{"results":[{"id":"ss_83edcfbb206ddad38a971d605da09390604248ea","title":"BloombergGPT: A Large Language Model for Finance","authors":[{"name":"Shijie Wu"},{"name":"Ozan Irsoy"},{"name":"Steven Lu"},{"name":"Vadim Dabravolski"},{"name":"Mark Dredze"},{"name":"Sebastian Gehrmann"},{"name":"P. Kambadur"},{"name":"David Stuart Rosenberg"},{"name":"Gideon Mann"}],"abstract":"The use of NLP in the realm of financial technology is broad and complex, with applications ranging from sentiment analysis and named entity recognition to question answering. Large Language Models (LLMs) have been shown to be effective on a variety of tasks; however, no LLM specialized for the financial domain has been reported in literature. In this work, we present BloombergGPT, a 50 billion parameter language model that is trained on a wide range of financial data. We construct a 363 billion token dataset based on Bloomberg's extensive data sources, perhaps the largest domain-specific dataset yet, augmented with 345 billion tokens from general purpose datasets. We validate BloombergGPT on standard LLM benchmarks, open financial benchmarks, and a suite of internal benchmarks that most accurately reflect our intended usage. Our mixed dataset training leads to a model that outperforms existing models on financial tasks by significant margins without sacrificing performance on general LLM benchmarks. Additionally, we explain our modeling choices, training process, and evaluation methodology. We release Training Chronicles (Appendix C) detailing our experience in training BloombergGPT.","source":"Semantic Scholar","year":2023,"language":"en","subjects":["Computer Science","Economics"],"url":"https://www.semanticscholar.org/paper/83edcfbb206ddad38a971d605da09390604248ea","is_open_access":true,"citations":1251,"published_at":"","score":97},{"id":"ss_4590f286bbca08b4e287612c3071440b592119a2","title":"AMERICAN FINANCE ASSOCIATION","authors":null,"abstract":"","source":"Semantic Scholar","year":2022,"language":"en","subjects":null,"doi":"10.1111/jofi.12916","url":"https://www.semanticscholar.org/paper/4590f286bbca08b4e287612c3071440b592119a2","is_open_access":true,"citations":2880,"published_at":"","score":96},{"id":"ss_c09759eaf12ffaf1f00012718832ce8675e43f6e","title":"Firms and social responsibility: A review of ESG and CSR research in corporate finance","authors":[{"name":"Stuart L. Gillan"},{"name":"Andrew Koch"},{"name":"L. Starks"}],"abstract":"Abstract We review the financial economics-based research on Environmental, Social, and Governance (ESG) and Corporate Social Responsibility (CSR) with an emphasis on corporate finance. In doing so we focus on the most debated and researched issues. Although a firm's ESG/CSR profile and activities are shown to be strongly related to the firm's market, leadership and owner characteristics as well its risk, performance and value, there still exist conflicting hypotheses and results that we show are not resolved, leading to continued questions and a need for more research.","source":"Semantic Scholar","year":2021,"language":"en","subjects":["Business"],"doi":"10.1016/J.JCORPFIN.2021.101889","url":"https://www.semanticscholar.org/paper/c09759eaf12ffaf1f00012718832ce8675e43f6e","is_open_access":true,"citations":1986,"published_at":"","score":95},{"id":"ss_33240ba68d229ca745e0e5b89541c7f786967260","title":"Corporate Social Responsibility and Access to Finance","authors":[{"name":"Beiting Cheng"},{"name":"I. Ioannou"},{"name":"G. Serafeim"}],"abstract":"We investigate whether superior performance on corporate social responsibility (CSR) strategies leads to better access to finance. We hypothesize that better access to finance can be attributed to (1) reduced agency costs due to enhanced stakeholder engagement and (2) reduced informational asymmetry due to increased transparency. Using a large cross-section of firms, we find that firms with better CSR performance face significantly lower capital constraints. We provide evidence that both better stakeholder engagement and transparency around CSR performance are important in reducing capital constraints. The results are further confirmed using several alternative measures of capital constraints, a paired analysis based on a ratings shock to CSR performance, an instrumental variables approach, and a simultaneous equations approach. Finally, we show that the relation is driven by both the social and environmental dimension of CSR. Copyright © 2013 John Wiley \u0026 Sons, Ltd.","source":"Semantic Scholar","year":2012,"language":"en","subjects":["Business","Economics"],"doi":"10.1002/SMJ.2131","url":"https://www.semanticscholar.org/paper/33240ba68d229ca745e0e5b89541c7f786967260","pdf_url":"https://dash.harvard.edu/bitstream/1/9887635/1/cheng%2cioannou%2cserafeim-Corporate%20Social%20Responsibility%20and%20Access%20to%20Finance.pdf","is_open_access":true,"citations":3337,"published_at":"","score":86},{"id":"ss_c9e03cedff8ce5e3805ed53a354c4a10eef589e1","title":"RATS Handbook to Accompany Introductory Econometrics for Finance","authors":[{"name":"Chris Brooks"}],"abstract":"","source":"Semantic Scholar","year":2008,"language":"en","subjects":["Economics","Computer Science","Mathematics"],"doi":"10.1017/CBO9780511814082.002","url":"https://www.semanticscholar.org/paper/c9e03cedff8ce5e3805ed53a354c4a10eef589e1","is_open_access":true,"citations":3029,"published_at":"","score":82},{"id":"ss_5b0b85c1ddfc377636e76f85aa515016ea6ec93f","title":"Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers","authors":[{"name":"Michael C. Jensen"}],"abstract":"","source":"Semantic Scholar","year":1999,"language":"en","subjects":["Business","Economics"],"doi":"10.2139/SSRN.99580","url":"https://www.semanticscholar.org/paper/5b0b85c1ddfc377636e76f85aa515016ea6ec93f","is_open_access":true,"citations":23505,"published_at":"","score":80},{"id":"ss_6dc1a6850fc064a46c99b636adffb76f1c2f08ab","title":"Law and Finance","authors":[{"name":"R. Porta"},{"name":"Florencio Lopez‐de‐Silanes"},{"name":"A. Shleifer"},{"name":"Robert W. Vishny"}],"abstract":"","source":"Semantic Scholar","year":1998,"language":"en","subjects":["Business","Economics"],"doi":"10.1086/250042","url":"https://www.semanticscholar.org/paper/6dc1a6850fc064a46c99b636adffb76f1c2f08ab","pdf_url":"https://doi.org/10.3386/w5661","is_open_access":true,"citations":18127,"published_at":"","score":80},{"id":"ss_81c84afa78c3445b783db0b9dbec3b70f2cb3a19","title":"The Cost of Capital, Corporation Finance and the Theory of Investment","authors":[{"name":"Merton H. Miller"}],"abstract":"","source":"Semantic Scholar","year":1958,"language":"en","subjects":["Economics"],"url":"https://www.semanticscholar.org/paper/81c84afa78c3445b783db0b9dbec3b70f2cb3a19","is_open_access":true,"citations":17558,"published_at":"","score":80},{"id":"ss_5cba3a8b60959c2175150e8aa2fc1d3a66c181e9","title":"Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches","authors":[{"name":"Mitchell A. Petersen"}],"abstract":"","source":"Semantic Scholar","year":2005,"language":"en","subjects":["Computer Science","Economics"],"doi":"10.2139/SSRN.661481","url":"https://www.semanticscholar.org/paper/5cba3a8b60959c2175150e8aa2fc1d3a66c181e9","pdf_url":"http://papers.nber.org/papers/w11280.pdf","is_open_access":true,"citations":9101,"published_at":"","score":80},{"id":"ss_e711b61ec85cd2b09d43a6737abe94035fa0e652","title":"Finance and Growth: Schumpeter Might Be Right","authors":[{"name":"Robert G. King"}],"abstract":"","source":"Semantic Scholar","year":1993,"language":"en","subjects":["Economics"],"doi":"10.2307/2118406","url":"https://www.semanticscholar.org/paper/e711b61ec85cd2b09d43a6737abe94035fa0e652","pdf_url":"http://documents.worldbank.org/curated/en/361791468739247920/pdf/multi-page.pdf","is_open_access":true,"citations":9113,"published_at":"","score":80},{"id":"ss_7847011c0fd1a53e552c1e710a6e2012e915dd57","title":"Legal Determinants of External Finance","authors":[{"name":"R. Porta"},{"name":"R. Porta"},{"name":"Florencio Lopez‐de‐Silanes"},{"name":"Florencio Lopez‐de‐Silanes"},{"name":"A. Shleifer"},{"name":"A. Shleifer"},{"name":"Robert W. Vishny"},{"name":"Robert W. Vishny"}],"abstract":"","source":"Semantic Scholar","year":1997,"language":"en","subjects":["Economics","Business"],"doi":"10.1111/J.1540-6261.1997.TB02727.X","url":"https://www.semanticscholar.org/paper/7847011c0fd1a53e552c1e710a6e2012e915dd57","pdf_url":"https://doi.org/10.3386/w5879","is_open_access":true,"citations":10101,"published_at":"","score":80},{"id":"ss_61d66e74e0d6973baf01ced1ddc27bc182c88bce","title":"Event Studies in Economics and Finance","authors":[{"name":"Craig Mackinlay"}],"abstract":"","source":"Semantic Scholar","year":1997,"language":"en","subjects":["Economics"],"url":"https://www.semanticscholar.org/paper/61d66e74e0d6973baf01ced1ddc27bc182c88bce","is_open_access":true,"citations":4565,"published_at":"","score":80},{"id":"ss_fffc42bfae388f857021fe3539ea4142ca74ac8b","title":"Law, Finance, and Economic Growth in China","authors":[{"name":"Franklin Allen"},{"name":"J. Qian"},{"name":"Meijun Qian"}],"abstract":"","source":"Semantic Scholar","year":2005,"language":"en","subjects":["Economics"],"doi":"10.1016/J.JFINECO.2004.06.010","url":"https://www.semanticscholar.org/paper/fffc42bfae388f857021fe3539ea4142ca74ac8b","pdf_url":"http://ocw.mit.edu/courses/urban-studies-and-planning/11-946-planning-in-transition-economies-for-growth-and-equity-spring-2004/lecture-notes/feb_17.pdf","is_open_access":true,"citations":4120,"published_at":"","score":80},{"id":"ss_dfc06f7f7eb83d2c0e2a1d67ecb95b520a406843","title":"The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle","authors":[{"name":"Allen N. Berger"},{"name":"Gregory F. Udell"}],"abstract":"We examine the economics of financing small business in private equity and debt markets. Firms are viewed through a financial growth cycle paradigm in which different capital structures are optimal at different points in the cycle. We show the sources of small business finance, and how capital structure varies with firm size and age. The interconnectedness of small firm finance is discussed along with the impact of the macroeconomic environment. We also analyze a number of research and policy issues, review the literature, and suggest topics for future research.","source":"Semantic Scholar","year":1998,"language":"en","subjects":["Economics"],"doi":"10.1016/S0378-4266(98)00038-7","url":"https://www.semanticscholar.org/paper/dfc06f7f7eb83d2c0e2a1d67ecb95b520a406843","pdf_url":"https://doi.org/10.1016/s0378-4266(98)00038-7","is_open_access":true,"citations":3833,"published_at":"","score":80},{"id":"ss_21f423b4a16d4df764f225a33e9c5ef83ec8df96","title":"The Theory and Practice of Corporate Finance: Evidence from the Field","authors":[{"name":"John R. Graham"},{"name":"Campbell R. Harvey"}],"abstract":"","source":"Semantic Scholar","year":2001,"language":"en","subjects":["Economics"],"doi":"10.1016/S0304-405X(01)00044-7","url":"https://www.semanticscholar.org/paper/21f423b4a16d4df764f225a33e9c5ef83ec8df96","pdf_url":"https://doi.org/10.1016/s0304-405x(01)00044-7","is_open_access":true,"citations":5603,"published_at":"","score":80},{"id":"ss_ebbcee8b22f8d1a2cd5ac3858b84e8f2af127300","title":"Modelling Extremal Events for Insurance and Finance","authors":[{"name":"J. Corcoran"}],"abstract":"","source":"Semantic Scholar","year":2002,"language":"en","subjects":["Business"],"doi":"10.1198/jasa.2002.s455","url":"https://www.semanticscholar.org/paper/ebbcee8b22f8d1a2cd5ac3858b84e8f2af127300","is_open_access":true,"citations":3960,"published_at":"","score":80},{"id":"ss_ef173762e12e0915db162ed6fb8696dfdcb9332a","title":"Relationship Lending and Lines of Credit in Small Firm Finance","authors":[{"name":"Allen N. Berger"},{"name":"Gregory F. Udell"}],"abstract":"","source":"Semantic Scholar","year":1994,"language":"en","subjects":["Economics"],"doi":"10.1086/296668","url":"https://www.semanticscholar.org/paper/ef173762e12e0915db162ed6fb8696dfdcb9332a","is_open_access":true,"citations":3604,"published_at":"","score":80},{"id":"ss_b38dbbe32e36c68781736772cfac5975771edc4d","title":"Finance and the Sources of Growth","authors":[{"name":"T. Beck"},{"name":"R. Levine"},{"name":"Norman V. Loayza"},{"name":"Norman V. Loayza"}],"abstract":"","source":"Semantic Scholar","year":2000,"language":"en","subjects":["Economics"],"doi":"10.1016/S0304-405X(00)00072-6","url":"https://www.semanticscholar.org/paper/b38dbbe32e36c68781736772cfac5975771edc4d","pdf_url":"http://documents.worldbank.org/curated/en/772161468782107741/pdf/Finance-and-the-sources-of-growth.pdf","is_open_access":true,"citations":3902,"published_at":"","score":80},{"id":"ss_fe6eceb18cf1776ac55e02b8c2f5fa678a8f2ec1","title":"Finance, entrepreneurship and growth","authors":[{"name":"R. King"},{"name":"R. Levine"}],"abstract":"","source":"Semantic Scholar","year":1993,"language":"en","subjects":["Economics"],"doi":"10.1016/0304-3932(93)90028-E","url":"https://www.semanticscholar.org/paper/fe6eceb18cf1776ac55e02b8c2f5fa678a8f2ec1","is_open_access":true,"citations":3296,"published_at":"","score":80},{"id":"ss_b511d0d827502ea5c3cd4e62ff17f2a7409ef45b","title":"Aid, China, and Growth: Evidence from a New Global Development Finance Dataset","authors":[{"name":"A. Dreher"},{"name":"Andreas Fuchs"},{"name":"Andreas Fuchs"},{"name":"Bradley C. Parks"},{"name":"Austin Strange"},{"name":"Michael J. Tierney"}],"abstract":"This article introduces a new dataset of official financing from China to 138 developing countries between 2000 and 2014. It investigates whether Chinese development finance affects economic growth in recipient countries. The results demonstrate that Chinese development finance boosts short-term economic growth. An additional project increases growth by between 0.41 and 1.49 percentage points 2 years after commitment, on average. While this study does not find that significant financial support from China impairs the overall effectiveness of aid from Western donors, aid from the United States tends to be more effective in countries that receive no substantial support from China. (JEL F35, O19, O47, P33, P34)","source":"Semantic Scholar","year":2023,"language":"en","subjects":["Economics","Business"],"doi":"10.2139/SSRN.3051044","url":"https://www.semanticscholar.org/paper/b511d0d827502ea5c3cd4e62ff17f2a7409ef45b","is_open_access":true,"citations":386,"published_at":"","score":78.58}],"total":1198982,"page":1,"page_size":20,"sources":["DOAJ","Semantic Scholar","CrossRef"],"query":"Finance"}