Market Feedback about Emerging Technologies

We gratefully acknowledge helpful comments from Jawad Addoum, Jennie Bai, Brad Barber, Philip Bond, Qi Chen, Jaewon Choi, Tony Cookson, Olivier Dessaint, Caroline Flammer, Thierry Foucault, Laurent Fresard, Abhinav Gupta, Matt Gustafson, Zhiguo He, Gerard Hoberg, Harrison Hong, Sudarshan Jayaraman, John Xuefeng Jiang, Andrew Karolyi, Jonathan Karpoff, Sophia Kazinnik, Doron Levit, Jiasun Li, Pedro Matos, Randall Morck, Tobias J. Moskowitz, Marina Niessner, Stephan Siegel, Wenfeng Wang, Ting Xu, Scott Yonker, Luo Zuo, as well as conference participants at the 2025 SFS Cavalcade North America, the 2024 FIRS annual meeting, the 2024 University of Washington Summer Finance Conference, the 2024 Purdue Fintech Conference, the 2024 ABFER annual conference, the 2024 ABFER-JFDS conference on AI and Fintech, the 2024 MFA annual meeting, the 2024 CAPANA annual conference, the 2023 Cornell ESG Investing Research Conference, the 2023 Columbia Burton Accounting Conference, the 2023 Journal of Accounting, Auditing and Finance (JAAF) Symposium, and seminar participants at University of California Irvine, University of Georgia, University of Texas at Dallas, University of California Davis, George Mason University, Lehigh University, University of New South Wales, University of Technology Sydney, University of Sydney, Australian National University, Erasmus University, Florida International University, Goethe University, Hitotsubashi University, University of Hong Kong, Chinese University of Hong Kong, City University of Hong Kong, Hong Kong Polytechnic University, IE Business School, Lancaster University, Macquarie University, Norwegian School of Economics, National Taiwan University, Renmin University, Technical University of Munich, University of Auckland, Alliance Bernstein, Balyasny Asset Management, Bank of Japan, and Wolfe Research. Sean Cao acknowledges support from the AI Initiative from Capital Markets Research at the University of Maryland. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.