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A First Look at Financial Data Analysis Using ChatGPT-4o

Author

Listed:
  • Wen-Hsiu (Julia) Chou

    (College of Business, Florida International University, 11200 SW 8th St., Miami, FL 33199, USA)

  • Zifeng Feng

    (College of Business Administration, The University of Texas at El Paso, 500 W. University Ave., El Paso, TX 79968, USA)

  • Bingxin Li

    (John Chambers College of Business and Economics, West Virginia University, 83 Beechurst Avenue, Morgantown, WV 26505, USA)

  • Feng Liu

    (College of Business Administration, The University of Texas at El Paso, 500 W. University Ave., El Paso, TX 79968, USA)

Abstract

OpenAI’s new flagship model, ChatGPT-4o, released on 13 May 2024, offers enhanced natural language understanding and more coherent responses. This paper investigates ChatGPT-4o’s capabilities in financial data analysis, including zero-shot prompting, time series analysis, risk and return analysis, and ARMA-GARCH estimation. ChatGPT-4o’s performance is generally comparable to traditional statistical software like Stata, though some errors and discrepancies arise due to differences in implementation. Despite these issues, our findings indicate that ChatGPT-4o has significant potential for real-world financial analysis. Integrating ChatGPT-4o into financial research and practice may lead to more efficient data processing, improved analytical capabilities, and better-informed investment decisions.

Suggested Citation

  • Wen-Hsiu (Julia) Chou & Zifeng Feng & Bingxin Li & Feng Liu, 2025. "A First Look at Financial Data Analysis Using ChatGPT-4o," JRFM, MDPI, vol. 18(2), pages 1-35, February.
    • Handle: RePEc:gam:jjrfmx:v:18:y:2025:i:2:p:99-:d:1591004
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