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SUMMARY:CHATGPT AND CORPORATE POLICIES
DTSTART:20240315T114500
DTEND:20240315T130000
DTSTAMP:20260610T121819Z
UID:fb1ee908526f5f3d86a8443dd26953d6d8e436cbf52e3d55ec61f77c
CATEGORIES:Conferences - Seminars
DESCRIPTION:Michael Weber - The University of Chicago\nWe create a firm-le
 vel ChatGPT investment score\, based on conference calls\, that measures m
 anagers' anticipated changes in capital expenditures. We validate the scor
 e with interpretable textual content and its strong correlation with CFO s
 urvey responses. The investment score predicts future capital expenditure 
 for up to nine quarters\, controlling for Tobin's q and other determinants
 \, implying the investment score provides incremental information about fi
 rms' future investment opportunities. The investment score also separately
  forecasts future total\, intangible\, and R&D investments. High-investmen
 t-score firms experience significant negative future abnormal returns. We 
 demonstrate ChatGPT's applicability to measure other policies\, such as di
 vidends and employment.
LOCATION:UniL Campus\, Room Extra 126
STATUS:CONFIRMED
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