Paper: arXiv 2504.10789

Abstract

This paper presents a realistic simulated stock market where large language models (LLMs) act as heterogeneous competing trading agents. The open-source framework incorporates a persistent order book with market and limit orders, partial fills, dividends, and equilibrium clearing alongside agents with varied strategies, information sets, and endowments. Agents submit standardized decisions using structured outputs and function calls while expressing their reasoning in natural language. Three findings emerge: First, LLMs demonstrate consistent strategy adherence and can function as value investors, momentum traders, or market makers per their instructions. Second, market dynamics exhibit features of real financial markets, including price discovery, bubbles, underreaction, and strategic liquidity provision. Third, the framework enables analysis of LLMs’ responses to varying market conditions, similar to partial dependence plots in machine-learning interpretability. The framework allows simulating financial theories without closed-form solutions, creating experimental designs that would be costly with human participants, and establishing how prompts can generate correlated behaviors affecting market stability.

Complexity vs Empirical Score

  • Math Complexity: 4.0/10
  • Empirical Rigor: 8.5/10
  • Quadrant: Street Traders — practical and empirical, lighter on theory

Why this score: The paper’s mathematics is conceptual, focusing on agent-based simulation logic rather than dense derivations or complex formulas. Empirical rigor is high due to a realistic, open-source simulation framework with persistent order books, diverse agent strategies, and systematic analysis of market dynamics and prompt engineering effects.

Research Flowchart

  flowchart TD
  R["Research Goal: Can LLMs Trade & Simulate Financial Markets?"]
  R --> M1["Design Simulated Stock Market\nOrder Book with Market/Limit Orders"]
  R --> M2["Create Heterogeneous LLM Agents\nValue Investors, Momentum, Market Makers"]
  R --> I["Data/Inputs: Agent Prompts,\nEndowments, Information Sets"]
  I --> C["Computational Process:\nLoop of Order Submission,\nEquilibrium Clearing, Dividend Payout"]
  C --> F1["Outcome 1: LLMs Adhere to Strategies\n(Value, Momentum, Market Making)"]
  C --> F2["Outcome 2: Realistic Market Dynamics\nPrice Discovery, Bubbles, Liquidity"]
  C --> F3["Outcome 3: Framework for Theory Testing\nPartial Dependence & Prompt Sensitivity"]

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  107. Responding to Activist Short Sellers : Allegations , Firm Responses , and Outcomes — link
  108. The Asset-Pricing Implications of Government Economic Policy Uncertainty
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  110. Investor Sentiment and Asset Valuation
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  227. Generative AI and Firm Values — link
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  229. Financial Networks and Contagion — link
  230. Anomalies and News
  231. Entity Neutering — link
  232. How Are Shorts Informed? Short Sellers, News, and Information Processing — link
  233. Short- Selling Risk — link
  234. Selecting Directors Using Machine Learning — link
  235. Models or Stars : The Role of Asset Pricing Models and Heuristics in Investor Risk Adjustment — link
  236. Asset Returns and Inflation
  237. Average Returns , B / M , and Share Issues — link
  238. The Behaviour of Stock Market Prices
  239. Business Conditions and Expected Returns on Stocks and Bonds
  240. Common Risk Factors in the Returns on Stocks and Bonds — link
  241. Comparing Cross-Section and Time-Series Factor Models — link
  242. The Cross ‐ Section of Expected Stock Returns — link
  243. Dissecting Anomalies
  244. Dividend Yields and Expected Stock Returns
  245. Efficient Capital Markets: A Review of Theory and Empirical Work
  246. Efficient Capital Markets: II
  247. A Five-Factor Asset Pricing Model — link
  248. Foundations of Finance
  249. Industry Costs of Equity — link
  250. Market Efficiency, Long-Term Returns, and Behavioral Finance
  251. Multifactor Explanations of Asset Pricing Anomalies
  252. Profitability, Investment and Average Returns
  253. Risk, Return , and Equilibrium : Empirical Tests — link
  254. Stock Returns, Real Activity, Inflation, and Money
  255. Two Pillars of Asset Pricing
  256. Short Selling and Earnings Management : A Controlled Experiment — link
  257. Politically Connected CEOs , Corporate Governance, and Post-IPO Performance of China ’s Newly Partially Privatized Firms
  258. Valuing Financial Data — link
  259. Title 17 — Commodity and Securities Exchanges
  260. When Can the Market Identify Old News? — link
  261. Taming the Factor Zoo
  262. Conditioning Variables and the Cross Section of Stock Returns
  263. Spurious Regressions in Financial Economics?
  264. The Variation of Economic Risk Premiums
  265. What Are the Best Liquidity Proxies for Global Research ?* — link
  266. Earnings Releases , Anomalies , and the Behavior of Security Returns — link
  267. Accounting Valuation, Market Expectation, and Cross-Sectional Stock Returns — link
  268. Betting against Beta
  269. Expected Stock Returns and Volatility
  270. Dissecting Characteristics Nonparametrically — link
  271. The Case for Flexible Exchange Rates , Essays in Positive Economics
  272. Partial Time Regressions as Compared with Individual Trends — link
  273. A Sparsity-Based Model of Bounded Rationality — link
  274. Targeting Interventions in Networks — link
  275. Demand for Artificial Intelligence in Settlement Negotiations — link
  276. How Will Generative AI Impact Communication? — link
  277. Market Power in Artificial Intelligence — link
  278. Will User-Contributed AI Training Data Eat Its Own Tail ? — link
  279. S3: Social-network Simulation System with Large Language Model-Empower Ed Agents — link
  280. Simulating Financial Market via Large Language Model Based Agents — link
  281. Geographic Dispersion and Stock Returns
  282. Sentiment during Recessions — link
  283. Displacement Risk and Asset Returns — link
  284. Discussion of “on the Relation between Predictable Market Returns and Predictable Analyst Forecast Errors” — link
  285. Risk Fact or Fiction : The Information Content of Risk Factor Disclosures
  286. Neglected Risks: The Psychology of Financial Crises
  287. There Is a Risk-Return Trade-off after All
  288. Economic Predictions With Big Data : The Illusion of Sparsity — link
  289. A Test of the Efficiency of a Given Portfolio — link
  290. Biodiversity Risk — link
  291. Asset Pricing with Omitted Factors — link
  292. Test Assets and Weak Factors — link
  293. Do Stock Price Bubbles Influence Corporate Investment? — link
  294. When Machines Read the Web : Market Efficiency and Costly Information Acquisition at the Intraday Level — link
  295. Assessing Look-Ahead Bias in Stock Return Predictions Generated By GPT Sentiment Analysis — link
  296. Contagion in Financial Networks — link
  297. On the Relation between the Expected Value and the Volatility of the Nominal Excess Return on Stocks
  298. Learning and Complementarities in Speculative Attacks — link
  299. Manipulation and the Allocational Role of Prices — link
  300. Trading Frenzies and Their Impact on Real Investment — link
  301. Durability of Output and Expected Stock Returns — link
  302. Equilibrium Cross Section of Returns — link
  303. Levered Returns — link
  304. Late to Recessions : Stocks and the Business Cycle — link
  305. Real-Time Price Discovery via Verbal Communication: Method and Application to Fedspeak — link
  306. Institutional Investors and Equity Prices
  307. The Short Duration Premium — link
  308. Economics: An Emerging Small World — link
  309. Spurious Regressions in Econometrics
  310. The Characteristics That Provide Independent Information about Average Us Monthly Stock Returns
  311. Bubbles for Fama
  312. Expectations of Returns and Expected Returns
  313. Artificial Intelligence and High-Skilled Work : Evidence from Analysts — link
  314. Who Drove and Burst the Tech Bubble ? — link
  315. Limits of Arbitrage — link
  316. BERTopic : Neural Topic Modeling with a Class-Based TF-IDF Procedure — link
  317. ON THE EFFICIENCY OF COMPETITIVE STOCK MARKETS WHERE TRADES HAVE DIVERSE INFORMATION — link
  318. Follow the Money — link
  319. Empirical Asset Pricing via Machine Learning — link
  320. Economics Arena for Large Language Models — link
  321. Large Language Model Based Multi-Agents : A Survey of Progress and Chal Lenges — link
  322. Neglected Peers in Merger Valuations — link
  323. LLM-Augmented Agent-Based Modelling for Social Simulations : Challenges and Opportunities — link
  324. The Nature of Countercyclical Income Risk — link
  325. Forced Entrepreneurs — link
  326. Percent Accruals
  327. Approximate P- Values of Certain Tests Involving Hypotheses About Multiple Breaks
  328. The Asymptotic Behaviour of the Residual Sum of Squares in Models with Multiple Break Points
  329. The Asymptotic Expectation of the Residual Sum of Squares in Linear Models with Multiple Break Points
  330. Changes in the Persistence of Investor Sentiment and Their Effects on the Stock Market
  331. Investor Sentiment, Firm Characteristic and Arbitrage Risk \ \textbackslash\ \ \ \textbackslash textbackslash\ textbackslash\ \textbackslash\ \ textemdash the Arbitrage Factor
  332. Dynamic Interpretation of Emerging Risks in the Financial Sector — link
  333. Can ChatGPT Decipher Fedspeak ? — link
  334. Implications of Security Market Data for Models of Dynamic Economies — link
  335. Simulating the Survey of Professional Forecasters — link
  336. Transparency and Deliberation Within the FOMC : A Computational Linguistics Approach * — link
  337. …and the Cross-Section of Expected Returns — link
  338. Firm-Level Exposure to Epidemic Diseases : COVID-19 , SARS , and H1N1 — link
  339. Firm- Level Political Risk : Measurement and Effects * — link
  340. The Global Impact of Brexit Uncertainty — link
  341. Memory Matters : The Need to Improve Long-Term Memory in LLM-Agents — link
  342. Commonality in the Determinants of Expected Stock Returns
  343. Chronologically Consistent Large Language Models — link
  344. On the Aggregation of Information in Competitive Markets — link
  345. Knowing What Others Know : Coordination Motives in Information Acquisition — link
  346. Hedging Risk Factors — link
  347. Feedback and the Success of Irrational Investors
  348. A Financing-Based Misvaluation Factor and the Cross-Section of Expected Returns
  349. Investor Psychology and Asset Pricing — link
  350. Do Investors Overvalue Firms with Bloated Balance Sheets?
  351. Text- Based Industry Momentum — link
  352. Text- Based Network Industries and Endogenous Product Differentiation — link
  353. Online Learning for Latent Dirichlet Allocation
  354. Corporate Valuation : An Empirical Comparison of Discounting Methods — link
  355. Do Industries Lead Stock Markets?
  356. The Only Game in Town: Stock-price Consequences of Local Bias
  357. Speculative Betas
  358. A Unified Theory of Underreaction , Momentum Trading , and Overreaction in Asset Markets — link
  359. Large Language Models as Simulated Economic Agents : What Can We Learn from Homo Silicus ? — link
  360. An Augmented Q- Factor Model with Expected Growth * — link
  361. Digesting Anomalies: An Investment Approach — link
  362. The Implied Cost of Capital: A New Approach
  363. Industry Concentration and Average Stock Returns — link
  364. Industry Information Diffusion and the Lead-Lag Effect in Stock Returns — link
  365. Replicating Anomalies , — link
  366. Investor Sentiment and Analysts’ Earnings Forecast Errors — link
  367. Misallocation and Manufacturing TFP in China and India — link
  368. Dealer versus Auction Markets: A Paired Comparison of Execution Costs on NASDAQ and the NYSE — link
  369. Evidence on the Information Content of Text in Analyst Reports — link
  370. FinBERT : A Large Language Model for Extracting Information from Financial Text — link
  371. Investor Sentiment Aligned: A Powerful Predictor of Stock Returns
  372. Copyright and Artificial Creation : Does EU Copyright Law Protect AI-Assisted Output ? — link
  373. Persuading Investors : A Video-Based Study — link
  374. Underreaction to Self-Selected News Events : The Case of Stock Splits — link
  375. Ethical Implications of Text Generation in the Age of Artificial Intelligence — link
  376. The Effect of Splitting on Random Forests — link
  377. Spike and Slab Variable Selection: Frequentist and Bayesian Strategies — link
  378. Tell It Like It Is : Disclosed Risks and Factor Portfolios — link
  379. Local Does as Local Is: Information Content of the Geography of Individual Investors’ Common Stock Investments
  380. The Economic Consequences of Social-Network Structure — link
  381. Social and Economic Networks — link
  382. Systemic Risk in Financial Networks : A Survey — link
  383. Disentangling Equity Return Regularities : New Insights and Investment Opportunities — link
  384. Factor Modeling : The Benefits of Disentangling Cross-Sectionally for Explaining Stock Returns — link
  385. An Asymptotic Theory for Estimating Beta-Pricing Models Using Cross-Sectional Regression
  386. The Conditional CAPM and the Cross-Section of Expected Returns
  387. Flying under the Radar: The Effects of Short-Sale Disclosure Rules on Investor Behavior and Stock Prices — link
  388. The Impact of Restricting Labor Mobility on Corporate Investment and Entrepreneurship — link
  389. Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency
  390. Returns of Buying Winners and Selling Losers: Implication for Stock Market Efficiencey
  391. Word Power: A New Approach for Content Analysis — link
  392. ChatGPT and Corporate Policies — → 2409.17933
  393. Does Finance Benefit Society ? A Language Embedding Approach — link
  394. Does Herding Behavior Reveal Skill ? An Analysis of Mutual Fund Performance — link
  395. Information Shocks and Short-Term Market Underreaction — link
  396. Manager Sentiment and Stock Returns — link
  397. Pervasive Underreaction: Evidence from High-Frequency Data — link
  398. Short Selling : A Review of the Literature and Implications for Future Research — link
  399. Out-of- Sample Performance of Mutual Fund Predictors — link
  400. Revealing Shorts an Examination of Large Short Position Disclosures — link
  401. Asset Fire Sales and Purchases and the International Transmission of Funding Shocks — link
  402. Genius: Negotiation Environment for Heterogeneous Agents — link
  403. A Rational Theory of Mutual Funds ’ Attention Allocation — link
  404. Investor Reaction to Corporate Event Announcements: Underreaction or Overreaction? — link
  405. Experimental Tests of the Endowment Effect and the Coase Theorem — link
  406. Regulatory Fragmentation — link
  407. Are CEOs Different ? — link
  408. Sentiment and Stock Prices: The Case of Aviation Disasters
  409. Short Sellers and Financial Misconduct — link
  410. Modelling Systemic Risk Using Neural Network Quantile Regression — link
  411. Wald Tests for Detecting Multiple Structural Changes in Persistence
  412. How Wise Are Crowds ? Insights from Retail Orders and Stock Returns — link
  413. Retail Short Selling and Stock Prices — link
  414. Characteristics Are Covariances: A Unified Model of Risk and Return — link
  415. Principal Portfolios — link
  416. Text Selection — link
  417. The Virtue of Complexity Everywhere — link
  418. The Virtue of Complexity in Return Prediction — link
  419. Predicting Returns with Text Data — link
  420. A Robust Machine Learning Algorithm for Text Analysis
  421. Ethical Concerns about Using AI-Generated Text in Scientific Research — link
  422. Arbitrage Portfolios — link
  423. Large Sample Estimators of the Stochastic Discount Factor — link
  424. Firm Characteristics , Cross-Sectional Regression Estimates , and Asset Pricing Tests — link
  425. Thar She Bursts : Reducing Confusion Reduces Bubbles — link
  426. Massively Multi-Agents Reveal That Large Language Models Can Understand Value — link
  427. Can Chatgpt Improve Investment Decision ? From a Portfolio Management Perspective — link
  428. Asset Prices and Real Investment — link
  429. Firm Characteristics and Stock Returns : The Role of Investment-Specific Shocks — link
  430. Growth Opportunities and Technology Shocks — link
  431. Growth Opportunities , Technology Shocks , and Asset Prices — link
  432. Oil Futures Prices in a Production Economy with Investment Constraints — link
  433. Technological Innovation , Intangible Capital , and Asset Prices — link
  434. Technological Innovation , Resource Allocation , and Growth — link
  435. A Demand System Approach to Asset Pricing — link
  436. Experience Does Not Eliminate Bubbles : Experimental Evidence — link
  437. Complexity and Austrian Economics — link
  438. Generative AI for Economic Research : LLMs Learn to Collaborate and Reason — link
  439. Language Models and Cognitive Automation for Economic Research — link
  440. State-Level Business Cycles and Local Return Predictability
  441. Robust Econometric Inference for Stock Return Predictability — link
  442. Analysts’ Forecasts and Asset Pricing: A Survey
  443. Advertising Arbitrage — link
  444. Interpreting Factor Models — link
  445. When Do Cross-Sectional Asset Pricing Factors Span the Stochastic Discount Factor ? — link
  446. Social Finance — link
  447. Retail Investor Sentiment and Return Comovements — link
  448. Innovation, Growth , and Asset Prices — link
  449. Continuous Auctions and Insider Trading — link
  450. Informed Speculation with Imperfect Competition — link
  451. Contrarian Investment, Extrapolation, and Risk
  452. Go down Fighting: Short Sellers vs. Firms — link
  453. Expectations and the Cross-Section of Stock Returns
  454. Investor Sentiment and the Closed-End Fund Puzzle
  455. Jumps in Equilibrium Prices and Market Microstructure Noise — link
  456. Technological Links and Predictable Returns
  457. User Behavior Simulation with Large Language Model Based Agents
  458. Consumer Confidence and Asset Prices: Some Empirical Evidence
  459. Consumption, Aggregate Wealth, and Expected Stock Returns
  460. Factors That Fit the Time Series and Cross-Section of Stock Returns — link
  461. Resurrecting the ( C ) CAPM : A Cross-Sectional Test When Risk Premia Are Time-Varying
  462. Has My System Prompt Been Used ? Large Language Model Prompt Membership Inference — link
  463. Caution Ahead : Numerical Reasoning and Look-ahead Bias in AI Models — link
  464. The Conditional CAPM Does Not Explain Asset-Pricing Anomalies — link
  465. The Cross-section of Expected Stock Returns — link
  466. A Skeptical Appraisal of Asset Pricing Tests — link
  467. BART : Denoising Sequence-to-Sequence Pre-training for Natural Language Generation , Translation , and Comprehension — link
  468. Deal or No Deal ? End-to-End Learning of Negotiation Dialogues — link
  469. Annual Report Readability, Current Earnings, and Earnings Persistence — link
  470. User Interface and Firsthand Experience in Retail Investing — link
  471. Corporate Climate Risk : Measurements and Responses — link
  472. Generating Scholarly Content with ChatGPT : Ethical Challenges for Medical Publishing — link
  473. EconAgent : Large Language Model-Empowered Agents for Simulating Macroeconomic Activities — link
  474. INVESTORBENCH : A Benchmark for Financial Decision-Making Tasks with LLM-based Agent — link
  475. Measuring Corporate Culture Using Machine Learning — link
  476. MetaAgents : Simulating Interactions of Human Behaviors for LLM-based T Ask-Oriented Coordination via Collaborative Generative Agents — link
  477. AgentSims : An Open-Source Sandbox for Large Language Model Evaluation — link
  478. Anti-Corruption Reforms and Shareholder Valuations: Event Study Evidence from China
  479. Security Prices, Risk, and Maximal Gains from Diversification
  480. From the Negotiating Arena to Conflict Management — link
  481. Selecting Mutual Funds from the Stocks They Hold : A Machine Learning Approach — link
  482. AgentBench : Evaluating LLMs as Agents — link
  483. FinBERT : A Pre-trained Financial Language Representation Model for Financial Text Mining — link
  484. The Impacts of Political Uncertainty on Asset Prices: Evidence from the Bo Scandal in China
  485. Investment-Based Expected Stock Returns — link
  486. Risks and Returns of Cryptocurrency — link
  487. Size and Value in China
  488. Why Do Large Investors Disclose Their Information ? — link
  489. Financially Constrained Stock Returns — link
  490. How Constraining Are Limits to Arbitrage ? — link
  491. NLTK : The Natural Language Toolkit — link
  492. Can ChatGPT Forecast Stock Price Movements ? Return Predictability and Large Language Models — link
  493. Do Common Factors Really Explain the Cross-Section of Stock Returns ? — link
  494. Risk Factors That Matter : Textual Analysis of Risk Disclosures for the Cross-Section of Returns — link
  495. Why Do Managers Disclose Risks Accurately? Textual Analysis, Disclosures, and Risk Exposures — link
  496. Biased Assimilation and Attitude Polarization: The Effects of Prior Theories on Subsequently Considered Evidence
  497. Strategic Behavior of Large Language Models : Game Structure vs. Contextual Framing — link
  498. Strategic Behavior of Large Language Models and the Role of Game Structure versus Contextual Framing — link
  499. Assimilation of Oil News into Prices — link
  500. Measuring Readability in Financial Disclosures — link
  501. The New Issues Puzzle
  502. Textual Analysis in Accounting and Finance : A Survey
  503. When Is a Liability Not a Liability ? Textual Analysis , Dictionaries , and 10- Ks — link
  504. A Wolf in Sheep ’s Clothing : The Use of Ethics-Related Terms in 10- K Reports — link
  505. Anomalies Abroad : Beyond Data Mining — link
  506. Asset Prices in an Exchange Economy
  507. Large Language Models : An Applied Econometric Framework — link
  508. ChatGPT and a New Academic Reality: Artificial Intelligence-written Research Papers and the Ethics of the Large Language Models in Scholarly Publishing — link
  509. The New Issues Puzzle: Testing the Investment-Based Explanation
  510. What Happens with More Funds than Stocks ? Analysis of Crowding in Style Factors and Individual Equities — link
  511. The Relevance of Broker Networks for Information Diffusion in the Stock Market — link
  512. A Random Walk Down Wall Street : Including a Life-Cycle Guide to Personal Investing
  513. The Geography of Equity Analysis
  514. News Implied Volatility and Disaster Concerns — link
  515. Automated Social Science : Language Models as Scientist and Subjects — link
  516. Introduction to Information Retrieval
  517. Authors in the Age of Language-generation AI : To Be or Not to Be, Is That Really the Question ? — link
  518. Market Efficiency in the Age of Big Data — link
  519. The Invisible Hand of Short Selling : Does Short Selling Discipline Earnings Management ? — link
  520. The Power of Voice : Managerial Affective States and Future Firm Performance — link
  521. Risk Exposures from Risk Disclosures : What They Said and How They Said It — link
  522. Hdbscan: Hierarchical Density Based Clustering — link
  523. UMAP : Uniform Manifold Approximation and Projection — link
  524. Does Academic Research Destroy Stock Return Predictability ? — link
  525. Evaluating Large Language Models as Agents in the Clinic — link
  526. Arbitrage Risk and Post-Earnings-Announcement Drift
  527. On Estimating the Expected Return on the Market: An Exploratory Investigation — link
  528. An Intertemporal Capital Asset Pricing Model — link
  529. A Simple Model of Capital Market Equilibrium with Incomplete Information — link
  530. Distributed Representations of Words and Phrases and Their Compositionality — link
  531. Unsophisticated Arbitrageurs and Market Efficiency: Overreacting to a History of Underreaction? — link
  532. Risk, Uncertainty , and Divergence of Opinion
  533. Bayesian Checking for Topic Models — link
  534. Short and Distort — link
  535. Behavioural Bias and Conflicts of Interest in Analyst Stock Recommendations — link
  536. Interpretable Machine Learning — link
  537. Do Industries Explain Momentum? — link
  538. Equilibrium in a Capital Asset Market
  539. The Choice of Valuation Techniques in Practice : Education versus Profession — link
  540. Empirical Cross-Sectional Asset Pricing
  541. Short Sales, Institutional Investors and the Cross-Section of Stock Returns — link
  542. Do Measures of Investor Sentiment Predict Returns ?
  543. The Revival of the Gini Importance? — link
  544. A Simple , Positive Semi-definite , Heteroskedasticity and Autocorrelation Consistent Covariance Matrix
  545. Automatic Evaluation of Topic Coherence
  546. Complexity Research in Economics: Past, Present and Future
  547. Is Momentum Really Momentum?
  548. Operating Leverage
  549. The Other Side of Value: The Gross Profitability Premium
  550. Predicting Anomaly Performance with Politics, the Weather, Global Warming, Sunspots, and the Stars — link
  551. Experimental Evidence on the Productivity Effects of Generative Artificial Intelligence — link
  552. Negotiating Municipal Merger — link
  553. Volume, Volatility, Price, and Profit When All Traders Are above Average
  554. Dotcom Mania: The Rise and Fall of Internet Stock Prices
  555. Determining the Number of Factors from Empirical Distribution of Eigenvalues — link
  556. Bi-Cross-Validation for Factor Analysis — link
  557. Robust Action and the Rise of the Medici , 1400-1434 — link
  558. Speculation with Information Disclosure — link
  559. Liquidity Risk and Expected Stock Returns
  560. Uncertainty about Government Policy and Stock Prices
  561. Does Beta Move with News ? Firm-Specific Information Flows and Learning about Profitability — link
  562. Deploying Narrative Economics to Understand Financial Market Dynamics : An Analysis of Activist Short Sellers ’ Rhetoric * — link
  563. Understanding Systematic Risk : A High-Frequency Approach — link
  564. Can Chatgpt Assist in Picking Stocks ? — link
  565. Understanding Alpha Decay — link
  566. GloVe : Global Vectors for Word Representation — link
  567. Firm Size and Cyclical Variations in Stock Returns
  568. Dealing with Structural Breaks
  569. Estimating Restricted Structural Change Models
  570. Is Value Riskier than Growth?
  571. Can Base ChatGPT Be Used for Forecasting without Additional Optimization ? — link
  572. Cooperate or Collapse : Emergence of Sustainable Cooperation in a Socie Ty of LLM Agents — link
  573. Housing, Consumption and Asset Pricing
  574. From Complexity Science to Complexity Economics — link
  575. Does Corporate Headquarters Location Matter for Stock Returns?
  576. Costly Arbitrage: Evidence from Closed-End Funds
  577. Costly Arbitrage and the Myth of Idiosyncratic Risk — link
  578. Share Issuance and Cross-Sectional Returns
  579. Underreaction, Overreaction, and Increasing Misreaction to Information in the Options Market — link
  580. An Agnostic and Practically Useful Estimator of the Stochastic Discount Factor — link
  581. Experiential Co-Learning of Software-Developing Agents — link
  582. Estimating and Testing Structural Changes in Multivariate Regressions
  583. ChatGPT and Publication Ethics — link
  584. International Stock Return Predictability: What Is the Role of the United States? — link
  585. ChatGPT : A Comprehensive Review on Background, Applications, Key Challenges, Bias, Ethics, Limitations and Future Scope — link
  586. Software Framework for Topic Modelling with Large Corpora — link
  587. Engagement in Earnings Conference Calls — link
  588. Marketing with ChatGPT : Navigating the Ethical Terrain of GPT-Based Chatbot Technology — link
  589. Writing Effective Risk Factor Disclosure in Offering Documents and Exchange Reports
  590. Exploring the Space of Topic Coherence Measures — link
  591. A Critique of the Asset Pricing Theory’s Tests Part I : On Past and Potential Testability of the Theory — link
  592. On the Cross-Sectional Relation between Expected Returns and Betas
  593. An Empirical Investigation of the Arbitrage Pricing Theory — link
  594. Extra- Market Components of Covariance in Security Returns — link
  595. Persuasive Evidence of Market Inefficiency
  596. The Arbitrage Theory of Capital Asset Pricing — link
  597. Are Item 1A Risk Factors Priced ? — link
  598. LLM Economicus? Mapping the Behavioral Biases of LLMs via Utility Theory — link
  599. ChatGPT Utility in Healthcare Education , Research , and Practice : Systematic Review on the Promising Perspectives and Valid Concerns — link
  600. The Utility of ChatGPT as an Example of Large Language Models in Healthcare Education , Research and Practice : Systematic Review on the Future Perspectives and Potential Limitations — link
  601. Multiples for Valuation Estimates of Companies in the Technology Sector of Emerging Markets — link
  602. The Presidential Puzzle: Political Cycles and the Stock Market
  603. Labor Income and Predictable Stock Returns
  604. StoriesLM : A Family of Language Models With Time-Indexed Training Data — link
  605. Analyst Disagreement , Forecast Bias and Stock Returns
  606. Suppressed Negative Information and Future Underperformance * — link
  607. Investor Sentiment and Stock Returns: Some International Evidence
  608. Stock Market Rumors and Credibility — link
  609. Avatar Arena : Virtual Group-Dynamics in Multi-character Negotiation Sc Enarios — link
  610. The FastHCS Algorithm for Robust PCA — link
  611. Deep Copyright : Up - And Downstream Questions Related to Artificial Intelligence ( AI ) and Machine Learning ( ML ) — link
  612. Valuation with Multiples : A Conceptual Analysis — link
  613. What Makes Short Selling Risky : Other Short Sellers — link
  614. On the Estimation of Beta-Pricing Models
  615. Character- LLM : A Trainable Agent for Role-Playing — link
  616. Can LLMs Replace Economic Choice Prediction Labs ? The Case of Language-based Persuasion Games — link
  617. GLEE : A Unified Framework and Benchmark for Language-based Economic Environments — link
  618. Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk
  619. Mutual Fund Performance — link
  620. Investor Sentiment and Economic Forces
  621. Female Representation in the Academic Finance Profession — link
  622. From Efficient Market Theory to Behavioral Finance
  623. Irrational Exuberance
  624. Narrative Economics — link
  625. Corruption
  626. The Limits of Arbitrage
  627. Politicians and Firms
  628. Sequential Tests of the Arbitrage Pricing Theory : A Comparison of Principal Components and Maximum Likelihood Factors — link
  629. Earnings Disclosures and Stockholder Lawsuits — link
  630. Why Firms Voluntarily Disclose Bad News — link
  631. Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?
  632. Bubbles, Crashes , and Endogenous Expectations in Experimental Spot Asset Markets — link
  633. A New Approach to Predicting Analyst Forecast Errors: Do Investors Overweight Analyst Forecasts?
  634. Risks in China ’s Financial System
  635. Simulating Human Strategic Behavior : Comparing Single and Multi-agent LLMs — link
  636. Arbitrage Asymmetry and the Idiosyncratic Volatility Puzzle
  637. The Long of It: Odds That Investor Sentiment Spuriously Predicts Anomaly Returns — link
  638. Mispricing Factors — link
  639. The Short of It: Investor Sentiment and Anomalies
  640. Rational Capital Budgeting in an Irrational World — link
  641. Exploring Topic Coherence over Many Models and Many Topics — link
  642. LLM-based Multi-Agent Reinforcement Learning : Current and Future Direc Tions — link
  643. Full- Text or Abstract? Examining Topic Coherence Scores Using Latent Dirichlet Allocation — link
  644. AVATAR ARENA : AN ATTEMPT TO APPLY SOCIO-PHYSIOLOGICAL CONCEPTS OF COG NITIVE CONSISTENCY IN AVATAR-AVATAR NEGOTIATION SCENARIOS
  645. Multi- Agent Collaboration : Harnessing the Power of Intelligent LLM Age Nts — link
  646. Deep Representation Learning for Social Network Analysis — link
  647. News- Based Peers and Stock Returns — link
  648. The Geography of Hedge Funds
  649. All the News That ’s Fit to Reprint : Do Investors React to Stale Information ? — link
  650. Does Public Financial News Resolve Asymmetric Information ? — link
  651. Giving Content to Investor Sentiment : The Role of Media in the Stock Market — link
  652. More Than Words : Quantifying Language to Measure Firms ’ Fundamentals — link
  653. Inventory Changes and Future Returns
  654. ChatGPT Is Fun, but Not an Author — link
  655. Regression Shrinkage and Selection via the Lasso — link
  656. Theorizing with Large Language Models — link
  657. Local Risk, Local Factors, and Asset Prices
  658. Strategic Default , Debt Structure , and Stock Returns — link
  659. Duration- Based Stock Valuation : Reassessing Stock Market Performance and Volatility — link
  660. Man versus Machine Learning : The Term Structure of Earnings Expectations and Conditional Biases — link
  661. Real Anomalies — link
  662. The Term Structure of Returns: Facts and Theory — link
  663. Information Acquisition and Under-Diversification — link
  664. Attention Is All You Need — link
  665. Information Acquisition in a Noisy Rational Expectations Economy — link
  666. Insider Sales under the Threat of Short Sellers : New Hypothesis and New Tests — link
  667. QuantAgent : Seeking Holy Grail in Trading by Self-Improving Large Lang Uage Model — link
  668. Shorting Flows, Public Disclosure, and Market Efficiency — link
  669. Equity Market Misvaluation, Financing, and Investment — link
  670. The Impact of Artificial Intelligence on the Labor Market — link
  671. Cash Flow Duration and the Term Structure of Equity Returns — link
  672. Bubbles and Financial Professionals — link
  673. What Is the Stock Market , What Does It Do , and How Does It Work ? — link
  674. " What Can ChatGPT Do ?" Analyzing Early Reactions to the Innovative AI Chatbot on Twitter — link
  675. Complexity Economics as Heterodoxy : Theory and Policy — link
  676. Tweeting in the Dark : Corporate Tweeting and Information Diffusion — link
  677. Post- Apocalyptic : The Real Consequences of Activist Short-Selling — link
  678. Can ChatGPT Predict Future Interest Rate Decisions ? — link
  679. Econometric Analysis of Cross Section and Panel Data — link
  680. BloombergGPT : A Large Language Model for Finance — link
  681. A Cross-Sectional Machine Learning Approach for Hedge Fund Return Prediction and Selection — link
  682. Does Arbitrage Flatten Demand Curves for Stocks?
  683. Can Large Language Model Agents Simulate Human Trust Behavior ? — link
  684. The Wall Street Neophyte : A Zero-Shot Analysis of ChatGPT Over MultiModal Stock Movement Prediction Challenges
  685. Interpreting the Value Effect through the Q-theory : An Empirical Investigation
  686. The Rise and Potential of Large Language Model Based Agents : A Survey — link
  687. Fundamental Analysis and the Cross-Section of Stock Returns : A Data-Mining Approach — link
  688. Large Language Models Can Rate News Outlet Credibility — link
  689. Predictive Patentomics : Forecasting Innovation Success and Valuation w Ith ChatGPT — link
  690. TradingGPT : Multi-Agent System with Layered Memory and Distinct Charac Ters for Enhanced Financial Trading Performance
  691. A Consumption-Based Explanation of Expected Stock Returns — link
  692. FinCon : A Synthesized LLM Multi-Agent System with Conceptual Verbal Reinforcement for Enhanced Financial Decision Making — link
  693. FinMem : A Performance-Enhanced LLM Trading Agent with Layered Memory a Nd Character Design — link
  694. Investor Sentiment and the Mean-Variance Relation
  695. Manager Uncertainty and the Cross-Section of Stock Returns — link
  696. USimAgent : Large Language Models for Simulating Search Users — link
  697. The Value Premium — link
  698. When AI Meets Finance ( StockAgent ): Large Language Model-based Stock Trading in Simulated Real-world Environments — link
  699. Activist Short-Selling and Corporate Opacity — link
  700. Measuring Investor Sentiment
  701. Exploring AI Ethics of ChatGPT : A Diagnostic Analysis — link

2 of 709 cited works are in the corpus; resolved via arXiv source bundles, Semantic Scholar and OpenAlex. Corpus-wide: 2518 linked papers.