| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28800 |
| 来源ID | Working Paper 28800 |
| From Man vs. Machine to Man + Machine: The Art and AI of Stock Analyses | |
| Sean Cao; Wei Jiang; Junbo L. Wang; Baozhong Yang | |
| 发表日期 | 2021-05-17 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | An AI analyst we build to digest corporate financial information, qualitative disclosure and macroeconomic indicators is able to beat the majority of human analysts in stock price forecasts and generate excess returns compared to following human analyst. In the contest of “man vs machine,” the relative advantage of the AI Analyst is stronger when the firm is complex, and when information is high-dimensional, transparent and voluminous. Human analysts remain competitive when critical information requires institutional knowledge (such as the nature of intangible assets). The edge of the AI over human analysts declines over time when analysts gain access to alternative data and to in-house AI resources. Combining AI’s computational power and the human art of understanding soft information produces the highest potential in generating accurate forecasts. Our paper portraits a future of “machine plus human” (instead of human displacement) in high-skill professions. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Corporate Finance ; Other ; Accounting, Marketing, and Personnel |
| URL | https://www.nber.org/papers/w28800 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586472 |
| 推荐引用方式 GB/T 7714 | Sean Cao,Wei Jiang,Junbo L. Wang,et al. From Man vs. Machine to Man + Machine: The Art and AI of Stock Analyses. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28800.pdf（568KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
