公司金融教研室学术讲座

报告题目：The Social Risks of Generative AI  
报  告 人：王仁杰（阿姆斯特丹自由大学 副教授）
主  持 人：戴芸（williamhill中国 副教授） 
时      间：2026年4月15日（周三）12: 30
地      址：岭南堂汪道涵会议室（101）
语      言：中英文

摘要:
      This paper shows that the equity market prices the novel social risks associated with generative AI. We exploit the release of ChatGPT as an information shock that updated investor beliefs about AI-related tail risks. Using pre-event ESG scores as proxies for firms' social risk management, we show that, controlling for AI productivity exposure, low-ESG firms underperform high-ESG firms by 4 percentage points over the two weeks following the release. The effect is concentrated in the Social pillar, particularly data privacy and security. Increases in option-implied downside risk indicate that changes in discount rates are the channel. A low-minus-high ESG portfolio of AI-exposed firms earns significant alphas during 2023–2024, in line with investors demanding compensation for bearing AI-related downside risks. Our findings are consistent with a tail-risk model in which social risks of AI are priced through discount rates.

报告人介绍：

       王仁杰，是阿姆斯特丹自由大学金融系的副教授。于2019年获得鹿特丹伊拉斯谟大学的博士学位。研究兴趣包括行为金融、公司金融与治理、劳动与金融。已在Journal of Finance、Journal of Financial and Quantitative Analysis以及Review of Finance等金融领域顶级期刊上发表过论文。

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