Social media commentary, satellite imagery and GPS data are a part of ‘alternative data’, that is, data that originate outside of the standard repertoire of market data but are considered useful for predicting stock prices, detecting different risk exposures and discovering new price movement indicators. With the availability of sophisticated machine-learning analytics tools, alternative data are gaining traction within the investment management and algorithmic trading industries. Drawing on interviews with people working in investment management and algorithmic trading firms utilizing alternative (...) data, as well as firms providing and sourcing such data, we emphasize social media-based sentiment analytics as one manifestation of how alternative data are deployed for stock price prediction purposes. This demonstrates both how sentiment analytics are developed and subsequently utilized by investment management firms. We argue that ‘alternative data’ are an open-ended placeholder for every data source potentially relevant for investment management purposes and harnessing these disparate data sources requires certain standardization efforts by different market participants. Besides showing how market participants understand and use alternative data, we demonstrate that alternative data often undergo processes of prospecting and assetization. We further contend that the widespread embracement of alternative data in investment management and trading encourages a financialization process at the data level which raises new governance issues. (shrink)

La raccolta di dati nella nostra era dell’”Information Technology” ha generato una rivoluzione nella conoscenza. Nell’era dei “big data”, la conseguente crescita senza precedenti dei dati, ha reso necessari cambiamenti nella scala, nella natura e nello stato dei dati, portando quindi i ricercatori ad adottare nuovi paradigmi e metodologie nella ricerca filosofica. In particolare, l’attenzione teorica della filosofia del linguaggio si è spostata verso la conoscenza cognitiva, con un’enfasi sulla proposizione particolare del “data turn” nella cognizione cognitiva nell’era dei “big (...) data”. Il paper esplora la potenziale portata della ricerca quantitativa del “data turn” nella filosofia del linguaggio, tramite l’analisi della necessità di trasformare i paradigmi della ricerca qualitativa e quantitativa, ricostruendo l’approccio quantitativo della filosofia del linguaggio ed ampliando l’analisi delle relazioni uomo-dati nella filosofia dei “big data”. Il paper conclude affermando che sono necessarie ulteriori ricerche per esaminare in modo ancor più approfondito la relazione tra linguaggio, dati e filosofia. (shrink)

This paper focuses on the conception and use of machine-learning algorithms for marketing. In the last years, specialized service providers as well as in-house data scientists have been increasingly using machine learning to predict consumer behavior for large companies. Predictive marketing thus revives the old dream of one-to-one, perfectly adjusted selling techniques, now at an unprecedented scale. How do predictive marketing devices change the way corporations know and model their customers? Drawing from STS and the sociology of quantification, I propose (...) to study the original ambivalence that characterizes the promise of a mass personalization, i.e. algorithmic processes in which the precise adjustment of prediction to unique individuals involves the computation of massive datasets. By studying algorithms in practice, I show how the active embedding of local preexisting consumer knowledge and punctual de-personalization mechanisms are keys to the epistemic and organizational success of predictive marketing. This paper argues for the study of algorithms in their contexts and suggests new perspectives on algorithmic objectivity. (shrink)

Although true in some aspects, the suggested characterization of today’s science as a dichotomy between traditional science and data-driven science misses some of the nuance, complexity, and possibility that exists between the two positions. Part of the problem is the claim that Data Science works without theories. There are many theories behind the data that are used in science. However, for data science, the only theories that matter are those in mathematics, statistics, and computer science. In this conceptual paper, we (...) add two other philosophy of science tenets, experiments and data, to the discussion to create a more nuanced view of how data science uses theories. Following Ihde’s concept of technoscience and the incessant quest for more precision, magnification, and resolution, we argue that technology-driven science created a need for more technology-driven science, culminating in data science. Further, we adapt Hacking and Galison’s views on physics to argue that data science is also an experimental science, which uses data objects in experiments. Drawing from Heelan, we called these objects “data-objects-for-knowing”. Finally, we conclude that data science is a science to study artificially created phenomena—a science to study the data manipulated by the equations and operations of AI. It disregards the connections between data and the real world that were carefully built by the theories from other sciences. In the experiments of data science, data are the world itself. The knowledge created by data science is purposely disconnected from any theory from other sciences; it is a knowledge for the sake of itself. (shrink)

Over the last decade, ‘data scientists’ have burst into society as a novel expert role. They hold increasing responsibility for generating and analysing digitally captured human experiences. The article considers their professionalization not as a functionally necessary development but as the outcome of classification practices and struggles. The rise of data scientists is examined across their discursive classification in the academic and economic fields in both the USA and Germany. Despite notable differences across these fields and nations, the article identifies (...) two common subjectivation patterns. Firstly, data scientists are constructed as hybrids, who combine generally conflictive roles as both generalists and specialists; technicians and communicators; data exploiters and data ethicists. This finding is interpreted as demonstrating a discursive distinction between data scientists and other competing and supposedly more one-dimensional professionals, such as statisticians or computer scientists. Secondly, the article uncovers a discursive construction that interpellates data scientists as discoverers of needs. They are imagined as explorative work subjects who can establish growth for digital capitalism by generating behavioural patterns that allow for personalization, customization and optimization practices. (shrink)