AI RESEARCH
Talk, Walk, and Market Response: Multimodal Measurement of AI Washing and Its Capital Market Consequences in China
arXiv CS.AI
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ArXi:2604.16367v1 Announce Type: cross As artificial intelligence and generative large language models drive industrial upgrading, capital markets increasingly focus on AI-themed listed firms. Information asymmetry and technological opacity lower the cost of exaggerating AI capabilities relative to genuine R&D, spurring widespread AI Washing. Using China's A-share market from 2018Q1 to 2025Q2, we advance literature in measurement and mechanism testing.