From Man vs. Machine to Man + Machine: The art and AI of stock analyses

IF 10.4 1区 经济学 Q1 BUSINESS, FINANCE Journal of Financial Economics Pub Date : 2024-07-22 DOI:10.1016/j.jfineco.2024.103910
Sean Cao , Wei Jiang , Junbo Wang , Baozhong Yang
{"title":"From Man vs. Machine to Man + Machine: The art and AI of stock analyses","authors":"Sean Cao ,&nbsp;Wei Jiang ,&nbsp;Junbo Wang ,&nbsp;Baozhong Yang","doi":"10.1016/j.jfineco.2024.103910","DOIUrl":null,"url":null,"abstract":"<div><p>An AI analyst trained to digest corporate disclosures, industry trends, and macroeconomic indicators surpasses most analysts in stock return predictions. Nevertheless, humans win “Man vs. Machine” when institutional knowledge is crucial, e.g., involving intangible assets and financial distress. AI wins when information is transparent but voluminous. Humans provide significant incremental value in “Man + Machine”, which also substantially reduces extreme errors. Analysts catch up with machines after “alternative data” become available if their employers build AI capabilities. Documented synergies between humans and machines inform how humans can leverage their advantage for better adaptation to the growing AI prowess.</p></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"160 ","pages":"Article 103910"},"PeriodicalIF":10.4000,"publicationDate":"2024-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Financial Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0304405X24001338","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0

Abstract

An AI analyst trained to digest corporate disclosures, industry trends, and macroeconomic indicators surpasses most analysts in stock return predictions. Nevertheless, humans win “Man vs. Machine” when institutional knowledge is crucial, e.g., involving intangible assets and financial distress. AI wins when information is transparent but voluminous. Humans provide significant incremental value in “Man + Machine”, which also substantially reduces extreme errors. Analysts catch up with machines after “alternative data” become available if their employers build AI capabilities. Documented synergies between humans and machines inform how humans can leverage their advantage for better adaptation to the growing AI prowess.

查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
从 "人机大战 "到 "人+机":股票分析的艺术与人工智能
接受过消化企业信息披露、行业趋势和宏观经济指标培训的人工智能分析师在股票回报预测方面超过了大多数分析师。不过,当机构知识至关重要时,例如涉及无形资产和财务困境时,人类在 "人机大战 "中胜出。当信息透明但数量庞大时,人工智能会胜出。在 "人工+机器 "中,人类提供了巨大的增量价值,同时也大大减少了极端错误。在 "替代数据 "可用后,如果分析师的雇主建立了人工智能能力,分析师就能赶上机器。记录在案的人类与机器之间的协同作用为人类如何利用自身优势更好地适应日益强大的人工智能提供了参考。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 去求助
来源期刊
CiteScore
15.80
自引率
4.50%
发文量
192
审稿时长
37 days
期刊介绍: The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.
期刊最新文献
Aspirational utility and investment behavior Arbitrage-based recovery Gig labor: Trading safety nets for steering wheels Information sharing in financial markets From employee to entrepreneur: The role of unemployment risk
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1