Natural Language Processing in Financial Markets
Workshop "Natural Language Processing in Financial Markets"
Date: November 16, 2018
Location: Center for Financial Reporting and Auditing, ESMT Berlin, Schlossplatz 1, 10178 Berlin
Analysis of qualitative information has a long tradition in computer science (Natural Language Processing – NLP) and linguistics (corpus linguistics). The analysis of language (spoken and written) can provide powerful insights in studying economic consequences and methods applied only recently started to gain traction in accounting and finance. Estimates suggest that 90% of all available data created in the last 10 years, 80% of which in a business context, is qualitative / unstructured.
Literature in accounting and finance has only scratched the surface of textual analysis capabilities, and reliance on basic NLP techniques is primarily involving bag-of-words methods and make little use of corpus methods. Estimates say that in accounting and finance the state of affairs is significantly behind developments in computational linguistics and machine learning. Surprisingly little is known about how corporate disclosures interact with alternative information sources to influence investor behavior. Recently, however, hedge funds have started to make more and more use of textual analysis for trading purposes, which makes it even more important for corporations to use language strategically.
The workshop will discuss how recent advances in the area of natural language processing affect the production and processing of financial information, as well as the behavior and outcomes of financial markets. It will contain keynotes from Steven Young (Lancaster University) and Ryan LaFond (Deputy CIO, Algert Global LLC), both worldwide leading experts in the field, as well as a set of current working papers that present rigorous academic work with real-life appeal. It will be rounded up with a panel discussion highlighting the practical relevance of the field.
Organizational aspects and support: ESMT Center for Financial Reporting and Auditing.
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