Piyush Gade Receives Dissertation Research Fellowship Award

Piyush Gade, a PhD candidate in the Economics Department, has been awarded the University at Albany Dissertation Research Fellowship for 2024-2025. The $1,000 award will support his research project "From Theory to AI: Stock Prediction Face-Off between Factor Models and Large Language Models."

Piyush's dissertation paper is a joint work with his advisor, Professor Ulrich Hounyo, exploring an innovative frontier in financial market analysis. The research evaluates the performance of advanced large language models (LLMs) compared to traditional factor models for predicting stock returns using sentiment analysis derived from high-frequency financial news. By leveraging advanced econometric techniques and the state-of-the-art AI infrastructure as part of UAlbany's AI Plus initiative, the study aims to ascertain whether LLMs offer a more efficient and accurate alternative to traditional text-based models. This comparison aligns with UAlbany's emphasis on integrating artificial intelligence into diverse academic and research programs, exemplifying the practical applications of AI in finance. The research aims to provide valuable insights into stock market behavior, enrich academic literature, and potentially transform financial strategies, in line with the university's AI Plus vision.