Financial Accounting

Updated as of February 2025.

Published/Accepted Manuscripts

[1] Context-Based Interpretation of Financial Information SSRN Publisher

#Info Processing #Asset Pricing #LLM #Machine Learning
Co-author: Valeri Nikolaev
Forthcoming, Journal of Accounting Research

Press: Columbia Law School Blue Sky Blog, Chicago Booth Review
Presentations: Boston College, City University of Hong Kong, HKUST, Seoul National University, University of Chicago, 2022 KAA Winter Conference

[2] Vocal Delivery Quality in Earnings Conference Calls SSRN Publisher

#Info Processing #Measurement #Machine Learning
Co-authors: Bok Baik, David Kim, and Sangwon Yoon
Forthcoming, Journal of Accounting & Economics

Press: Columbia Law School Blue Sky Blog, Chicago Booth Review
Presentations: University of Chicago, MIT, National University of Singapore, Yonsei University, 2022 Korean Accounting Association (KAA) Summer Conference, 2022 MIT Asia Accounting Conference, 2023 AAA, 2023 S&P Quant Investing Conference

Working Papers

[1] Bloated Disclosures: Does ChatGPT Help Investors Process Information? SSRN arXiv

#Info Processing #Measurement #LLM
Co-authors: Maximilian Muhn and Valeri Nikolaev
R&R, Journal of Accounting & Economics

Press: Bloomberg/Fortune, AlphaArchitect, Becker Friedman Institute Research Brief, The Pie (Podcast by the BFI), Columbia Law School Blue Sky Blog, Chicago Booth Review, Financial Planning Magazine, Marginal Revolution, Random Walk, Investor Choice Advocates Network (ICAN) Podcast, Chicago Booth Review Podcast, MIT Technology Review (Nov 2023)
Presentations: Stanford University, University of Chicago, Bochum University, University of Michigan, 2023 GSU-RFS Fintech Conference, 2023 KAA Summer Conference, 2023 NYU Big Apple Accounting Conference, 2023 Texas A&M Accounting Conference, 2023 Council for Institutional Investors Fall Conference, CFA Institute, SEC, 2024 FARS, 2024 CFMR, 2024 Bretton Woods Accounting and Finance Ski Conference, 2024 AAA, 2024 SFA, 2024 FMA Annual Meeting, 2024 CFEA, 2025 HARC (scheduled)
Award/Grants: 2024 FARS Midyear Best Paper Award, 2023 Fama-Miller Center for Research in Finance Fund ($30,000), 2023 Fall Stevens Doctoral Program Research Fund ($15,000), 2023 Deloitte Best Research Paper Award (KAA), 2024 FMA Best Paper Award in Corporate Finance

[2] Firm-Level Tax Audits: A Generative AI-Based Measurement SSRN

#Measurement #Taxation #LLM
Co-author: Ga-Young Choi
R&R, The Accounting Review

Press: ProMarket, The FinReg Blog
Presentations: City, University of London, University of Liverpool, University of Seoul, 2023 Early Career Accounting Scholars Conference, 2023 KAA International Summer Conference, 2024 EAA, 2024 Finance and Accounting Annual Research Symposium, 2024 IESE Barcelona Tax Conference, 2024 AAA, 2024 Mannheim Taxation Conference, 2024 NTA
Award/Grants: 2022 Bayes Pump Priming Programme Research Grant

[3] Contextualizing Profitability SSRN

#Info Processing #Asset Pricing #LLM #Machine Learning
Co-author: Valeri Nikolaev
R&R, Journal of Financial Economics

Press: Becker Friedman Institute Research Brief, Columbia Law School Blue Sky Blog, Chicago Booth Review
Presentations: University of Chicago Workshop, 2023 KAA Summer Conference, University of Calgary

[4] Financial Statement Analysis with Large Language Models

#Info Processing #Asset Pricing #LLM #Machine Learning
Co-authors: Maximilian Muhn and Valeri Nikolaev
Update: My co-author identified some inconsistencies while attempting to replicate past analyses from this paper. Accordingly, the working paper is temporarily withdrawn from circulation while the research findings are reviewed.

Press: Wall Street Journal, Financial Times Unhedged Podcast, Financial Times (Daily), Financial Times, Bloomberg, Forbes, Business Insider, Marginal Revolution, Rebellion Research, VentureBeat, Data-Driven VC, BFI Research Brief, FP&A Podcast, Money, Columbia Law School Blue Sky Blog, SUERF, Chicago Booth Review
Presentations: University of Chicago, University of North Carolina at Chapel Hill, University of Oregon, Harvard Business School, Wharton, INSEAD, LMU Munich, Seoul National University, University of Maryland, JNE Partners, Balyasny Asset Management Workshop, Bloomberg Quant Seminar, S&P AI Initiatives, 2024 Tuck Accounting Spring Camp at Dartmouth, Korean-American Accounting Professor Association, Bernstein Quantitative Finance Conference, 2024 Korean Accounting Association Annual Conference, 2024 5th Analyst Research Conference, 2024 WashU Olin Accounting Research Conference, 2024 UIC Accounting Conference, 2024 Conference on Frontiers in Machine Learning and Economics by Fed, 2024 Q-Group Conference, 2024 Columbia Burton Accounting Conference, 2024 CFEA, 2024 Chapman University Finance Conference, 2025 HARC, 2024 Australian Banking and Finance Conference
Award/Grants: 2024 Fama-Miller Center for Research in Finance Funding, 2024 Blackrock Best Research Paper Award in Investments (Australian Banking and Finance Conference)

[5] From Transcripts to Insights: Uncovering Corporate Risks Using Generative AI SSRN arXiv

#Info Processing #Measurement #LLM
Co-authors: Maximilian Muhn and Valeri Nikolaev

Press: Becker Friedman Institute Research Brief, Harvard Law School Blog, Chicago Booth Review, CXO Advisory Group
Presentations: 2023 QES Quant Investing Conference, CFA Institute, Tilburg Winter Symposium, PCAOB, 2024 FMA Applied Finance Conference, 2024 FMA Asia-Pacific, International Risk Management Conference at Bocconi University, 2024 European Finance Association Annual Meeting, 2024 RiskLab/BoF/ESRB Conference on AI and Systemic Risk Analytics, 2024 AAA, 2024 FMA Annual Meeting, 2025 FARS
Award/Grants: 2024 FMA Applied Finance Conference Best Paper Award, 2024 FMA Asia-Pacific Conference Best Paper Award in Corporate Finance

[6] AI, Investment Decisions, and Inequality

#Info Processing #LLM
Co-authors: David Kim, Maximilian Muhn, Valeri Nikolaev, and Eric So

Presentations: University of Chicago Workshop, MIT Behavioral Lab
Award/Grants: Fama-Miller Center for Research in Finance Funding, Stevens Doctoral Program Research Funding

[7] Learning Fundamentals from Text SSRN

#Info Processing #LLM
Co-authors: Maximilian Muhn, Valeri Nikolaev, and Yijing Zhang

Works-in-Progress

[1] Optimal Narratives

#Info Processing #Asset Pricing #LLM #Machine Learning
Solo-authored 2nd-year paper (advisors: Eugene Fama and Valeri Nikolaev)

Award/Grants: Fama-Miller Center for Finance Research

[2] Large Language Models and Financial Reporting Oversight

#Auditing #LLM #Machine Learning
Co-authors: Maximilian Muhn, Valeri Nikolaev, and Irene Tan
Proposal revision requested by The Accounting Review

Presentation: 2024 TAR/PCAOB Registered Reports Conference

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