This study introduces a novel measure of information content (Human-AI Differences, HAID) by exploiting the discrepancy between answers to questions at earnings calls provided by corporate executives and those given by several context-preserving Large Language Models such as ChatGPT, Google Bard, and an open source LLM. Overall, the results highlight the importance of using LLM as a tool to help investors unveil the veiled – penetrating the information layers and unearthing hidden insights.
In this paper, we use recent advances in generative artificial intelligence (i.e., ChatGPT) to generate responses to investor questions based on existing information related to macroeconomics, industry trends, and firm conditions.