The authors thank Tobias Berg, Bruno Biais, Jean-Edouard Colliard, Andreas Fuster, Ansgar Walther, and seminar participants at CREST, EM Lyon, HEC Paris, Online Corporate Finance Seminar, University of Edinburgh, University of Lorraine, and University of Nantes, as well as participants to the 14th Financial Risks International Forum, 2021 Autorité de Contrôle Prudentiel et de Résolution (ACPR) Chair Conference, 2021 Algorithmic Law and Society Symposium, 2021 French Economic Association Meeting, 2021 Hi!PARIS workshop on AI Bias and Data Privacy, 2022 AI Quality Forum, 2022 Conference on Opportunities and Risks of Digital Transformation in Finance and Beyond, 2022 Workshop on the Regulation of Algorithms in Banking and Finance, and the 2023 Sustainable Finance Conference (Toulouse School of Economics) for comments.