Can ChatGPT reduce human financial analysts’ optimistic biases?

Xiaoyang Li · Haoming Feng · Jiyuan Huang

34 citations0/0 files storedEconomic and Political Studies

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Forecasting Techniques and Applications Financial Markets and Investment Strategies Stock Market Forecasting Methods

Abstract

This paper examines the potential of ChatGPT, a large language model, as a financial advisor for listed firm performance forecasts.We focus on the constituent stocks of the China Securities Index 300 and compare ChatGPT's forecasts for major financial performance measures with human analysts' forecasts and the realised values.Our findings suggest that ChatGPT can correct the optimistic biases of human analysts.This study contributes to the literature by exploring the potential of ChatGPT as a financial advisor and demonstrating its role in reducing human biases in financial decision-making.

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References

2001Rationality and Analysts' Forecast Bias 1999Inefficiency in Analysts' Earnings Forecasts: Systematic Misreaction or Systematic Optimism?1998Earnings predictability and bias in analysts' earnings forecasts.1991Do analysts' earnings forecasts incorporate information in prior stock price changes?2002International Diversification and Analysts' Forecast Accuracy and Bias 2019Air pollution, affect, and forecasting bias: Evidence from Chinese financial analysts 2026Can ChatGPT forecast stock price movements? Return predictability and large language models 2023How to Talk When a Machine Is Listening: Corporate Disclosure in the Age of AI

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