AI機器人會像人類一樣從眾嗎？以AI Powered Equity ETF與機構投資人相較為例
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2023
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近年來，隨著AI (Artificial Intelligence, AI)技術的飛速發展，人們的觀念被顛覆，對此技術也開始引起空前的關注。同時，隨著金融科技的蓬勃發展，經濟發展也獲得了新的動力，並孕育了投資AI機器人的誕生，為人們提供了全新的投資理財選擇。本研究使用 Lakonishok, Shleifer, and Vishny（1992） 提出的LSV模型作為從眾行為指標，以AI Powered Equity ETF為例，探討AI機器人相較於人類基金經理人，在各種市場景氣下的從眾行為及投資表現。實證結果發現，AI機器人具有從眾行為，而在景氣好壞下均有一致的從眾行為(機構投資人的從眾行為反而存在很大的分散性)，且AI機器人的從眾行為具有資訊性。
In recent years, with the rapid development of Artificial Intelligence (AI) technology, investment ideas have been subverted, and this technology has also begun to attract unprecedented attention. At the same time, vigorous development of financial technology gives birth to the investment AI robots, providing investors with new investment and financial management options. This study uses the LSV model proposed by Lakonishok, Shleifer, and Vishny (1992) as a herd behavior indicator. Taking AI Powered Equity ETF as a case, the current explores the herding behavior and investment performance of AI robots compared with human fund managers under various market conditions. The empirical results found that AI robots have herding behavior, and they have consistent herd behavior in good and bad times, compared to the wide dispersion of institutional investors' herding behavior. This study find that the herding behavior of AI robots is informative.
In recent years, with the rapid development of Artificial Intelligence (AI) technology, investment ideas have been subverted, and this technology has also begun to attract unprecedented attention. At the same time, vigorous development of financial technology gives birth to the investment AI robots, providing investors with new investment and financial management options. This study uses the LSV model proposed by Lakonishok, Shleifer, and Vishny (1992) as a herd behavior indicator. Taking AI Powered Equity ETF as a case, the current explores the herding behavior and investment performance of AI robots compared with human fund managers under various market conditions. The empirical results found that AI robots have herding behavior, and they have consistent herd behavior in good and bad times, compared to the wide dispersion of institutional investors' herding behavior. This study find that the herding behavior of AI robots is informative.
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AI機器人, 人類基金經理人, LSV模型, 從眾行為, 投資績效, AI Robots, Human Mutual Fund Managers, LSV Model, Herding Behavior, Investment Performance