所属栏目:新金融/金融科技

Stock Market Responses to AI Technological Capabilities: Evidence from the DeepSeek-R1 Release
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发布日期:2026年10月19日 上次修订日期:2026年10月19日

摘要

This paper examines how major artificial intelligence (AI) breakthroughs affect the market pricing of firms’ pre-existing AI capabilities. Using Chinese listed firms’ 2023–2024 AI patents classified with a large language model, we estimate dynamic stock return and volatility responses to the DeepSeek-R1 release. Stronger pre-event AI capabilities are associated with higher post-release returns and greater short-term volatility, with volatility effects persisting longer. Positive return responses concentrate in algorithms and models, not computing infrastructure, while industry applications show later volatility increases without comparable return gains. These findings highlight technology-specific differences between return and volatility responses to AI breakthroughs.
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陈雨晨; 葛劲峰; 米晋宏 Stock Market Responses to AI Technological Capabilities: Evidence from the DeepSeek-R1 Release (2026年10月19日) https://www.cfrn.com.cn/lw/16897.html

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