ChatGPT for (Finance) Research: The Bananarama Conjecture

35 Pages Posted: 12 Jan 2023

See all articles by Michael M. Dowling

Michael M. Dowling

Dublin City University Business School; ESC Rennes School of Business

Brian M. Lucey

Trinity Business School, Trinity College Dublin; Jiangxi University of Finance and Economics; Abu Dhabi University - College of Business Administration; Ho Chi Minh City University of Economics and Finance

Date Written: January 11, 2023

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.

Keywords: ChatGPT, artificial intelligence, finance research, ethics

JEL Classification: G00, G10

Suggested Citation

Dowling, Michael M. and Lucey, Brian M., ChatGPT for (Finance) Research: The Bananarama Conjecture (January 11, 2023). Available at SSRN: https://ssrn.com/abstract=4322651 or http://dx.doi.org/10.2139/ssrn.4322651

Michael M. Dowling

Dublin City University Business School ( email )

Dublin 9
Ireland

ESC Rennes School of Business ( email )

Rue Robert d'arbrissel, 2
Rennes, 35000
France

Brian M. Lucey (Contact Author)

Trinity Business School, Trinity College Dublin ( email )

The Sutherland Centre, Level 6, Arts Building
Dublin 2
Ireland
+353 1 608 1552 (Phone)
+353 1 679 9503 (Fax)

Jiangxi University of Finance and Economics ( email )

South Lushan Road
Nanchang, Jiangxi 330013
China

Abu Dhabi University - College of Business Administration ( email )

PO Box 59911
Abu Dhabi, Abu Dhabi 59911
United Arab Emirates

Ho Chi Minh City University of Economics and Finance ( email )

59C Nguyen D├Čnh Chieu
6th Ward, District 3
Ho Chi Minh City, Ho Chi Minh 70000
Vietnam

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