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Large Language Models (LLMs) have demonstrated impressive capabilities in reasoning using Chain-of-Thought (CoT) prompting. However, CoT can be biased by users' instruction. In this work, we study the reasoning robustness of LLMs to…

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…

Large Language Models (LLMs) are valuable for text classification, but their vulnerabilities must not be disregarded. They lack robustness against adversarial examples, so it is pertinent to understand the impacts of different types of…

Large Language Models (LLMs) are increasingly used in applications where the model selects from competing third-party content, such as in LLM-powered search engines or chatbot plugins. In this paper, we introduce Preference Manipulation…

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,…

We introduce the Adversarial Confusion Attack, a new class of threats against multimodal large language models (MLLMs). Unlike jailbreaks or targeted misclassification, the goal is to induce systematic disruption that makes the model…

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…

Partisan news media erode cross-partisan trust, but large language models (LLMs) offer a potential means of debiasing such content at scale. Across two pre-registered experiments, we tested whether LLM-generated debiasing of liberal news…

Financial news plays a crucial role in decision-making processes across the financial sector, yet the efficient processing of this information into a structured format remains challenging. This paper presents a novel approach to financial…

Financial sentiment analysis plays a crucial role in uncovering latent patterns and detecting emerging trends, enabling individuals to make well-informed decisions that may yield substantial advantages within the constantly changing realm…

The growing use of social media has led to the development of several Machine Learning (ML) and Natural Language Processing(NLP) tools to process the unprecedented amount of social media content to make actionable decisions. However, these…

The spread of fake news has emerged as a critical challenge, undermining trust and posing threats to society. In the era of Large Language Models (LLMs), the capability to generate believable fake content has intensified these concerns. In…

Fake news poses a significant threat to the integrity of information ecosystems and public trust. The advent of Large Language Models (LLMs) holds considerable promise for transforming the battle against fake news. Generally, LLMs represent…

Large Language Models (LLMs) have emerged as a new information channel. Meanwhile, one critical but under-explored question is: Is it possible to bypass the safety alignment and inject harmful information into LLMs stealthily? In this…

We investigate the efficacy of large language models (LLMs) in sentiment analysis of U.S. financial news and their potential in predicting stock market returns. We analyze a dataset comprising 965,375 news articles that span from January 1,…

The spread of media bias is a significant concern as political discourse shapes beliefs and opinions. Addressing this challenge computationally requires improved methods for interpreting news. While large language models (LLMs) can scale…

Over the past decade, there has been extensive research aimed at enhancing the robustness of neural networks, yet this problem remains vastly unsolved. Here, one major impediment has been the overestimation of the robustness of new defense…

Financial sentiment analysis is critical for valuation and investment decision-making. Traditional NLP models, however, are limited by their parameter size and the scope of their training datasets, which hampers their generalization…

Writing effective prompts for large language models (LLM) can be unintuitive and burdensome. In response, services that optimize or suggest prompts have emerged. While such services can reduce user effort, they also introduce a risk: the…

Detecting anomalies in general ledger data is of utmost importance to ensure trustworthiness of financial records. Financial audits increasingly rely on machine learning (ML) algorithms to identify irregular or potentially fraudulent…