报告题目： Do Mutual Funds Benefit from the Adoption of AI Technology?

报告时间： 2025年6月10日（周二）13:30

报告地点：旭日楼416

报告人： 张一鸣

报告人简介：张一鸣，香港科技大学金融学博士。本科毕业于天津大学，硕士毕业于伦敦政治经济学院。博士期间曾获香港政府奖学金（HKPFS），香港科技大学红鸟学术研究奖，香港科技大学商学院博士生卓越研究奖。研究主要关注金融科技，共同基金，实证资产定价，中国经济等领域。论文曾入选NBER conference: Big Data, Artificial Intelligence, and Financial Economics，New Zealand Finance Meeting，FMA Annual Meeting，CICF，AMES等一系列国内外顶尖会议。

报告简介：This paper examines the impact of AI technology adoption in the mutual fund industry by developing a new measure of AI adoption based on hiring practices. I find that this measure can predict fund performance. Funds with a high AI ratio outperform non-AI funds, after controlling for relevant variables. Further empirical evidence indicates that this outperformance is driven by improved stock picking skill rather than market timing skill. Mutual funds that adopt AI technology tend to tilt their portfolios toward stocks with voluminous information, and these stocks contribute to their superior performance. These findings suggest that AI is good at processing large amounts of data and providing a more comprehensive analysis of stocks.