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From Transcripts to Insights: Uncovering Corporate Risks Using Generative AI
Using the GPT 3. 5 model to generate risk summaries and assessments from the context provided by earnings call transcripts, we show that GPT-based measures possess significant information content and outperform the existing risk measures in predicting (abnormal) firm-level volatility and firms' choices such as investment and innovation.
Bloated Disclosures: Can ChatGPT Help Investors Process Information?
Importantly, the summaries are more effective at explaining stock market reactions to the disclosed information.
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