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The growing adoption of large language models (LLMs) in finance exposes high-stakes decision-making to subtle, underexamined positional biases. The complexity and opacity of modern model architectures compound this risk. We present the…

Computational Finance · Quantitative Finance 2025-10-08 Fabrizio Dimino , Krati Saxena , Bhaskarjit Sarmah , Stefano Pasquali

Large language models (LLMs) are increasingly deployed in financial contexts, raising critical concerns about reliability, alignment, and susceptibility to adversarial manipulation. While prior finance-related benchmarks assess LLMs'…

Computation and Language · Computer Science 2026-05-12 Xiaoyu Hu , Jinman Zhao

In finance, Large Language Models (LLMs) face frequent knowledge conflicts arising from discrepancies between their pre-trained parametric knowledge and real-time market data. These conflicts are especially problematic in real-world…

Portfolio Management · Quantitative Finance 2025-10-20 Hoyoung Lee , Junhyuk Seo , Suhwan Park , Junhyeong Lee , Wonbin Ahn , Chanyeol Choi , Alejandro Lopez-Lira , Yongjae Lee

Large language models (LLMs) increasingly mediate economic and organisational processes, from automated customer support and recruitment to investment advice and policy analysis. These systems are often assumed to embody rational decision…

General Economics · Economics 2025-11-18 Luca Corazzini , Elisa Deriu , Marco Guerzoni

Large language models are reshaping quantitative investing by turning unstructured financial information into evidence-grounded signals and executable decisions. This survey synthesizes research with a focus on equity return prediction and…

Portfolio Management · Quantitative Finance 2025-10-08 Weilong Fu

Large Language Models (LLMs) have been employed in financial decision making, enhancing analytical capabilities for investment strategies. Traditional investment strategies often utilize quantitative models, fundamental analysis, and…

General Finance · Quantitative Finance 2025-07-04 Sedigheh Mahdavi , Jiating , Chen , Pradeep Kumar Joshi , Lina Huertas Guativa , Upmanyu Singh

Financial institutions increasingly rely on large language models (LLMs) for high-stakes decision-making. However, these models risk perpetuating harmful biases if deployed without careful oversight. This paper investigates racial bias in…

General Economics · Economics 2025-06-24 Thomas R. Cook , Sophia Kazinnik

Existing approaches to bias evaluation in large language models (LLMs) trade ecological validity for statistical control, relying either on artificial prompts that poorly reflect real-world use or on naturalistic tasks that lack scale and…

Computation and Language · Computer Science 2026-05-12 Akram Elbouanani , Aboubacar Tuo , Adrian Popescu

Large language models (LLMs), as a new generation of recommendation engines, possess powerful summarization and data analysis capabilities, surpassing traditional recommendation systems in both scope and performance. One promising…

Computation and Language · Computer Science 2025-03-13 Yuhan Zhi , Xiaoyu Zhang , Longtian Wang , Shumin Jiang , Shiqing Ma , Xiaohong Guan , Chao Shen

Large language models (LLMs) have achieved impressive performance, leading to their widespread adoption as decision-support tools in resource-constrained contexts like hiring and admissions. There is, however, scientific consensus that AI…

In this paper, we investigate the phenomena of "selection biases" in Large Language Models (LLMs), focusing on problems where models are tasked with choosing the optimal option from an ordered sequence. We delve into biases related to…

Computation and Language · Computer Science 2024-06-06 Sheng-Lun Wei , Cheng-Kuang Wu , Hen-Hsen Huang , Hsin-Hsi Chen

Large Language Models (LLMs) excel in text generation, reasoning, and decision-making, enabling their adoption in high-stakes domains such as healthcare, law, and transportation. However, their reliability is a major concern, as they often…

Computation and Language · Computer Science 2025-06-05 Xiaoou Liu , Tiejin Chen , Longchao Da , Chacha Chen , Zhen Lin , Hua Wei

Recent advancements in Large Language Models (LLMs) have made them a popular information-seeking tool among end users. However, the statistical training methods for LLMs have raised concerns about their representation of under-represented…

Computation and Language · Computer Science 2025-04-09 Shiran Dudy , Thulasi Tholeti , Resmi Ramachandranpillai , Muhammad Ali , Toby Jia-Jun Li , Ricardo Baeza-Yates

Selecting language models in business contexts requires a careful analysis of the final financial benefits of the investment. However, the emphasis of academia and industry analysis of LLM is solely on performance. This work introduces a…

Artificial Intelligence · Computer Science 2024-05-29 Geraldo Xexéo , Filipe Braida , Marcus Parreiras , Paulo Xavier

Large Language Models (LLMs) are increasingly adopted in financial analysis for interpreting complex market data and trends. However, their use is challenged by intrinsic biases (e.g., risk-preference bias) and a superficial understanding…

Computation and Language · Computer Science 2024-07-02 Yuhang Zhou , Yuchen Ni , Yunhui Gan , Zhangyue Yin , Xiang Liu , Jian Zhang , Sen Liu , Xipeng Qiu , Guangnan Ye , Hongfeng Chai

Large Language Models (LLMs) have emerged as powerful candidates to inform clinical decision-making processes. While these models play an increasingly prominent role in shaping the digital landscape, two growing concerns emerge in…

Computation and Language · Computer Science 2024-04-24 Raphael Poulain , Hamed Fayyaz , Rahmatollah Beheshti

Large Language Models are increasingly employed in generating consumer product recommendations, yet their potential for embedding and amplifying gender and race biases remains underexplored. This paper serves as one of the first attempts to…

Computation and Language · Computer Science 2026-02-10 Ke Xu , Shera Potka , Alex Thomo

Large language models (LLMs) based AI systems increasingly mediate what billions of people see, choose and buy. This creates an urgent need to quantify the systemic risks of LLM-driven market intermediation, including its implications for…

Human-Computer Interaction · Computer Science 2026-03-20 Jasmine Rienecker , Katarina Mpofu , Naman Goel , Siddhartha Datta , Jun Zhao , Oscar Danielsson , Fredrik Thorsen

This study aims to evaluate the sentiment of financial texts using large language models~(LLMs) and to empirically determine whether LLMs exhibit company-specific biases in sentiment analysis. Specifically, we examine the impact of general…

Computational Finance · Quantitative Finance 2025-08-26 Kei Nakagawa , Masanori Hirano , Yugo Fujimoto

Large Language Models have been widely been adopted by users for writing tasks such as sentence completions. While this can improve writing efficiency, prior research shows that LLM-generated suggestions may exhibit cultural biases which…

Computers and Society · Computer Science 2025-11-25 Aayush Kumar , Sanket Mhatre
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