Do Gender Differences Exist in AI Leadership? Evidence from Investor Reactions
Single-authored
Job Market PaperAbstract
The public launch of ChatGPT in November 2022 introduced substantial uncertainty about the magnitude and economic impact of artificial intelligence (AI). It also raised questions about how investors assess risk and executives' ability to navigate this new technological era. This uncertainty provides a setting to examine whether investors value firms' AI investments differently depending on CEO gender. Using 70 AI-related public events between 2022 and 2025, I employ a triple-difference design to find suggestive evidence of gender differences in investors' perceptions of risk. Following positive AI-related news, investors reward high AI-investment less in female-led firms than with male CEOs. However, this pattern reverses following social media events, regardless of their sentiment. These findings are consistent with external media attention playing an important role in how investors value female-led firms' AI investments.