Session 5: Unleashing the Power of ChatGPT in Finance Research: Opportunities and Challenges
Presentation Type
Invited
Track
Finance/Insurance Application
Abstract
Natural language processing (NLP) technologies, such as ChatGPT, are revolutionizing various fields, including finance research. In this article, we delve into the multifaceted potential of ChatGPT as a transformative tool for finance researchers, highlighting the benefits, challenges, and novel insights it can offer to enrich the research process. Furthermore, we illustrate the various applications of ChatGPT in finance research, from coding support, theoretical derivation, and literature review to research idea assistance and professional editing. We conduct a comparative analysis of ChatGPT-3.5, ChatGPT-4, and Microsoft Bing in their distinct features, strengths, and weaknesses, providing valuable insights into the applicability of these language models in finance research. By addressing the potential pitfalls and ethical considerations associated with using ChatGPT, we aim to foster responsible AI adoption and promote a more nuanced understanding of the role of advanced NLP technologies in shaping the future of finance research and practice.
Start Date
2-6-2024 11:00 AM
End Date
2-6-2024 12:00 PM
Session 5: Unleashing the Power of ChatGPT in Finance Research: Opportunities and Challenges
Dakota Room 250 A/C
Natural language processing (NLP) technologies, such as ChatGPT, are revolutionizing various fields, including finance research. In this article, we delve into the multifaceted potential of ChatGPT as a transformative tool for finance researchers, highlighting the benefits, challenges, and novel insights it can offer to enrich the research process. Furthermore, we illustrate the various applications of ChatGPT in finance research, from coding support, theoretical derivation, and literature review to research idea assistance and professional editing. We conduct a comparative analysis of ChatGPT-3.5, ChatGPT-4, and Microsoft Bing in their distinct features, strengths, and weaknesses, providing valuable insights into the applicability of these language models in finance research. By addressing the potential pitfalls and ethical considerations associated with using ChatGPT, we aim to foster responsible AI adoption and promote a more nuanced understanding of the role of advanced NLP technologies in shaping the future of finance research and practice.