基金重大项目1项。研究成果获首届系统科学与系统工程优秀博士学位论文奖、欧洲金融管理协会读者评选最佳论文奖(EFM2020 Readers' Choice Best Paper Award)、第十八届中国管理学年会优秀论文以及第八届高等学校科学研究优秀成果奖二等奖等。