The influence of ChatGPT on artificial intelligence related crypto assets: Evidence from a synthetic control analysis

卷:55

Article

关键词: INVESTOR ATTENTION;    MARKETS;   

DOI  :  10.1016/j.frl.2023.103993

来源: SCIE

【 摘 要 】

The introduction of OpenAI's large language model, ChatGPT, catalyzed investor attention to-wards artificial intelligence (AI) technologies, including AI-related crypto assets not directly related to ChatGPT. Utilizing the synthetic difference-in-difference methodology, we identify significant ChatGPT effects, with AI-related crypto assets experiencing average returns ranging between 10.7% and 15.6% (35.5% to 41.3%) in the one-month (two-month) period after the ChatGPT launch. Furthermore, Google search volumes, a proxy for attention to AI, emerged as critical pricing indicators for AI-related crypto assets post-launch. We conclude that investors perceived AI-related crypto assets as possessing heightened potential or value after the launch, resulting in higher market valuations.

【 授权许可】

Free