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DESCRIPTION:Xiumin Martin\n\nProfessor of Accounting\n	Olin Business School\
 , Washington University in Saint louis\n\nAI (ChatGPT) Democratization\, R
 eturn Predictability\, and Trading Inequality\n\nDate: Friday\, March 21\,
  2025\n	Time: 10:30 AM – 12:00 PM\n	Location: Bronfman building\, Room 046\n
 \n\nAbstract\n\nWe present the first analysis of democratized AI’s (ChatGP
 T) role in investors’ trading activities\, leveraging a 19-year dataset of
  earnings call transcripts\, featuring extensive textual information. We h
 ave five key results. First\, we develop a long-text (average 7\,000 words
 ) AI-sentiment measure that preserves full transcript context. AI-sentimen
 t predicts returns of 1% per month\, persisting 12 months\, while human-di
 ctionary - based (HD) sentiment shows little or negative predictive power.
  Second\, over the prolonged period preceding ChatGPT’s wide-deployment\, 
 short sellers had already been trading in alignment with AI-sentiment foll
 owing earnings calls\, while retail traders had not. Post-deployment\, ret
 ail traders’ alignment increases up to 23-fold\, while short sellers’ alig
 nment can diminish. Third\, stocks with higher retail-AI alignment witness
  significant bid-ask spread reductions. Fourth\, exogenous ChatGPT outages
  notably reduce retail-AI alignment and reverse bid-ask spread improvement
 s. Fifth\, AI-sentiment provides investors with long-term return insights 
 by leveraging long-text context and discerning between genuinely and exces
 sively positive HD-sentiment. These findings suggest that in an era of dem
 ocratizing information access and proliferating big data\, democratizing A
 I—the tools for analyzing information—is crucial to leveling the playing f
 ield between privileged and ordinary investors.\n
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DTEND:20250321T160000Z
LOCATION:Room 046\, Bronfman Building\, CA\, QC\, Montreal\, H3A 1G5\, 1001
  rue Sherbrooke Ouest
SUMMARY:Accounting Academic Area Workshop Series: Xiumin Martin
URL:https://www.mcgill.ca/desautels/channels/event/accounting-academic-area
 -workshop-series-xiumin-martin-364259
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