Generative AI and Asset Management
利用新指标衡量投资公司对生成式AI的依赖，发现ChatGPT发布后对冲基金使用GenAI大幅增加，采用者年化异常收益高出2-4%，且优势源于AI人才和ChatGPT分析公司特定信息的能力。
Abstract Using a novel measure of investment companies’ reliance on generative artificial intelligence (GenAI), we document a sharp increase in GenAI usage by hedge funds after ChatGPT’s 2022 launch. A difference-in-differences test shows that hedge funds adopting GenAI earn 2-4% higher annualized abnormal returns than nonadopters, while non-hedge funds do not benefit. The outperformance originates from funds’ AI talent and ChatGPT’s strength in analyzing firm-specific information. We conduct a new survey of fund managers’ GenAI usage to provide direct validation of our measure and offer additional new insights on how managers adopt GenAI tools in their practice.