Generative AI in Capital Markets: Information Production, Dissemination, and Processing
综合2025年《会计研究杂志》会议六篇论文，从信息生产、传播与处理三层框架分析生成式AI如何降低准备成本、提高中介效率并减少投资者处理成本，同时指出信息验证成本是关键约束。
ABSTRACT We synthesize evidence from six papers presented at the 2025 Journal of Accounting Research Conference on how generative artificial intelligence (GenAI) is reshaping capital‐market information flows. Our discussion is organized around an economic framework with three layers: information production by firms and accounting professionals, information dissemination through intermediaries, and information processing by investors. Across these layers, the conference papers show that GenAI can lower preparation costs, improve intermediary productivity, and reduce investors’ processing costs. At the same time, they point to a common constraint: whether GenAI improves the information environment depends critically on information verification costs. We also highlight gaps in current evidence and outline future research opportunities within and across the three layers.