ChatGPT for (Finance) research: The Bananarama Conjecture

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.

Automated summary

Based on ratings from finance journal reviewers, the AI chatbot ChatGPT demonstrates significant usefulness in finance research, with potential for application in other domains. It excels in idea generation and data identification, while facing challenges in literature synthesis and developing appropriate testing frameworks. Moreover, the quality of output is influenced by the extent of private data and researcher domain expertise input. Ethical implications and other potential impacts are also considered.