On the use of knowledge-based decision support systems in financial management: A survey

Abstract This paper presents an extended survey of the application of knowledge-based decision support systems (KBDSSs) in financial management. KBDSSs originated from the combination of decision support systems with expert system (ES) technology. Thus, initially, the implementation of both decision support systems and ESs in several fields of financial management is discussed. The existing problems and limitations of these two approaches are outlined, and the new methodological framework based on the use of KBDSSs and its application in financial management are presented.

[1]  James V. Hansen,et al.  A knowledge-based expert system for auditing advanced computer systems☆ , 1986 .

[2]  Ramesh Sharda,et al.  Bankruptcy prediction using neural networks , 1994, Decis. Support Syst..

[3]  李幼升,et al.  Ph , 1989 .

[4]  Gunnar Hartvigsen,et al.  KABAL: a knowledge-based system for financial analysis in banking , 1990 .

[5]  Jo Jenkins Computer-based financial planning , 1973 .

[6]  G. Hartvigsen Limitations of knowledge-based systems for financial analysis in banking , 1992 .

[7]  Timothy Paul Cronan,et al.  Production System Development for Expert Systems Using a Recursive Partitioning Induction Approach: An Application to Mortgage, Commercial, and Consumer Lending , 1991 .

[8]  Constantin Zopounidis,et al.  Knowledge acquisition and representation for expert systems in the field of financial analysis , 1997 .

[9]  Constantin Zopounidis,et al.  Designing a Multicriteria Decision Support System for Portfolio Selection and Management , 1995 .

[10]  Leon Sterling,et al.  A prototype expert system for credit evaluation , 1986 .

[11]  P. Lévine,et al.  Knowledge representation by schemata in financial expert systems , 1989 .

[12]  William Remus,et al.  Future Directions: Toward Intelligent Decision Support Systems: An Artificially Intelligent Statistician , 1986, MIS Q..

[13]  Hyun B. Eom,et al.  Decision support systems applications research: A bibliography (1971–1988) , 1990 .

[14]  V. Srinivasan,et al.  Designing Expert Financial Systems: A Case Study of Corporate Credit Management , 1988 .

[15]  G. Fandel,et al.  Lecture Notes in Economics and Mathematics Systems , 1997 .

[16]  Edward A. Stohr,et al.  Representing Knowledge for Portfolio Management Decision Making , 1985, CAIA.

[17]  Robert H. Michaelsen An expert system for federal tax planning , 1984 .

[18]  Efraim Turban,et al.  Decision Support and Expert Systems: Management Support Systems , 1990 .

[19]  Constantin Zopounidis,et al.  An integrated DSS for financing firms by an industrial development bank in Greece , 1994, Decis. Support Syst..

[20]  Jae Kyu Lee,et al.  Intelligent Stock Portfolio Management System , 1989 .

[21]  F. Nelson Ford,et al.  Decision support systems and expert systems: A comparison , 1985, Inf. Manag..

[22]  Bertrand Mareschal,et al.  Banks a multicriteria, promethee-based, decision support system for the evaluation of the international banking sector , 1992 .

[23]  Stephan Heuer,et al.  INVEST: an expert system for financial investments , 1988, IEEE Expert.

[24]  Jean Pierre Brans,et al.  HOW TO SELECT AND HOW TO RANK PROJECTS: THE PROMETHEE METHOD , 1986 .

[25]  Michel R. Klein,et al.  Knowledge-Based Decision Support Systems With Applications in Business , 1995 .

[26]  D. O'Leary,et al.  Expert Systems in Finance , 1992 .

[27]  Sean B. Eom,et al.  The intellectual structure of decision support systems (1971-1989) , 1993, Decis. Support Syst..

[28]  Franz Josef Radermacher,et al.  Decision support systems: Scope and potential , 1994, Decis. Support Syst..

[29]  Daniel E. O'Leary,et al.  AI in Accounting, Finance and Management , 1995 .

[30]  Fatemeh Zahedi,et al.  The Analytic Hierarchy Process—A Survey of the Method and its Applications , 1986 .

[31]  Georgios I. Doukidis,et al.  Decision support system concepts in expert systems: An empirical study , 1988, Decis. Support Syst..

[32]  T. Saaty,et al.  The Analytic Hierarchy Process , 1985 .

[33]  Madan G. Singh,et al.  Price‐Strat: A Decision Support System for Determining Building Society and Bank Interest Rate Mixes , 1986 .

[34]  Constantin Zopounidis,et al.  Designing a DSS for the assessment of company performance and viability , 1992 .

[35]  V. Srinivasan,et al.  CGX: An expert support system for credit granting , 1990 .

[36]  J. L. Valentine Applying Expert Systems to Investment , 1988 .

[37]  Peter J. Elmer,et al.  An Expert System Approach to Financial Analysis: The Case of S&L Bankruptcy , 1988 .

[38]  B. Mareschal,et al.  BANK ADVISER: un système interactif multicritère pour l'évaluation financière des entreprises à l'aide des méthodes PROMETHEE , 2009 .

[39]  J. Efrim Boritz,et al.  Effectiveness of neural network types for prediction of business failure , 1995 .

[40]  Christos H. Skiadas,et al.  Advances in Stochastic Modelling and Data Analysis , 1996 .

[41]  B. Mareschal,et al.  BANKADVISER: An industrial evaluation system , 1991 .

[42]  Suzanne Pinson,et al.  Credit risk assessment and meta-judgment , 1989 .

[43]  John C. Henderson FINDING SYNERGY BETWEEN DECISION SUPPORT SYSTEMS AND EXPERT SYSTEMS RESEARCH , 1987 .

[44]  Sean B. Eom,et al.  Expert systems applications development research in business: A selected bibliography (1975-1989) , 1993 .

[45]  Frederick Hayes-Roth,et al.  Knowledge-Based Expert Systems , 1984, Computer.

[46]  B. Tabachnick,et al.  Using Multivariate Statistics , 1983 .

[47]  H. Penny Nii,et al.  The Handbook of Artificial Intelligence , 1982 .

[48]  F. Nelson Ford,et al.  A Multiple Criteria Decision Support System for Global Financial Planning , 1987, J. Manag. Inf. Syst..

[49]  M. C. Er,et al.  Decision Support Systems: A summary, problems, and future trends , 1988, Decis. Support Syst..

[50]  Daniel E. O'Leary,et al.  The use of mathematical programming with artificial intelligence and expert systems , 1993 .

[51]  Venkat Srinivasan,et al.  A dedicated shell for designing expert credit support systems , 1992, Decis. Support Syst..

[52]  Ralph H. Sprague,et al.  A decision support system for banks , 1976 .

[53]  Louis F. Pau,et al.  Artificial Intelligence in Economics and Management , 1986 .

[54]  M. Shaw,et al.  Using an Expert System with Inductive Learning to Evaluate Business Loans , 1988 .

[55]  B. Roy,et al.  Procédure automatique d'examen de dossiers fondée sur une segmentation trichotomique en présence de critères multiples , 1977 .

[56]  S. Myers Notes on an Expert System for Capital Budgeting , 1988 .

[57]  Carol E. Brown,et al.  Guest editors' introduction expert systems—one set of views of the state of the art , 1995 .

[58]  Peter Duchessi,et al.  Lending Analysis Support System (LASS): An Application of a Knowledge-Based System to Support Commercial Loan Analysis , 1987, IEEE Transactions on Systems, Man, and Cybernetics.

[59]  Efraim Turban,et al.  Integrating Expert Systems and Decision Support Systems , 1986, MIS Q..

[60]  Constantin Zopounidis,et al.  DEVELOPING A MULTICRITERIA KNOWLEDGE-BASED DECISION SUPPORT SYSTEM FOR THE ASSESSMENT OF CORPORATE PERFORMANCE AND VIABILITY: THE FINEVA SYSTEM , 1996 .

[61]  Chidanand Apté,et al.  A Knowledge-Based Consultant for Financial Marketing , 1986, AI Mag..

[62]  William E. McCarthy,et al.  FSA: Applying AI Techniques to the Familiarization Phase of Financial Decision Making , 1987, IEEE Expert.

[63]  Barry Shane,et al.  The Design of an Investment Portfolio Selection Decision Support System Using Two Expert Systems and a Consulting System , 1987, J. Manag. Inf. Syst..

[64]  K. Y. Tam,et al.  Inducing Stock Screening Rules for Portfolio Construction , 1991 .

[65]  James V. Hansen,et al.  Inducing rules for expert system development: an example using default and bankruptcy data , 1988 .

[66]  Dieter Langen,et al.  An (interactive) decision support system for bank asset liability management , 1989, Decis. Support Syst..

[67]  Chidanand Apté,et al.  Organizing Knowledge in a Complex Financial Domain , 1987, IEEE Expert.

[68]  J. Ross Quinlan,et al.  Learning Efficient Classification Procedures and Their Application to Chess End Games , 1983 .

[69]  Marinus J. Bouwman Human Diagnostic Reasoning by Computer: An Illustration from Financial Analysis , 1983 .

[70]  Ehsan Nikbakht,et al.  APPLICATION OF EXPERT SYSTEMS IN EVALUATION OF CREDIT CARD BORROWERS , 1989 .

[71]  J. Siskos Assessing a set of additive utility functions for multicriteria decision-making , 1982 .

[72]  Gunnar Hartvigsen,et al.  Knowledge-based systems for strategic market planning in small firms , 1991, Decis. Support Syst..