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GPT-4 Performs Better Than Humans At Financial Statement Analysis, Says Study
A study done by Chicago University researchers revealed how LLM models like GPT-4 can be used to for financial statement analysis.
The researchers Alex G. Kim, Maximilian Muhn and Valeri V. Nikolaev provided standardized and anonymous financial statements to GPT4 and instructed it to determine the direction of future earnings. The researchers used two methods, one was a ‘simple prompt’, which instructed the LLM to analyze the financial statements of a company and determine the direction of future earnings, without any further guidance on the task. Then, using this basic quantitative information and the insights that follow from it, the model is asked to predict whether earnings are likely to increase or decrease in the subsequent period and provide a rationale for its claim.
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