Introduction of Alternative Data in Finance

Qingquan Tony Zhang (), Beibei Li () and Danxia Xie
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Qingquan Tony Zhang: University of Illinois Urbana-Champaign
Beibei Li: Carnegie Mellon University

Chapter Chapter 4 in Alternative Data and Artificial Intelligence Techniques, 2022, pp 75-88 from Palgrave Macmillan

Abstract: Abstract This chapter explains how individuals, business processes, and sensors produce alternative data. It also provides a framework to navigate and evaluate the proliferating supply of alternative data for investment purposes. It demonstrates the workflow, from acquisition to preprocessing and storage using Python for data obtained through web scraping in order to set the stage for the application of ML. It concludes by providing examples of sources, providers, and applications. After reading this chapter, we hope readers can have a detailed understanding of the application process of alternative data in finance, including the sources of alternative data generation, evaluation criteria, etc. We also provide specific application cases and Python codes for the readers’ reference.

Date: 2022
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DOI: 10.1007/978-3-031-11612-4_4

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