From fiction to fact: the growing role of generative AI in business and finance

Abstract

Generative Artificial Intelligence (AI), such as ChatGPT by OpenAI, has revolutionized the business world, with benefits including improved accessibility, efficiency, and cost reduction. This article reviews recent developments of generative AI in business and finance, summarizes its practical applications, provides examples of the latest generative AI tools, and demonstrates that generative AI can revolutionize data analysis in industry and academia. To test the ability of generative AI to support decision-making in financial markets, we use the ChatGPT to capture corporate sentiments towards environmental policy by inputting text extracted from corporate financial statements. Our results demonstrate that the sentiment scores generated by ChatGPT can predict firms' riskmanagement capabilities and stock return performance. This study also highlights the potential challenges and limitations associated with generative AI. Finally, we propose several questions for future research at the intersection of generative AI with business and finance.

Comparative Analysis of Artificial Intelligence Translation and Human Translation from the Perspective of International Communication—Taking the Chinese Translation of "Dream of Autumn" as an Example

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“…Generative AI contributes significantly to product design and optimization, enabling the exploration of innovative ideas and efficient iteration of designs (Bilgram and Laarmann, 2023). Moreover, its predictive capabilities are crucial in forecasting trends, demand and potential issues, facilitating informed decision-making (Chen et al ., 2023). Overall, its versatility, from creative tasks to predictive analytics and process improvement, positions generative AI as a game-changer with broad-reaching implications for industrial and business practices (Kar et al ., 2023).…”

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