Related papers: Large Language Models and Stock Investing: Is the …

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

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…

This paper presents a realistic simulated stock market where large language models (LLMs) act as heterogeneous competing trading agents. The open-source framework incorporates a persistent order book with market and limit orders, partial…

In recent years, Large Language Models (LLMs) have emerged as a transformative development in artificial intelligence (AI), drawing significant attention from industry and academia. Trained on vast datasets, these sophisticated AI systems…

The widespread public deployment of large language models (LLMs) in recent months has prompted a wave of new attention and engagement from advocates, policymakers, and scholars from many fields. This attention is a timely response to the…

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…

Increasingly powerful Large Language Model (LLM) based chatbots, like ChatGPT and Bard, are becoming available to users that have the potential to revolutionize the quality of decision-making achieved by the public. In this context, we set…

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…

We examine how large language models (LLMs) interpret historical stock returns and compare their forecasts with estimates from a crowd-sourced platform for ranking stocks. While stock returns exhibit short-term reversals, LLM forecasts…

The launch of ChatGPT by OpenAI in November 2022 marked a pivotal moment for Artificial Intelligence, introducing Large Language Models (LLMs) to the mainstream and setting new records in user adoption. LLMs, particularly ChatGPT, trained…

In recent years, Large Language Models (LLMs) like ChatGPT have seen considerable advancements and have been applied in diverse fields. Built on the Transformer architecture, these models are trained on extensive datasets, enabling them to…

Language is essentially a complex, intricate system of human expressions governed by grammatical rules. It poses a significant challenge to develop capable AI algorithms for comprehending and grasping a language. As a major approach,…

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…

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'…

This paper investigates how large language models (LLMs) form and express investor risk profiles, a critical component of retail investment advising. We examine three LLMs (GPT, Gemini, and Llama) and assess their responses to a…

Large language models (LLMs) are increasingly used to support the analysis of complex financial disclosures, yet their reliability, behavioral consistency, and transparency remain insufficiently understood in high-stakes settings. This…

Large language models (LLMs) have demonstrated promising performance in various financial applications, though their potential in complex investment strategies remains underexplored. To address this gap, we investigate how LLMs can predict…

Large Language Models (LLMs) are increasingly employed for simulating human behaviors across diverse domains. However, our position is that current LLM-based human simulations remain insufficiently reliable, as evidenced by significant…

Advances in the general capabilities of large language models (LLMs) have led to their use for information retrieval, and as components in automated decision systems. A faithful representation of probabilistic reasoning in these models may…