HKUST Annual Report 2023-2024

31 HKUST Annual Report 2023-2024 Exploring Gender Differences in Investment Advice As i nves tmen t cho i ces can have impo r t an t consequences for economic empowerment, Prof. Utpal BHATTACHARYA (Finance), Prof. Sujata VISARIA (Economics), and their co-authors explored whether women receive worse financial advice than men. Field research in Hong Kong showed that at wealth management firms, but not brokerage firms, women were more likely than men to receive sub-optimal advice. Modeling then found these patterns to be a result of different firm incentives and advisors’ beliefs about gender differences in financial knowledge. Open Source Large Language Model for Financial Generative AI Originated Prof. TAM Kar-Yan and Prof. YANG Yi (Information Systems, Business Statistics and Operations Management) and their research team created InvestLM, Hong Kong’s first open source Large Language Model (LLM) for generative AI applications. InvestLM is capable of investment-related, human- l i ke r esponses comparab l e t o we l l -known commercial chatbots, including OpenAI’s ChatGPT, and can potentially improve financial professionals’ efficiency in providing investment insights, summarizing financial news, and other tasks. Uncovering Influences on Doctors’ Decision-Making Prof. TANG Rui, Prof. ZHONG Songfa (both Economics) and their co-authors studied how doctors make decisions in an emergency room. Findings showed treatment decisions for current patients are influenced by the decisions that doctors made for previous patients, emphasizing the significant role of memory and attention on medical decision-making and offering valuable insights for medical educators, administrators, and doctors.