Ambrus Kecskés is an Associate Professor at the Schulich School of Business at York University. He studied at the Rotman School of Management and earned a B.Com. and Ph.D. in Finance, both from the University of Toronto.

His main research expertise and interests lie at the intersection of financial markets and the real economy. He has published numerous papers in the top finance and accounting journals. He is an Associate Editor at the Journal of Corporate Finance. His research has won many best paper awards at conferences around the world and is regularly cited by such media outlets as the Wall Street Journal, Bloomberg, Forbes, the Financial Post, the Globe and Mail, and CBC News.

His teaching focuses on corporate finance and ranges from the undergraduate to the doctoral levels. He has won numerous teaching excellence awards. In addition to his teaching at York University, he has taught at Virginia Tech and the University of Toronto.


New working paper: Producing AI innovation and its value implications

With: Ali Ahmadi, Roni Michaely, and Phuong-Anh Nguyen

Abstract: We document that artificial intelligence accounts for a significant and growing share of aggregate innovation produced during the past three decades, and is now diffuse across industries and technology fields. We then study publicly traded firms, finding that firms direct their production of innovation toward AI, motivated by their own, and their customers', labor's exposure to AI technology. We interact exogenously measured innovation capacity and AI exposure to instrument actual AI production. Our central findings are that producing AI increases a firm's future stock returns, supported by both higher profitability and lower risk. The results suggest that AI production increases firm value.

Updated draft coming soon. EFA draft available here.

Selected conferences: European Finance Association (EFA) 2024, European Economic Association (EEA) 2024

Contact information

Name: Ambrus Kecskés

Position: Associate Professor of Finance

Finance Area
Schulich School of Business
York University
4700 Keele St.
Toronto, ON M3J 1P3

Email: akecskes@schulich.yorku.ca