Generative AI for Analysts

תקציר מקורי באנגליתarXiv:2512.19705v2 Announce Type: replace-cross Abstract: We study how generative artificial intelligence (GenAI) reshapes financial analysts' information production. Using the 2023 integration of GenAI into FACTSET as a plausibly exogenous change in AI access, we find that FACTSET-associated reports become markedly richer--featuring 26% more distinct information sources, 24% broader topical coverage, and 21% more analytical methods--while also improving timeliness. However, these gains do not uniformly improve decision quality: relative forecast accuracy declines when analysts face greater information-processing demands. Yet, a machine-learning benchmark processing the same observable inputs shows no analogous deterioration, pointing to a human processing constraint rather than poorer und