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Financial Statement Analysis with Large Language Models
Financial Statement Analysis with Large Language Models
Financial Statement Analysis with Large Language Models
Financial Statement Analysis with Large Language Models
21Jun
Seminar Calendar, Accounting and Law

Financial Statement Analysis with Large Language Models

21 June 2024 | 2:30 p.m. — 4:00 p.m.
KK 1121, K. K. Leung Building, HKU
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SPEAKER

Professor Valeri Nikolaev
James H. Lorie Professor of Accounting and
FMC Faculty Scholar
The University of Chicago Booth School of Business

ABSTRACT

We investigate whether an LLM 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 model to analyze them to determine the direction of future earnings. Even without any narrative or industry-specific information, the LLM outperforms financial analysts in its ability to predict earnings changes. The LLM exhibits a relative advantage over human analysts in situations when the analysts tend to struggle. Furthermore, we find that the prediction accuracy of the LLM is on par with the performance of a narrowly trained state-of-the-art ML model. LLM prediction does not stem from its training memory. Instead, we find that the LLM generates useful narrative insights about a company’s future performance. Lastly, our trading strategies based on GPT’s predictions yield a higher Sharpe ratio and alphas than strategies based on other models. Taken together, our results suggest that LLMs may take a central role in decision-making.

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Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
18Jun
Economics | Seminar
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
18 June 2025 | 2:15 PM - 3:30 PM
KK 910 K. K. Leung Building, HKU
Prof. Katsumi Shimotsu
Financial Statement Analysis with Large Language Models
About Speaker
Professor Valeri Nikolaev

James H. Lorie Professor of Accounting and FMC Faculty Scholar | The University of Chicago Booth School of Business

Financial Statement Analysis with Large Language Models
21 June 20242:30 p.m. — 4:00 p.m.
KK 1121, K. K. Leung Building, HKU
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