此研究旨在探討在公司宣布採用人工智慧，尤以智能機器人為例，投資者對公司供應鏈的情緒。研究創建了三種不同的時間效應模型來衡量遞減的時間效應，並使用赤池信息準則(AIC)來挑選出最適合於上下游公司的時間效應。
本研究發現市場可能不具有效率，並且可能存在過度反應或反應不足的情況。換句話說，下游公司的投資者在消息宣布後的一天內表現出過度反應的跡象，而上游公司則持續受到顯著的負面異常報酬之影響，這表明對該消息存在反應不足的情況。此外本研究發現，較為成熟的公司在股市表現上較為穩定。更具體地說，利好或不利消息的影響更容易被緩解。
本研究通過探討人工智慧投資在供應鏈中的信號效應，為當前的供應鏈和金融文獻做出了貢獻。

This research aims to investigate investors' sentiment towards companies' supply chains after the announcement of the adoption of AI investments, in particular, smart robots. This research creates three different time effect models to measure the diminishing time effect and uses Akaike information criterion (AIC) to determine the best framework for upstream and downstream companies respectively.
This research finds that the market may not be efficient and there may be cases of overreaction or underreaction. Investors of downstream companies react oppositely one day after the news announcement, showing the sign of overreaction and upstream companies continue suffering from significantly negative return, indicating an underreaction to the announcement. Furthermore, this research finds that older companies tend to have more stable stock market performance, more specifically, the favorable/unfavorable effect are more likely be mitigated when the companies are older.
This research contributes to current supply chain and finance literature by exploring the signal effect of announcing AI investment in supply chain.

Content
論文審定書i
摘要ii
Abstractiii
1. Introduction1
2. Literature and Hypotheses Development6
2.1 Event Study6
2.2 AI Investment9
2.3 Supply Chain Management10
2.4 Signal Effect12
2.5 Hypotheses Development 13
3. Empirical Strategy and Data15
3.1. Variable Description15
3.2. Empirical Model18
3.3. Model Effectiveness of Model 21
3.4. Data22
4. Empirical Results24
4.1. Descriptive Analysis24
4.2 Empirical Analysis of Market Response26
4.3 Comparison of Model Fit28
4.4 Empirical Analysis of Market Reaction 30
4.5 Counterfactual Analysis34
5. Robustness Test36
5.1. Logarithmic Return and Simple Return36
5.2. Robustness Test36
6. Conclusions39
Reference42
Figure Index
Figure 3.1 The formula of time effect of company C23
Figure 4.1 The Performance of Downstream Companies35
Figure 4.2 The Performance of Upstream Companies35
Table Index
Table 4.1 Descriptive Analysis25
Table 4.2 Correlation Matrix for All Data25
Table 4.3 Result of Average Abnormal Return (AAR)27
Table 4.4 Result of Average Cumulative Abnormal Return (ACAR)28
Table 4.5 AIC Comparison in Different Time Models29
Table 4.6 Impact of Adopting Smart Robot on Market Reaction33
Table 5.1 Robustness Test of Using Simple Return38

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