Related papers: What Does ChatGPT Make of Historical Stock Returns…

This paper investigates whether large language models (LLMs) can improve cross-sectional momentum strategies by extracting predictive signals from firm-specific news. We combine daily U.S. equity returns for S&P 500 constituents with…

We document the capability of large language models (LLMs) like ChatGPT to predict stock market reactions from news headlines without direct financial training. Using post-knowledge-cutoff headlines, GPT-4 captures initial market responses,…

This paper investigates whether large language models (LLMs) can generate reliable stock market predictions. We evaluate four state-of-the-art models - ChatGPT, Gemini, DeepSeek, and Perplexity - across three prompting strategies: a naive…

I introduce a survey of economic expectations formed by querying a large language model (LLM)'s expectations of various financial and macroeconomic variables based on a sample of news articles from the Wall Street Journal between 1984 and…

This study investigates the forecasting accuracy of human experts versus Large Language Models (LLMs) in the retail sector, particularly during standard and promotional sales periods. Utilizing a controlled experimental setup with 123 human…

Frozen large language model (LLM) checkpoints extract information from pre-cutoff public text that is associated with future fundamentals and equity returns beyond standard contemporaneous valuation measures. Because each frozen checkpoint…

Large language models (LLMs) and their fine-tuning techniques have demonstrated superior performance in various language understanding and generation tasks. This paper explores fine-tuning LLMs for stock return forecasting with financial…

Large Language Models (LLMs), including ChatGPT and LLaMA, are susceptible to generating hallucinated answers in a confident tone. While efforts to elicit and calibrate confidence scores have proven useful, recent findings show that…

Large language models (LLMs) have recently been applied to forecasting tasks, with some works claiming these systems match or exceed human performance. In this paper, we argue that, as a community, we should be careful about such…

We investigate whether large language models (LLMs) can successfully perform financial statement analysis in a way similar to a professional human analyst. We provide standardized and anonymous financial statements to GPT4 and instruct the…

Large language models (LLMs) are increasingly deployed in quantitative finance for stock price forecasting. This review synthesizes recent applications of LLMs in this domain, including extracting sentiment from financial news and social…

The impressive linguistic abilities of large language models (LLMs) have recommended them as models of human sentence processing, with some conjecturing a positive 'quality-power' relationship (Wilcox et al., 2023), in which language…

Large Language Models (LLMs) have been shown to perform well for many downstream tasks. Transfer learning can enable LLMs to acquire skills that were not targeted during pre-training. In financial contexts, LLMs can sometimes beat…

In order for AI systems to communicate effectively with people, they must understand how we make decisions. However, people's decisions are not always rational, so the implicit internal models of human decision-making in Large Language…

What makes large language models (LLMs) impressive is also what makes them hard to evaluate: their diversity of uses. To evaluate these models, we must understand the purposes they will be used for. We consider a setting where these…

When we read, we make predictions about upcoming words; these predictions influence our reading behavior. The success of large language models (LLMs), which, like humans, make predictions about upcoming words, has motivated their use as…

As an intriguing case is the goodness of the machine and deep learning models generated by these LLMs in conducting automated scientific data analysis, where a data analyst may not have enough expertise in manually coding and optimizing…

Large language models (LLMs) have recently gained much popularity due to their surprising ability at generating human-like English sentences. LLMs are essentially predictors, estimating the probability of a sequence of words given the past.…

Large Language Models (LLMs) have demonstrated exceptional natural language understanding abilities and have excelled in a variety of natural language processing (NLP)tasks in recent years. Despite the fact that most LLMs are trained…

In recent years, large language models (LLMs) have attracted attention due to their ability to generate human-like text. As surveys and opinion polls remain key tools for gauging public attitudes, there is increasing interest in assessing…