Generative AI and Firm Values

We thank David Autor, Tania Babina, Thomas Chaney, Charlie Clarke, Olivier Dessaint, Anastassia Fedyk, Alex He, Chad Jones, Sophia Kazinnik, Mete Kilic, Elena Simintzi, Selale Tuzel, Stijn Van Nieuwerburgh, Junbo Wang, Paul Whelan, Emmanuel Yimfor, Paolo Zaffaroni, and participants in the UCLA Anderson Finance Brown Bag, the UCSD Finance Seminar, NYU Stern Finance Seminar, KDD Finance Day, Q Group 2023 Meeting, Duke/UNC Asset Pricing Conference, IMF-WIFPR Conference, the 2023 “Artificial Intelligence and the Economy” conference, Carey Finance Conference, TCU Finance Conference, the Chicago Booth Empirical Finance Conference, the OECD, the ITAM Finance Workshop, Macro-Finance Society Workshop, University of Kentucky Finance Conference, UW Summer Finance Conference, the IESE AI in Finance Workshop, the CEPR International Conference on Generative AI, the Purdue FinTech Conference, the Wharton AI and the Future of Work Conference, the NBER Big Data and Securities Markets 2023 Meeting, the Federal Reserve Board, the MIT Initiative on the Digital Economy, the Bank for International Settlements Seminar, and the Stanford Digital Economy Lab for helpful feedback. We also thank Colton Etheridge and Yi Li for their research assistance. All remaining errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• May 3, 2023