2024年9月10日 数字金融Workshop

第一讲 Artificial Intelligence and Firms' Systematic Risk

时间/Time： 9月10日 周二 北京时间 晚上21:00-22:30

Tuesday 10 September 2024, 9-10:30 p.m. Beijing time

(Tuesday 10 September 2024, 9-10:30 a.m. EDT)

地点/Venue： Zoom会议（会议号: 897 2560 1400  密码: 938759）

主讲人/Speaker：Tania Babina

主持人/Host：   胡佳胤 Jiayin Hu              

摘要/Abstract:

We provide direct evidence that firms' investments in new technologies affect the composition of firms' risk profiles. Leveraging comprehensive data on firm-level artificial intelligence (AI) investments, we document that firms that invest more in AI experience increases in their systematic risk, measured by market beta. This is unique to AI: robotics, IT, organizational capital, and R&D investments do not display similar effects. Our results are consistent with AI investments creating growth options: AI-investing firms become more growth-like, and the effect on market betas concentrates during market upswings and periods of increased news and attention around AI advances.

主讲人介绍/Biography:

Tania Babina is an assistant professor of finance at Columbia Business School and a faculty research fellow at the NBER. She holds a B.A. in economics from the National Technical University KhPI, Ukraine, an M.Sc. in finance from the University of Alabama, and a Ph.D. in finance from the University of North Carolina at Chapel Hill in 2016. Her research is at the juncture of finance, innovation, and labor. She studies the drivers of innovation, entrepreneurship and technological change and their economic impact on firms, workers, and broader society. Her papers have been published in leading academic journals such as the Review of Financial Studies, Journal of Financial Economics, Quarterly Journal of Economics, Journal of Labor Economics, and the Journal of Financial and Quantitative Analysis.