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ChatGPT for (Finance) research: The Bananarama Conjecture

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  • Dowling, Michael
  • Lucey, Brian

Abstract

We show, based on ratings by finance journal reviewers of generated output, that the recently released AI chatbot ChatGPT can significantly assist with finance research. In principle, these results should be generalisable across research domains. There are clear advantages for idea generation and data identification. The technology, however, is weaker on literature synthesis and developing appropriate testing frameworks. Importantly, we further demonstrate that the extent of private data and researcher domain expertise input, are key factors in determining the quality of output. We conclude by considering the implications, particularly the ethical implications, which arise from this new technology.

Suggested Citation

  • Dowling, Michael & Lucey, Brian, 2023. "ChatGPT for (Finance) research: The Bananarama Conjecture," Finance Research Letters, Elsevier, vol. 53(C).
    • Handle: RePEc:eee:finlet:v:53:y:2023:i:c:s1544612323000363
    DOI: 10.1016/j.frl.2023.103662
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    References listed on IDEAS

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    1. Matthew Hutson, 2022. "Could AI help you to write your next paper?," Nature, Nature, vol. 611(7934), pages 192-193, November.
    2. Wenzlaff, Karsten & Spaeth, Sebastian, 2022. "Smarter than humans? Validating how OpenAI's ChatGPT model explains crowdfunding, alternative finance and community finance," WiSo-HH Working Paper Series 75, University of Hamburg, Faculty of Business, Economics and Social Sciences, WISO Research Laboratory.
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      More about this item

      Keywords

      ChatGPT; Artificial intelligence; Finance research; Ethics;
      All these keywords.

      JEL classification:

      • G00 - Financial Economics - - General - - - General
      • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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