| Risk Factors That Matter: Textual Analysis of Risk Disclosures for the Cross-Section of Returns by Lopez-Lira | 45 | Linear factor models | 2019 |
| Large Language Models and Return Prediction in China by Tan et al. | 11 | Language models | 2024 |
| Can ChatGPT Forecast Stock Price Movements? Return Predictability and Large Language Models by Lopez-Lira and Tang | 9 | Language models | 2025 |
| Unveiling the Potential of Sentiment: Can Large Language Models Predict Chinese Stock Price Movements? by Zhang et al. | 8 | Language models | 2024 |
| War Discourse and the Cross Section of Expected Stock Returns by Hirshleifer et al. | 7 | Linear factor models | 2023 |
| A News-based Machine Learning Model for Adaptive Asset Pricing by Zhu et al. | 5 | Linear factor models | 2021 |
| An Impact Measure for News: Its Use in Daily Trading Strategies by Yu et al. | 5 | | 2015 |
| Media Sentiment and the Cross-Section of Option Returns by Filippou and Garcia-Ares | 4 | Linear factor models | 2022 |
| Integrating Stock Features and Global Information via Large Language Models for Enhanced Stock Return Prediction by Ding et al. | 3 | Language models | 2023 |
| What survives honest evaluation? Leakage-safe, search-aware assessment of LLM-driven trading strategy discovery by Gençay | 2 | Language models | 2026 |
| Does sentiment help in asset pricing? A novel approach using large language models and market-based labels by Schuettler et al. | 2 | Language models | 2024 |
| ECC Analyzer: Extract Trading Signal from Earnings Conference Calls using Large Language Model for Stock Performance Prediction by Cao et al. | 2 | Neural networks +1 | 2024 |
| ESG Investing: A Sentiment Analysis Approach by Goutte et al. | 2 | | 2023 |
| Expanding the Fama-French Factor Model with the Industry Beta by Schmidt | 2 | Linear factor models | 2023 |
| GPT-InvestAR: Enhancing Stock Investment Strategies through Annual Report Analysis with Large Language Models by Gupta | 2 | Language models | 2023 |
| Financial News Sentiment Learned by BERT: A Strict Out-of-Sample Study by Salbrechter | 2 | Language models | 2022 |
| The Positive Similarity of Company Filings and the Cross-Section of Stock Returns by Padysak | 2 | | 2020 |
| Buzzwords Build Momentum: Global Financial Twitter Sentiment and the Aggregate Stock Market by Groß-Klußmann et al. | 2 | | 2019 |
| An Extreme Firm-Specific News Sentiment Asymmetry Based Trading Strategy by Song et al. | 2 | | 2015 |
| TradExpert: Revolutionizing Trading with Mixture of Expert LLMs by Ding et al. | 1 | Language models | 2025 |
| Fine-Tuning Large Language Models for Stock Return Prediction Using Newsflow by Guo and Hauptmann | 1 | Language models | 2024 |
| FinReport: Explainable Stock Earnings Forecasting via News Factor Analyzing Model by Li et al. | 1 | Linear factor models +1 | 2024 |
| Leveraging Large Language Models for Institutional Portfolio Management: Persona-Based Ensembles by Abe et al. | 1 | Language models | 2024 |
| What do we Learn from a Machine Understanding News Content? Stock Market Reaction to News by Brière et al. | 1 | | 2022 |
| When Machines Trade on Corporate Disclosures: Using Text Analytics for Investment Strategies by Schmitz et al. | 1 | | 2021 |
| "Do LLM ""Crowds"" Produce Investment Signals? An Empirical Test" by Edwards | 0 | Linear factor models +1 | 2026 |
| Adaptive Alpha Weighting with PPO: Enhancing Prompt-Based LLM-Generated Alphas in Quant Trading by Chen and Kawashima | 0 | Language models | 2026 |
| Alphaaudit: A Benchmark for Auditing AI-generated Trading Strategies with a Reference Implementation on Indian Equities by Jain | 0 | Language models | 2026 |
| AlphaDiverse: Post-Training Local Quantitative Research Agents for Diverse Exploration in Alpha Factor Mining by Wang et al. | 0 | Language models | 2026 |
| Analyzing Sentiment in Financial News: A Quantitative Study for the Advancement of Trading Strategies by Diana | 0 | Neural networks | 2026 |
| Beta Recall, Alpha Recall, and a Contamination Detector that Needs No Labels * Measuring Training-data Leakage in LLM Equity Signals by Nguyen | 0 | Language models | 2026 |
| Can Financial News Sentiment Predict Next-Day Price Movement Direction For NSE-Listed Large-Cap Stocks? by Yellayi | 0 | Tree ensembles +2 | 2026 |
| ChatGPT as a Time Capsule: The Limits of Price Discovery by Lehner and Lopez-Lira | 0 | Linear factor models +1 | 2026 |
| Climate News Betas and Risk Premia by Lalwani | 0 | | 2026 |
| Cross-Attention Latent Fusion: Integrating DeepSeek-R1 and Mamba for Downside-Aware Quantitative Trading by Jomaa and Jouni | 0 | State-space models +1 | 2026 |
| DatedGPT: Preventing Lookahead Bias in Large Language Models with Time-Aware Pretraining by Yan et al. | 0 | Language models | 2026 |
| Debiasing LLMs by Fine-tuning by Gao et al. | 0 | Language models | 2026 |
| Dispersion of News Sentiment and Stock Price Return: Applying a Deep Learning Approach by Alam and Isakin | 0 | Neural networks | 2026 |
| Empirical Asset Pricing via Large Language Models by Yatawara | 0 | Language models | 2026 |
| Evaluating AI Trading Strategies Using a Paper Trading Framework by Kaur | 0 | Tree ensembles +1 | 2026 |
| Evolutionary Factor Searching for Sparse Portfolio Optimization Using Large Language Models by Chen et al. | 0 | Linear factor models +1 | 2026 |
| Execution-Aware Alpha Mining: Teaching LLM Factor Agents to Account for Trading Costs by Nagireddy | 0 | Language models | 2026 |
| FinSentiment Alpha: NLP-Based Sentiment Signals for Long-Short Equity Strategies in US Markets Working Paper by Saluja | 0 | Neural networks +2 | 2026 |
| From Financial Sentiment Classification to Return Predictability: A QLoRA Benchmark of Large Language Models by Luo | 0 | Language models | 2026 |
| From Knowing to Doing: A Memory-Controlled Benchmark for LLM Trading Agents on Stock Markets by Zhu et al. | 0 | Language models | 2026 |
| Generative AI-Based High-Growth Potential Ranking for Portfolio Construction: Evidence from China's Optical Industry by Lin and Xue | 0 | Language models | 2026 |
| Greenwashing Detection Through ESG Rating Divergence and NLP Sentiment Analysis: Does Rating Divergence Predict Stock Underperformance? by Syed | 0 | Linear factor models +1 | 2026 |
| Headline-Driven Information Linkages in Equity Markets by Qian et al. | 0 | Linear factor models | 2026 |
| Janus-Q: End-to-End Event-Driven Trading via Hierarchical-Gated Reward Modeling by Li et al. | 0 | Language models | 2026 |
| Large Language Models for Asset Pricing: Learning from Earnings Calls by Zhang and Zhou | 0 | Language models | 2026 |
| Large Language Models in Financial Decision-Making: A Methodological Framework for Evaluating AI Trading Strategies by Sitjar | 0 | Language models | 2026 |
| LLM-Based High-Growth Potential Ranking and Portfolio Selection: Evidence from China's Optical Industry by Lin and Xue | 0 | Language models | 2026 |
| LLM-Driven Investment Models: Can Large Language Models Extract Alpha from Earnings Call Transcripts? by Ghosal | 0 | Language models | 2026 |
| LLM-Driven Investment Models: Evidence from Earnings Call Transcripts by Ghosal | 0 | Language models | 2026 |
| Memorisation or Alpha? Detecting Look-Ahead Contamination in Cross-Sectional Equity Signals by Nguyen | 0 | Language models | 2026 |
| Mining Alpha from Financial Headlines: A Comparative Study of Different LLM Architectures by Affonso and Perlin | 0 | Language models | 2026 |
| Open-Source Edge LLMs for Forecasting Stock Returns via News Headline Sentiment Analysis by Arndt | 0 | Language models | 2026 |
| Open-Source versus Proprietary LLMs for Sentiment-Based Equity Portfolios by Affonso and Perlin | 0 | Language models | 2026 |
| Predicting the impact on Stock Market with Current Trade Tariff Announcements by Jhaveri et al. | 0 | Tree ensembles +2 | 2026 |
| Predicting U.S. Stock Sectors Using AI-Driven News Sentiment Analysis by Prakash | 0 | | 2026 |
| Reading the Late-Filing Notification: Form NT Body Narratives Predict Subsequent SEC Restatement Disclosures by Ahn | 0 | Linear factor models +1 | 2026 |
| Self-Improving Alpha Mining for Quantitative Trading via Multi-Agent Large Language Models with Knowledge Base Accumulation by Vu et al. | 0 | Language models | 2026 |
| Supply Chain Propagation of Textual Signals: LLM Embeddings and Cross-Sectional Return Predictability by Yılkı | 0 | Linear factor models +1 | 2026 |
| Technological Innovation and the Cross Section of Returns by Gabelmann and Mueller | 0 | Linear factor models | 2026 |
| The Impact of Social Media Sentiment on Stock Return Forecasting: B2B vs. B2C Firm Differences by Wang et al. | 0 | | 2026 |
| Transformer-Based Sentiment, Alpha Decay, and Market Efficiency: Evidence from the NIFTY 50 in the Era of Democratised AI (2024-2025) by Maheswari | 0 | Classical time series +2 | 2026 |
| Trials-adjusted Out-of-Sample Gating for LLM-proposed Trading Strategies by Olagoke | 0 | Language models | 2026 |
| Voice Beyond Words: Evidence That Managerial Tone Predicts Returns When Text Does Not by Pope | 0 | | 2026 |
| War Discourse and Cross-Section of Expected Stock Returns by Parvaiz | 0 | Linear factor models +1 | 2026 |
| A Hype-Adjusted Probability Measure for NLP Stock Return Forecasting by Cao and Geman | 0 | | 2025 |
| Dynamic Asset Pricing: Integrating FinBERT-Based Sentiment Quantification with the Fama--French Five-Factor Model by Zhang | 0 | Neural networks +2 | 2025 |
| Exploring the Synergy of Quantitative Factors and Newsflow Representations from Large Language Models for Stock Return Prediction by Guo and Hauptmann | 0 | Language models | 2025 |
| Feature Augmentations for High-Dimensional Learning by Zhu et al. | 0 | Linear factor models | 2025 |
| Generative AI-enhanced Sector-based Investment Portfolio Construction by Voronina et al. | 0 | Language models | 2025 |
| Interpretable Company Similarity with Sparse Autoencoders by Molinari et al. | 0 | Language models | 2025 |
| NewsNet-SDF: Stochastic Discount Factor Estimation with Pretrained Language Model News Embeddings via Adversarial Networks by Wang et al. | 0 | Neural networks +2 | 2025 |
| RavenPack Quantitative Research: Constructing a Machine Learning-Based Country Allocation Strategy Using News Sentiment by Hafez et al. | 0 | | 2025 |
| The New Quant: A Survey of Large Language Models in Financial Prediction and Trading by Fu | 0 | Language models | 2025 |
| "Generating long-horizon stock ""buy"" signals with a neural language model" by Bock | 0 | Language models | 2024 |
| Do LLM Personas Dream of Bull Markets? Comparing Human and AI Investment Strategies Through the Lens of the Five-Factor Model by Borman et al. | 0 | Linear factor models +1 | 2024 |
| Sentiment, Social Media, and Meme Stock Return Predictability by Li and Li | 0 | | 2024 |
| Statistical Properties of News Sentiment Inhibit Return Predictability by Ryabinin | 0 | | 2023 |
| Influencer Tweet NLP for Equity Trading Signals by Name | 0 | | 2021 |
| News-Based Links and Cross-firm Return Predictability by Tao et al. | 0 | | 2020 |
| News-based trading strategies by Feuerriegel and Prendinger | 0 | | 2018 |
| Quality of Private Signals and Expectations About Returns by Gholampour | 0 | | 2016 |
| News Sentiment, Factor Models and Abnormal Stock Returns by Borovkova and Xiaobo | 0 | Linear factor models | 2015 |
| AlphaSeek: Trajectory-Level Self-Iterative Factor Mining Framework for Multi-Source Financial Data by Zhu et al. | | Language models | 2026 |
| Financial Language Models as Applied Artificial Intelligence Systems for News-Based Trading under Market Frictions by Kirtac | | | 2026 |
| ChatGPT in Systematic Investing -- Enhancing Risk-Adjusted Returns with LLMs by Anic et al. | | Language models | 2025 |
| Empirical Asset Pricing with Large Language Model Agents by Cheng and Chin | | Language models | 2025 |
| To Trade or Not to Trade: An Agentic Approach to Estimating Market Risk Improves Trading Decisions by Emmanoulopoulos et al. | | Mathematical derivation +1 | 2025 |
| TradingGroup: A Multi-Agent Trading System with Self-Reflection and Data-Synthesis by Tian et al. | | Language models | 2025 |
| Can central bankers’ talk predict bank stock returns? A machine learning approach by Katsafados et al. | | Linear factor models | 2024 |
| Sentiment trading with large language models by Kirtac and Germano | | Language models | 2024 |
| Textual Sentiment, Option Characteristics, and Stock Return Predictability | | | 2018 |
| Daily Market News Sentiment and Stock Prices by Allen et al. | | Linear factor models | 2015 |