 How investors’ ChatGPT attention influence stock market? A liquidity perspectiveXiaoyu Li, Shuyang Jia, Fujing Xue and Nan Hu Research in International Business and Finance, 2025, vol. 77, issue PB Abstract: ChatGPT has garnered immense popularity due to its remarkable language proficiency, enabling lifelike conversations and technically advanced responses. This study investigates whether and how investors’ attention to ChatGPT impacts stock liquidity in the financial market. We use the GPT-related questions posted by investors on Chinese Investor Interactive Platforms (IIPs) as a proxy for investors’ attention to a firm’s ChatGPT usage. Utilizing a dataset comprising 206,741 Chinese firm-date observations, we find that firm-level investors’ attention to ChatGPT increases the stock liquidity. This is driven by the decreased information asymmetry and increased probabilities of ChatGPT application among investors. Moreover, the effect is more pronounced for firms with limited AI disclosure, lower financial transparency, fewer analyst coverage, and lower institutional ownership. Keywords: ChatGPT attention; Stock liquidity; Investor interactive platforms; AI disclosure; Information asymmetry (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:77:y:2025:i:pb:s0275531925001953 DOI: 10.1016/j.ribaf.2025.102939 Access Statistics for this article Research in International Business and Finance is currently edited by T. Lagoarde Segot More articles in Research in International Business and Finance from Elsevier |
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