Unveiling tone manipulation in MD&A: Evidence from ChatGPT experiments

被引：0
|
作者：
Song, Piaopeng [1 ]
Lu, Hanglin [1 ,2 ]
Zhang, Yongjie [1 ,2 ]
机构：
[1] Tianjin Univ, Coll Management & Econ, Tianjin 300072, Peoples R China
[2] Tianjin Univ, Complex Management Syst Lab, Tianjin 300072, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 67卷
基金：
中国国家自然科学基金;
关键词：
ChatGPT; Syntactic Complexity; Tone Manipulation; MD&A;
D O I：
10.1016/j.frl.2024.105837
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This research uses ChatGPT-3.5 and ChatGPT-4 to investigate tone manipulation in the management discussion and analysis of annual reports of Chinese-listed companies. We find that the quantification of emotional content in text using financial BERT model and dictionary approach is inconsistent due to two kinds of manipulation: "Expression Manipulation" and "Word Manipulation". Based on ChatGPT we verify the manipulative behavior of complex expressions and sentiment word substitutions. Our research suggests that using ChatGPT with appropriate cue words can help alleviate tone manipulation in financial texts, with GPT-4 having a better effect.
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页数：7
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