The introduction of ChatGPT and other tools based on artificial intelligence (AI) has the potential to revolutionize the field of education. We study how the public release of ChatGPT and the increased attention on this new large language model from OpenAI are associated with the expected returns of publicly traded firms that operate in the education sector. We also perform separate subgroup analyses for the traditional education sector and the so-called education technology sector. Using linear and threshold CAPM-GARCH models, we find that after the public release of ChatGPT, both the education sector as a whole and the education technology sector have underperformed benchmarks. Our results show that increased attention leads to lower next-day returns in the education sector as a whole and the education technology sector in particular. Additionally, during periods of higher attention, expected returns tend to decline in these two sectors. We also show that the introduction of ChatGPT or the increased interest in this AI tool in the population does not affect the traditional education sector. The introduction of ChatGPT thus has a heterogeneous effect across the various education sectors we examine, with the education technology sector receiving most of the disruption.

中文翻译：

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ChatGPT 是否扰乱了美国的教育行业？


ChatGPT 和其他基于人工智能 （AI） 的工具的引入有可能彻底改变教育领域。我们研究了 ChatGPT 的公开发布和对 OpenAI 这种新的大型语言模型的日益关注如何与在教育领域运营的上市公司的预期回报相关联。我们还对传统教育部门和所谓的教育技术部门进行单独的子组分析。使用线性和阈值 CAPM-GARCH 模型，我们发现在 ChatGPT 公开发布后，整个教育部门和教育技术部门的表现都低于基准。我们的结果表明，关注度的增加会导致整个教育行业，尤其是教育技术行业的次日回报率降低。此外，在关注度较高的时期，这两个板块的预期回报率往往会下降。我们还表明，ChatGPT 的引入或民众对这种 AI 工具的兴趣增加并不会影响传统教育部门。因此，ChatGPT 的引入对我们研究的各个教育部门产生了异质性影响，其中教育技术部门受到了大部分干扰。