ChatGPT and the banking business: Insights from the US stock market on potential implications for banks

被引：11
作者：
Beckmann, Lars [1 ]
Hark, Paul F. [1 ]
机构：
[1] Univ Munster, Finance Ctr Munster, Univ Str 14-16, D-48143 Munster, Germany
来源：
FINANCE RESEARCH LETTERS | 2024年 / 63卷
关键词：
AI; Banking; ChatGPT; Event study; Financial intermediation; Large language model; IMPACT; EVENT;
D O I：
10.1016/j.frl.2024.105237
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Technological advances in artificial intelligence, such as ChatGPT, promise significant potential for automation in the banking sector, but might also be associated with uncertainties and potential disadvantages for banks. By empirically analyzing US stock market reactions to ChatGPT's launch, this study extracts the expectations of market participants to gauge potential future implications of ChatGPT for banks. The results indicate a significant negative stock market reaction of US bank stocks, with notable disparities between different bank types. Using cross-sectional regressions, we find that the negative market reaction is more pronounced for deposit -dependent and large banks.
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页数：9
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