Intelligent Systems in Accounting, Finance and Management最新文献

The rise of cryptocurrencies has generated significant interest from the public and investors due to their decentralized nature, advanced security features, and potential for high returns. This research uses K-Means clustering and Inverse Covariance Clustering (ICC) to optimize cryptocurrency portfolios by addressing market dynamics and traditional portfolio management limitations. The study involved three phases: collecting daily price data from the top 100 cryptocurrencies from January 2018 to January 2024, performing calculations to identify cryptocurrencies through clustering methods, and constructing and dynamically optimizing investment portfolios from early 2022 to early 2024. We evaluate the constructed portfolios against the Cryptocurrency Benchmark Index (CRIX) using metrics like the Sharpe and Treynor ratios. Results show that both clustering methods can create efficient portfolios, but their effectiveness varies with dataset characteristics and investor objectives. K-Means produces more diversified portfolios, while ICC yields lower volatility portfolios, with ICC generally outperforming K-Means compared to the CRIX index. The findings highlight the potential of clustering methods in enhancing cryptocurrency portfolio selection and suggest the need for further research on real-world applications and advanced techniques tailored for the cryptocurrency market.

The rise of cryptocurrencies has generated significant interest from the public and investors due to their decentralized nature, advanced security features, and potential for high returns. This research uses K-Means clustering and Inverse Covariance Clustering (ICC) to optimize cryptocurrency portfolios by addressing market dynamics and traditional portfolio management limitations. The study involved three phases: collecting daily price data from the top 100 cryptocurrencies from January 2018 to January 2024, performing calculations to identify cryptocurrencies through clustering methods, and constructing and dynamically optimizing investment portfolios from early 2022 to early 2024. We evaluate the constructed portfolios against the Cryptocurrency Benchmark Index (CRIX) using metrics like the Sharpe and Treynor ratios. Results show that both clustering methods can create efficient portfolios, but their effectiveness varies with dataset characteristics and investor objectives. K-Means produces more diversified portfolios, while ICC yields lower volatility portfolios, with ICC generally outperforming K-Means compared to the CRIX index. The findings highlight the potential of clustering methods in enhancing cryptocurrency portfolio selection and suggest the need for further research on real-world applications and advanced techniques tailored for the cryptocurrency market.

The complexity of International Financial Reporting Standards (IFRS) challenges accounting professionals to navigate intricate judgment calls and estimations. This paper tackles a pressing question: Can OpenAI's ChatGPT (Version GPT-4) serve as a reliable artificial intelligence (AI) advisory tool to interpret and apply IFRS standards in real-world scenarios? The importance of this inquiry lies in the potential of generative AI to revolutionize financial reporting by enhancing accuracy, efficiency, and decision-making speed, which are critical demands in today's globalized financial environment. Through an experimental design employing practical case studies, this research evaluates GPT-4's performance under three prompting strategies: zero shot (ZS), few shot (FS), and chain of thought (CoT). This research examines the ability of AI to address judgment-driven, complex IFRS problems, expanding the scope of prior studies that primarily relied on theoretical exams or professional certification tests. Our findings reveal that GPT-4 can consistently identify the correct IFRS standard and produce professionally usable guidance, exhibiting strong potential. ZS proved fastest and most practical for a first advisory pass, FS delivered more structured and accounting-like answers but required greater preparation, and CoT generated the richest explanations at the expense of efficiency. Across all strategies, expert review remained necessary in areas involving item and measurement choices, contract integration, or business-model interpretation. This study efforts to advance the dialogue on AI's role in accounting and lays a foundation for future research exploring its broader implications in accounting decision-making. With insights into GPT-4's strengths and constraints, this study emphasizes its role as a transformative, yet supplementary, tool in advancing IFRS compliance and reporting standards.

The complexity of International Financial Reporting Standards (IFRS) challenges accounting professionals to navigate intricate judgment calls and estimations. This paper tackles a pressing question: Can OpenAI's ChatGPT (Version GPT-4) serve as a reliable artificial intelligence (AI) advisory tool to interpret and apply IFRS standards in real-world scenarios? The importance of this inquiry lies in the potential of generative AI to revolutionize financial reporting by enhancing accuracy, efficiency, and decision-making speed, which are critical demands in today's globalized financial environment. Through an experimental design employing practical case studies, this research evaluates GPT-4's performance under three prompting strategies: zero shot (ZS), few shot (FS), and chain of thought (CoT). This research examines the ability of AI to address judgment-driven, complex IFRS problems, expanding the scope of prior studies that primarily relied on theoretical exams or professional certification tests. Our findings reveal that GPT-4 can consistently identify the correct IFRS standard and produce professionally usable guidance, exhibiting strong potential. ZS proved fastest and most practical for a first advisory pass, FS delivered more structured and accounting-like answers but required greater preparation, and CoT generated the richest explanations at the expense of efficiency. Across all strategies, expert review remained necessary in areas involving item and measurement choices, contract integration, or business-model interpretation. This study efforts to advance the dialogue on AI's role in accounting and lays a foundation for future research exploring its broader implications in accounting decision-making. With insights into GPT-4's strengths and constraints, this study emphasizes its role as a transformative, yet supplementary, tool in advancing IFRS compliance and reporting standards.

To address the limitations of existing product concept design (PCD) methods in the rapidly changing market environments, this study proposes a PCD method using e-commerce product data and artificial intelligence techniques. First, data of competing e-commerce products are acquired from an e-commerce platform. Second, monthly sales of products are categorized and selected as the indicator for evaluating product concepts (PCs). Third, Doc2Vec is used to vectorize the product description to obtain the semantic representation of PCs, and a machine learning-based PC evaluation model is built using the concept vector as features. Finally, a PC element library is built based on Word2Vec, and the tabu search algorithm is applied to identify the optimal combination of concept elements, determining the most favorable combination of PCs for the new product. Results indicate that the PC evaluation model based on multilayer perceptron achieves an average accuracy of 85.62% in predicting the quartiles of sales in the case of middle-aged and elderly home products, with the area under the receiver operating characteristic curve ranging from 0.96 to 0.99. The proposed PCD method can produce novel PCs with good market potential and a high degree of automation, improving the time efficiency and quality of PCD.

To address the limitations of existing product concept design (PCD) methods in the rapidly changing market environments, this study proposes a PCD method using e-commerce product data and artificial intelligence techniques. First, data of competing e-commerce products are acquired from an e-commerce platform. Second, monthly sales of products are categorized and selected as the indicator for evaluating product concepts (PCs). Third, Doc2Vec is used to vectorize the product description to obtain the semantic representation of PCs, and a machine learning-based PC evaluation model is built using the concept vector as features. Finally, a PC element library is built based on Word2Vec, and the tabu search algorithm is applied to identify the optimal combination of concept elements, determining the most favorable combination of PCs for the new product. Results indicate that the PC evaluation model based on multilayer perceptron achieves an average accuracy of 85.62% in predicting the quartiles of sales in the case of middle-aged and elderly home products, with the area under the receiver operating characteristic curve ranging from 0.96 to 0.99. The proposed PCD method can produce novel PCs with good market potential and a high degree of automation, improving the time efficiency and quality of PCD.

The objective of our study is to demonstrate the feasibility of predicting chief executive officer (CEO) compensation by exploring various machine learning methods. In our analysis, we examine six models: k-nearest neighbors, random forest, decision tree, extra trees, extreme gradient boosting, and support vector machines regressors. We find that XGBoost, random forest, and extra trees regressors exhibit the highest predictive power with the lowest error. Decision tree feature importance analyses identify firm size, CEO age, tangibility, cash holding, and Tobin's Q as key factors in predicting CEO compensation. We also conduct ordinary least squares regressions and find that the significance levels of the coefficients are comparable to the feature importances from the machine learning analysis. Our feature-grouping analysis shows that firms' financial performance and economic characteristics play the most significant role in determining CEO compensation, followed by board characteristics. The analysis further indicates that the predictive power of random forest and extra trees is stronger for forecasting next year's compensation than for predicting the current year's. These findings are valuable for compensation consultants and stakeholders involved in benchmarking decisions.

With the widespread adoption of Internet-based AI technologies, addressing financial fraud has become increasingly critical, particularly within the realm of machine learning. In this case, deep learning and natural language processing (NLP) techniques offer powerful means of detecting fraudulent activity by analyzing financial documents, thereby enhancing both the efficiency and precision of such assessments and supporting financial security. In this study, we introduce deep representation learning-based approaches relying mainly on large language models (LLMs) for identifying fraud in financial statements by examining temporal changes in the Management Discussion and Analysis (MD&A) sections of corporate disclosures. Departing from conventional techniques that rely only on word frequency analysis, we propose DeepFraud that combines time-evolving financial LLM embeddings, such as FinBERT, FinLlama, and FinGPT embeddings, of paragraphs and uses long short-term memory (LSTM) to predict frauds via historical textual embeddings. In addition to LLM embeddings, we also integrate (1) time-evolving word frequencies of words relevant to fraud detection, such as those expressing sentiment or uncertainty, and (2) time-evolving financial ratios. Trajectories of paragraph-level embeddings, frequencies, and ratios are used to construct a fraud detection model, which we evaluate against machine learning methods and deep time-series models. Using 30 years of financial report data (from 1995 to 2024), our experiments demonstrate that DeepFraud on average enhances fraud detection performance across a number of scenarios and on average outperforms the competing approaches as well as conventional word frequency approaches. Our framework introduces a novel direction for deep feature engineering in the field of financial statement fraud detection.