Lecture Title: Enhancing Corporate Communication with AI-summarized Disclosures: Improving Corporate Communication Efficiency with AI-generated Disclosure Summaries

Speaker: Zhang Shubo, Shanghai Jiao Tong University

Time: April 17, 2026, 15:00

Location: Room 419 of the School

Lecture Abstract:

Researchers conduct a field experiment where investors are provided with AI-generated summaries of annual reports during virtual conference calls. Findings show that providing annual report summaries increases both the quantity and quality of investor engagement during the calls. Treatment firms experience a 46% increase in the number of investor questions, relative to control firms.Investors' questions for treatment firms are (i) longer, (ii) contain more numerical content, and (iii) address issues requiring higher-level cognitive processing. Questions are more likely to address topics covered in the summaries, particularly when investors are less experienced or when the annual reports are longer. Additionally, management's responses during calls of treatment firms become longer and more detailed. The capital markets also react more strongly to these calls. The findings suggest that AI-generated summaries can help investors process annual reports' content by highlighting key information and enhancing the reports' saliency.

Speaker Introduction:

Zhang Shubo, Associate Professor at Shanghai Jiao Tong University Antai College of Economics and Management, Ph.D. graduated from

The Chinese University of Hong Kong. Long-term commitment to technological innovation and capital market research starting from China's institutional context, published multiple papers in Journal of Accounting and Economics, leads National Natural Science Foundation projects.

School Lecture Registration URL: //phd.avtb10.com/elms/