Beyond the Reported Cutoff: Where Large Language Models Fall Short on Financial Knowledge

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 197k 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. The code, prompts, and model outputs are available on GitHub.

Publication Details

Journal
ArXiv.org
Published
2025-03-30
Primary Topic
FinTech, Crowdfunding, Digital Finance
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article
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article

Beyond the Reported Cutoff: Where Large Language Models Fall Short on Financial Knowledge

ArXiv.org
FinTech, Crowdfunding, Digital Finance
article

Beyond the Reported Cutoff: Where Large Language Models Fall Short on Financial Knowledge

article en

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 197k 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. The code, prompts, and model outputs are available on GitHub.

ArXiv.org
Openalex Percentile: Top 35%
FinTech, Crowdfunding, Digital Finance
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Beyond the Reported Cutoff: Where Large Language Models Fall Short on Financial Knowledge · ArXiv.org (2025) | TGRS Research Map | TGRS