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SUMMARY:The Market's Mirror: Revealing Investor Disagreement with LLMs
DTSTART:20260227T110000
DTEND:20260227T121500
DTSTAMP:20260414T103508Z
UID:d5be207bb8af432a1bae8ab926f6be054f68846924ff9e360f17fe2a
CATEGORIES:Conferences - Seminars
DESCRIPTION:Tony Cookson - University of Colorado Boulder\nLarge language
  models (LLMs) can emulate human perspectives. Leveraging this idea\, we s
 tudy how investor disagreement emerges in response to firm news. We endow 
 an LLM with 216 representative investor personas and elicit buy\, hold\, o
 r sell responses to S&P 500 firm news headlines from 2010-2025. Dispersion
  in responses yields article-level disagreement for 5.5 million headlines 
 and sheds light on its sources. Disagreement is highest for socially-orien
 ted news and lowest for fundamentals. Persona responses reflect non-pecuni
 ary rationales and align with human-survey benchmarks. Disagreement predic
 ts elevated same- and next-day abnormal trading volume\, especially retail
 \, and results persist beyond the LLM’s training cutoff.
LOCATION:UNIL\, Extranef\, room 126
STATUS:CONFIRMED
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