Unleashing the wordsmith: Analysing the stock market reactions to the launch of ChatGPT in the US Education sector

Budi Wahyono, Subroto Rapih and Whelsy Boungou

Finance Research Letters, 2023, vol. 58, issue PC

Abstract: Is the stock market reacting to the launch of ChatGPT? This study examines the reaction of US education firms to the introduction of ChatGPT, an advanced language model. Our event study methodology reveals a significantly negative investor reaction to the launch of ChatGPT in US education stocks. Furthermore, we observe that responses were more pronounced for education and training services companies (traditional) than for professional and technology services companies (technology-based). In so doing, this article sheds new light on the responses of the stock market to the launch of ChatGPT.

Keywords: ChatGPT; Education stocks; Artificial intelligence; Stock market (search for similar items in EconPapers)
JEL-codes: G11 G14 G32 O33 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:58:y:2023:i:pc:s1544612323009480

DOI: 10.1016/j.frl.2023.104576

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