FinTechs and the Market for Financial Analysis
研究了近十年涌现的数百家股票市场情报金融科技公司，通过新数据描述其能力、用户和影响，发现它们聚合传统与非传统数据并用人工智能合成投资建议，替代传统信息提供者，且非传统数据包含有助于信息效率的群体智慧。
Abstract Hundreds of equity market intelligence financial technology firms (FinTechs) have formed in the last decade. We assemble novel data to describe their capabilities, users, and consequences. Our data suggest that these FinTechs i) aggregate many data sources, including nontraditional ones (e.g., Twitter, blogs), and synthesize such data using artificial intelligence to make investment recommendations, and ii) change Internet users’ information discovery by serving as substitutes for traditional information providers. We evaluate some nontraditional data and find evidence suggesting that such data contain valuable information or “crowd wisdom” that links to informational efficiency. Overall, our findings are consistent with this innovation benefiting investors and markets.