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From Man vs. Machine to Man + Machine: The Art and AI of Stock Analyses

演讲人：曹顺 美国佐治亚州立大学助理教授

时间：2021年4月16日（周五）15:00—17:00

地点：宁远429

附：曹顺助理教授简历：

   曹顺博士现为美国佐治亚州立大学助理教授，研究领域为人工智能和机器学习在财务与会计研究中应用。研究成果发表在The Accounting Review、Journal of Accounting Research、Contemporary Accounting Research、Journal of Financial Economics、Journal of Financial and Quantitative Analysis等国内外知名学术期刊上。

From Man vs. Machine to Man + Machine: The Art and AI of Stock Analyses

Abstract:

An AI analyst we build to digest corporate financial information, qualitative disclosure and news is able to beat the majority of human analysts in stock forecasts and generate excess returns compared to following human analysts alone. In the contest of “machine vs. human,” we find that the relative advantage of such an 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 analyst 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 produce the highest potential in generating accurate forecasts. Our paper suggests a future of “machine plus human” in high-skilled professions as an alternative to the replacement of humans by machines.