Arti cial Intelligence and High-Skilled Work: Evidence from Analyst - Jillian Grennan
Participate
Finance
Speaker : Jillian Grennan
Videoconference
Policymakers fear arti cial intelligence (AI) will disrupt labor markets, especially for highskilled workers. We investigate this concern using novel, task-specific data for security analysts. Exploiting variation in AI's power across stocks, we show analysts with portfolios that are more exposed to AI are more likely to reallocate e orts to soft skills, shift coverage towards low AI stocks, and even leave the profession. Analyst departures disproportionately occur among highly accurate analysts, leaving for non-research jobs. Reallocating efforts toward tasks that rely on social skills improve consensus forecasts. However, increased exposure to AI reduces the novelty in analysts' research which reduces compensation.