Are Large Language Models Truly Democratizing Financial Knowledge? Identifying Knowledge Gaps
Keywords: Large Language Models, Fairness in AI, Model Hallucinations
Abstract: Large Language Models (LLMs) are frequently utilized as sources of knowledge for question-answering. While it is known that LLMs may lack access to real-time data or newer data produced after the model's cutoff date, it is less clear how their knowledge spans across *historical* information. In this study, we assess the breadth of LLMs' knowledge using financial data of U.S. publicly traded companies by evaluating more than 190k questions and comparing model responses to factual data. We further explore the impact of company characteristics, such as size, retail investment, institutional attention, and readability of financial filings, on the accuracy of knowledge represented in LLMs. Our results reveal that LLMs are less informed about past financial performance, but they display a stronger awareness of larger companies and more recent information. Interestingly, at the same time, our analysis also reveals that LLMs are more likely to hallucinate for larger companies, especially for data from more recent years. We will make the code, prompts, and model outputs public upon the publication of the work.
Primary Area: alignment, fairness, safety, privacy, and societal considerations
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Submission Number: 11926
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