Daily Papers

Recent breakthroughs in large language models (LLMs) have led to the development of new benchmarks for evaluating their performance in the financial domain. However, current financial benchmarks often rely on news articles, earnings reports, or announcements, making it challenging to capture the real-world dynamics of financial meetings. To address this gap, we propose a novel benchmark called M^3FinMeeting, which is a multilingual, multi-sector, and multi-task dataset designed for financial meeting understanding. First, M^3FinMeeting supports English, Chinese, and Japanese, enhancing comprehension of financial discussions in diverse linguistic contexts. Second, it encompasses various industry sectors defined by the Global Industry Classification Standard (GICS), ensuring that the benchmark spans a broad range of financial activities. Finally, M^3FinMeeting includes three tasks: summarization, question-answer (QA) pair extraction, and question answering, facilitating a more realistic and comprehensive evaluation of understanding. Experimental results with seven popular LLMs reveal that even the most advanced long-context models have significant room for improvement, demonstrating the effectiveness of M^3FinMeeting as a benchmark for assessing LLMs' financial meeting comprehension skills.

Prompt Tuning is emerging as a scalable and cost-effective method to fine-tune Pretrained Language Models (PLMs), which are often referred to as Large Language Models (LLMs). This study benchmarks the performance and computational efficiency of Prompt Tuning and baselines for multi-label text classification. This is applied to the challenging task of classifying companies into an investment firm's proprietary industry taxonomy, supporting their thematic investment strategy. Text-to-text classification is frequently reported to outperform task-specific classification heads, but has several limitations when applied to a multi-label classification problem where each label consists of multiple tokens: (a) Generated labels may not match any label in the label taxonomy; (b) The fine-tuning process lacks permutation invariance and is sensitive to the order of the provided labels; (c) The model provides binary decisions rather than appropriate confidence scores. Limitation (a) is addressed by applying constrained decoding using Trie Search, which slightly improves classification performance. All limitations (a), (b), and (c) are addressed by replacing the PLM's language head with a classification head, which is referred to as Prompt Tuned Embedding Classification (PTEC). This improves performance significantly, while also reducing computational costs during inference. In our industrial application, the training data is skewed towards well-known companies. We confirm that the model's performance is consistent across both well-known and less-known companies. Our overall results indicate the continuing need to adapt state-of-the-art methods to domain-specific tasks, even in the era of PLMs with strong generalization abilities. We release our codebase and a benchmarking dataset at https://github.com/EQTPartners/PTEC.

The rapidly evolving sector of Multi-modal Large Language Models (MLLMs) is at the forefront of integrating linguistic and visual processing in artificial intelligence. This paper presents an in-depth comparative study of two pioneering models: Google's Gemini and OpenAI's GPT-4V(ision). Our study involves a multi-faceted evaluation of both models across key dimensions such as Vision-Language Capability, Interaction with Humans, Temporal Understanding, and assessments in both Intelligence and Emotional Quotients. The core of our analysis delves into the distinct visual comprehension abilities of each model. We conducted a series of structured experiments to evaluate their performance in various industrial application scenarios, offering a comprehensive perspective on their practical utility. We not only involve direct performance comparisons but also include adjustments in prompts and scenarios to ensure a balanced and fair analysis. Our findings illuminate the unique strengths and niches of both models. GPT-4V distinguishes itself with its precision and succinctness in responses, while Gemini excels in providing detailed, expansive answers accompanied by relevant imagery and links. These understandings not only shed light on the comparative merits of Gemini and GPT-4V but also underscore the evolving landscape of multimodal foundation models, paving the way for future advancements in this area. After the comparison, we attempted to achieve better results by combining the two models. Finally, We would like to express our profound gratitude to the teams behind GPT-4V and Gemini for their pioneering contributions to the field. Our acknowledgments are also extended to the comprehensive qualitative analysis presented in 'Dawn' by Yang et al. This work, with its extensive collection of image samples, prompts, and GPT-4V-related results, provided a foundational basis for our analysis.

With their non-Abelian topological charges, real multi-bandgap systems challenge the conventional topological phase classifications. As the minimal sector of multi-bandgap systems, real triple degeneracies (RTPs), which serve as real 'Weyl points', lay the foundation for the research on real topological phases. However, experimental demonstration of physical systems with global band configurations consisting of multiple RTPs in crystals has not been reported. Here we present experimental evidence of RTPs in photonic meta-crystals, characterizing them using the Euler number, and establishing their connection with both Abelian and non-Abelian charges. By considering RTPs as the basic elements, we further propose the concept of a topological compound, akin to a chemical compound, where we find that certain phases are not topologically allowed. The topological classification of RTPs in crystals demonstrated in our work plays a similar role as the 'no-go' theorem in Weyl systems.

Warm-sector heavy rainfall often occurs along the coast of South China, and it is usually localized and long-lasting, making it challenging to predict. High-resolution numerical weather prediction (NWP) models are increasingly used to better resolve topographic features and forecast such high-impact weather events. However, when the grid spacing becomes comparable to the length scales of convection, known as the gray zone, the turbulent eddies in the atmospheric boundary layer are only partially resolved and parameterized to some extent. Whether using a convection parameterization (CP) scheme in the gray zone remains controversial. Scale-aware CP schemes are developed to enhance the representation of convective transport within the gray zone. The multi-scale Kain-Fritsch (MSKF) scheme includes modifications that allow for its effective implementation at a grid resolution as high as 2 km. In recent years, there has been an increasing application of machine learning (ML) models to various domains of atmospheric sciences, including the replacement of physical parameterizations with ML models. This work proposes a multi-output bidirectional long short-term memory (Bi-LSTM) model as a replace the scale-aware MSKF CP scheme. The Weather Research and Forecast (WRF) model is used to generate training and testing data over South China at a horizontal resolution of 5 km. Furthermore, the WRF model is coupled with the ML based CP scheme and compared with WRF simulations with original MSKF scheme. The results demonstrate that the Bi-LSTM model can achieve high accuracy, indicating the potential use of ML models to substitute the MSKF scheme in the gray zone.

Government fiscal policies, particularly annual union budgets, exert significant influence on financial markets. However, real-time analysis of budgetary impacts on sector-specific equity performance remains methodologically challenging and largely unexplored. This study proposes a framework to systematically identify and rank sectors poised to benefit from India's Union Budget announcements. The framework addresses two core tasks: (1) multi-label classification of excerpts from budget transcripts into 81 predefined economic sectors, and (2) performance ranking of these sectors. Leveraging a comprehensive corpus of Indian Union Budget transcripts from 1947 to 2025, we introduce BASIR (Budget-Assisted Sectoral Impact Ranking), an annotated dataset mapping excerpts from budgetary transcripts to sectoral impacts. Our architecture incorporates fine-tuned embeddings for sector identification, coupled with language models that rank sectors based on their predicted performances. Our results demonstrate 0.605 F1-score in sector classification, and 0.997 NDCG score in predicting ranks of sectors based on post-budget performances. The methodology enables investors and policymakers to quantify fiscal policy impacts through structured, data-driven insights, addressing critical gaps in manual analysis. The annotated dataset has been released under CC-BY-NC-SA-4.0 license to advance computational economics research.

As Large Language Models (LLMs) increasingly address domain-specific problems, their application in the financial sector has expanded rapidly. Tasks that are both highly valuable and time-consuming, such as analyzing financial statements, disclosures, and related documents, are now being effectively tackled using LLMs. This paper details the development of a high-performance, finance-specific Retrieval-Augmented Generation (RAG) system for the ACM-ICAIF '24 FinanceRAG competition. We optimized performance through ablation studies on query expansion and corpus refinement during the pre-retrieval phase. To enhance retrieval accuracy, we employed multiple reranker models. Notably, we introduced an efficient method for managing long context sizes during the generation phase, significantly improving response quality without sacrificing performance. We ultimately achieve 2nd place in the FinanceRAG Challenge. Our key contributions include: (1) pre-retrieval ablation analysis, (2) an enhanced retrieval algorithm, and (3) a novel approach for long-context management. This work demonstrates the potential of LLMs in effectively processing and analyzing complex financial data to generate accurate and valuable insights. The source code and further details are available at https://github.com/cv-lee/FinanceRAG.

Fishes are integral to both ecological systems and economic sectors, and studying fish traits is crucial for understanding biodiversity patterns and macro-evolution trends. To enable the analysis of visual traits from fish images, we introduce the Fish-Visual Trait Analysis (Fish-Vista) dataset - a large, annotated collection of about 60K fish images spanning 1900 different species, supporting several challenging and biologically relevant tasks including species classification, trait identification, and trait segmentation. These images have been curated through a sophisticated data processing pipeline applied to a cumulative set of images obtained from various museum collections. Fish-Vista provides fine-grained labels of various visual traits present in each image. It also offers pixel-level annotations of 9 different traits for 2427 fish images, facilitating additional trait segmentation and localization tasks. The ultimate goal of Fish-Vista is to provide a clean, carefully curated, high-resolution dataset that can serve as a foundation for accelerating biological discoveries using advances in AI. Finally, we provide a comprehensive analysis of state-of-the-art deep learning techniques on Fish-Vista.

In this paper, we introduce a novel Multi-Modal Contrastive Pre-training Framework that synergistically combines X-rays, electrocardiograms (ECGs), and radiology/cardiology reports. Our approach leverages transformers to encode these diverse modalities into a unified representation space, aiming to enhance diagnostic accuracy and facilitate comprehensive patient assessments. We utilize LoRA-Peft to significantly reduce trainable parameters in the LLM and incorporate recent linear attention dropping strategy in the Vision Transformer(ViT) for smoother attention. Furthermore, we provide novel multimodal attention explanations and retrieval for our model. To the best of our knowledge, we are the first to propose an integrated model that combines X-ray, ECG, and Radiology/Cardiology Report with this approach. By utilizing contrastive loss, MoRE effectively aligns modality-specific features into a coherent embedding, which supports various downstream tasks such as zero-shot classification and multimodal retrieval. Employing our proposed methodology, we achieve state-of-the-art (SOTA) on the Mimic-IV, CheXpert, Edema Severity, and PtbXl downstream datasets, surpassing existing multimodal approaches. Our proposed framework shows significant improvements in capturing intricate inter-modal relationships and its robustness in medical diagnosis that establishes a framework for future research in multimodal learning in the healthcare sector.

As the Chinese stock market continues to evolve and its market structure grows increasingly complex, traditional quantitative trading methods are facing escalating challenges. Particularly, due to policy uncertainty and the frequent market fluctuations triggered by sudden economic events, existing models often struggle to accurately predict market dynamics. To address these challenges, this paper introduces Stockformer, a price-volume factor stock selection model that integrates wavelet transformation and a multitask self-attention network, aimed at enhancing responsiveness and predictive accuracy regarding market instabilities. Through discrete wavelet transform, Stockformer decomposes stock returns into high and low frequencies, meticulously capturing long-term market trends and short-term fluctuations, including abrupt events. Moreover, the model incorporates a Dual-Frequency Spatiotemporal Encoder and graph embedding techniques to effectively capture complex temporal and spatial relationships among stocks. Employing a multitask learning strategy, it simultaneously predicts stock returns and directional trends. Experimental results show that Stockformer outperforms existing advanced methods on multiple real stock market datasets. In strategy backtesting, Stockformer consistently demonstrates exceptional stability and reliability across market conditions-whether rising, falling, or fluctuating-particularly maintaining high performance during downturns or volatile periods, indicating a high adaptability to market fluctuations. To foster innovation and collaboration in the financial analysis sector, the Stockformer model's code has been open-sourced and is available on the GitHub repository: https://github.com/Eric991005/Multitask-Stockformer.

While knowledge evaluation in large language models has predominantly focused on academic subjects like math and physics, these assessments often fail to capture the practical demands of real-world professions. In this paper, we introduce IndoCareer, a dataset comprising 8,834 multiple-choice questions designed to evaluate performance in vocational and professional certification exams across various fields. With a focus on Indonesia, IndoCareer provides rich local contexts, spanning six key sectors: (1) healthcare, (2) insurance and finance, (3) creative and design, (4) tourism and hospitality, (5) education and training, and (6) law. Our comprehensive evaluation of 27 large language models shows that these models struggle particularly in fields with strong local contexts, such as insurance and finance. Additionally, while using the entire dataset, shuffling answer options generally maintains consistent evaluation results across models, but it introduces instability specifically in the insurance and finance sectors.

The rapid increase in unstructured data across various fields has made multi-document comprehension and summarization a critical task. Traditional approaches often fail to capture relevant context, maintain logical consistency, and extract essential information from lengthy documents. This paper explores the use of Long-context Large Language Models (LLMs) for multi-document summarization, demonstrating their exceptional capacity to grasp extensive connections, provide cohesive summaries, and adapt to various industry domains and integration with enterprise applications/systems. The paper discusses the workflow of multi-document summarization for effectively deploying long-context LLMs, supported by case studies in legal applications, enterprise functions such as HR, finance, and sourcing, as well as in the medical and news domains. These case studies show notable enhancements in both efficiency and accuracy. Technical obstacles, such as dataset diversity, model scalability, and ethical considerations like bias mitigation and factual accuracy, are carefully analyzed. Prospective research avenues are suggested to augment the functionalities and applications of long-context LLMs, establishing them as pivotal tools for transforming information processing across diverse sectors and enterprise applications.

The increasing application of multi-modal large language models (MLLMs) across various sectors have spotlighted the essence of their output reliability and accuracy, particularly their ability to produce content grounded in factual information (e.g. common and domain-specific knowledge). In this work, we introduce SimpleVQA, the first comprehensive multi-modal benchmark to evaluate the factuality ability of MLLMs to answer natural language short questions. SimpleVQA is characterized by six key features: it covers multiple tasks and multiple scenarios, ensures high quality and challenging queries, maintains static and timeless reference answers, and is straightforward to evaluate. Our approach involves categorizing visual question-answering items into 9 different tasks around objective events or common knowledge and situating these within 9 topics. Rigorous quality control processes are implemented to guarantee high-quality, concise, and clear answers, facilitating evaluation with minimal variance via an LLM-as-a-judge scoring system. Using SimpleVQA, we perform a comprehensive assessment of leading 18 MLLMs and 8 text-only LLMs, delving into their image comprehension and text generation abilities by identifying and analyzing error cases.

Short Text Classification (STC) is crucial for processing and understanding the brief but substantial content prevalent on contemporary digital platforms. The STC encounters difficulties in grasping the semantic and syntactic intricacies, an issue that is apparent in traditional pre-trained language models. Although Graph Convolutional Networks enhance performance by integrating external knowledge bases, these methods are limited by the quality and extent of the knowledge applied. Recently, the emergence of Large Language Models (LLMs) and Chain-of-Thought (CoT) has significantly improved the performance of complex reasoning tasks. However, some studies have highlighted the limitations of their application in fundamental NLP tasks. Consequently, this study first employs CoT to investigate and enhance the capabilities of LLMs in STC tasks. We propose the Syntactic and Semantic Enrichment CoT (SSE-CoT) method, effectively decomposing the STC tasks into four distinct steps: (i) essential concept identification, (ii) common-sense knowledge retrieval, (iii) text rewriting, and (iv) classification. Furthermore, recognizing resource constraints in sectors like finance and healthcare, we then introduce the CoT-Driven Multi-Task Learning (CDMT) framework to extend these capabilities to smaller models. This framework begins by extracting rationales from LLMs and subsequently fine-tunes smaller models to optimize their performance. Extensive experimentation across six short-text benchmarks validated the efficacy of the proposed methods. In particular, SSE-CoT achieved state-of-the-art performance with substantial improvements on all datasets, particularly on the Ohsumed and TagMyNews datasets.

Volatility clustering is a crucial property that has a substantial impact on stock market patterns. Nonetheless, developing robust models for accurately predicting future stock price volatility is a difficult research topic. For predicting the volatility of three equities listed on India's national stock market (NSE), we propose multiple volatility models depending on the generalized autoregressive conditional heteroscedasticity (GARCH), Glosten-Jagannathan-GARCH (GJR-GARCH), Exponential general autoregressive conditional heteroskedastic (EGARCH), and LSTM framework. Sector-wise stocks have been chosen in our study. The sectors which have been considered are banking, information technology (IT), and pharma. yahoo finance has been used to obtain stock price data from Jan 2017 to Dec 2021. Among the pulled-out records, the data from Jan 2017 to Dec 2020 have been taken for training, and data from 2021 have been chosen for testing our models. The performance of predicting the volatility of stocks of three sectors has been evaluated by implementing three different types of GARCH models as well as by the LSTM model are compared. It has been observed the LSTM performed better in predicting volatility in pharma over banking and IT sectors. In tandem, it was also observed that E-GARCH performed better in the case of the banking sector and for IT and pharma, GJR-GARCH performed better.

One of the challenging research problems in the domain of time series analysis and forecasting is making efficient and robust prediction of stock market prices. With rapid development and evolution of sophisticated algorithms and with the availability of extremely fast computing platforms, it has now become possible to effectively extract, store, process and analyze high volume stock market time series data. Complex algorithms for forecasting are now available for speedy execution over parallel architecture leading to fairly accurate results. In this paper, we have used time series data of the two sectors of the Indian economy: Consumer Durables sector and the Small Cap sector for the period January 2010 to December 2015 and proposed a decomposition approach for better understanding of the behavior of each of the time series. Our contention is that various sectors reveal different time series patterns and understanding them is essential for portfolio formation. Further, based on this structural analysis, we have also proposed several robust forecasting techniques and analyzed their accuracy in prediction using suitably chosen training and test data sets. Extensive results are presented to demonstrate the effectiveness of our propositions.

This chapter presents a calendar rebalancing approach to portfolios of stocks in the Indian stock market. Ten important sectors of the Indian economy are first selected. For each of these sectors, the top ten stocks are identified based on their free-float market capitalization values. Using the ten stocks in each sector, a sector-specific portfolio is designed. In this study, the historical stock prices are used from January 4, 2021, to September 20, 2023 (NSE Website). The portfolios are designed based on the training data from January 4, 2021 to June 30, 2022. The performances of the portfolios are tested over the period from July 1, 2022, to September 20, 2023. The calendar rebalancing approach presented in the chapter is based on a yearly rebalancing method. However, the method presented is perfectly flexible and can be adapted for weekly or monthly rebalancing. The rebalanced portfolios for the ten sectors are analyzed in detail for their performances. The performance results are not only indicative of the relative performances of the sectors over the training (i.e., in-sample) data and test (out-of-sample) data, but they also reflect the overall effectiveness of the proposed portfolio rebalancing approach.

Portfolio optimization is a challenging problem that has attracted considerable attention and effort from researchers. The optimization of stock portfolios is a particularly hard problem since the stock prices are volatile and estimation of their future volatilities and values, in most cases, is very difficult, if not impossible. This work uses three ratios, the Sharpe ratio, the Sortino ratio, and the Calmar ratio, for designing the mean-variance optimized portfolios for six important sectors listed in the National Stock Exchange (NSE) of India. Three portfolios are designed for each sector maximizing the ratios based on the historical prices of the ten most important stocks of each sector from Jan 1, 2017, to Dec 31, 2020. The evaluation of the portfolios is done based on their cumulative returns over the test period from Jan 1, 2021, to Dec 31, 2021. The ratio that yields the maximum cumulative returns for both the training and the test periods for the majority of the sectors is identified. The sectors that exhibit the maximum cumulative returns for the same ratio are also identified. The results provide useful insights for investors in the stock market in making their investment decisions based on the current return and risks associated with the six sectors and their stocks.

With the effects of global climate change impacting the world, collective efforts are needed to reduce greenhouse gas emissions. The energy sector is the single largest contributor to climate change and many efforts are focused on reducing dependence on carbon-emitting power plants and moving to renewable energy sources, such as solar power. A comprehensive database of the location of solar panels is important to assist analysts and policymakers in defining strategies for further expansion of solar energy. In this paper we focus on creating a world map of solar panels. We identify locations and total surface area of solar panels within a given geographic area. We use deep learning methods for automated detection of solar panel locations and their surface area using aerial imagery. The framework, which consists of a two-branch model using an image classifier in tandem with a semantic segmentation model, is trained on our created dataset of satellite images. Our work provides an efficient and scalable method for detecting solar panels, achieving an accuracy of 0.96 for classification and an IoU score of 0.82 for segmentation performance.

Predicting multiple heterogeneous biological and medical targets is a challenge for traditional deep learning models. In contrast to single-task learning, in which a separate model is trained for each target, multi-task learning (MTL) optimizes a single model to predict multiple related targets simultaneously. To address this challenge, we propose the Multi-gate Mixture-of-Experts with Exclusivity (MMoEEx). Our work aims to tackle the heterogeneous MTL setting, in which the same model optimizes multiple tasks with different characteristics. Such a scenario can overwhelm current MTL approaches due to the challenges in balancing shared and task-specific representations and the need to optimize tasks with competing optimization paths. Our method makes two key contributions: first, we introduce an approach to induce more diversity among experts, thus creating representations more suitable for highly imbalanced and heterogenous MTL learning; second, we adopt a two-step optimization [6, 11] approach to balancing the tasks at the gradient level. We validate our method on three MTL benchmark datasets, including Medical Information Mart for Intensive Care (MIMIC-III) and PubChem BioAssay (PCBA).

The emergence of Large Multimodal Models (LMMs) marks a significant milestone in the development of artificial intelligence. Insurance, as a vast and complex discipline, involves a wide variety of data forms in its operational processes, including text, images, and videos, thereby giving rise to diverse multimodal tasks. Despite this, there has been limited systematic exploration of multimodal tasks specific to insurance, nor a thorough investigation into how LMMs can address these challenges. In this paper, we explore GPT-4V's capabilities in the insurance domain. We categorize multimodal tasks by focusing primarily on visual aspects based on types of insurance (e.g., auto, household/commercial property, health, and agricultural insurance) and insurance stages (e.g., risk assessment, risk monitoring, and claims processing). Our experiment reveals that GPT-4V exhibits remarkable abilities in insurance-related tasks, demonstrating not only a robust understanding of multimodal content in the insurance domain but also a comprehensive knowledge of insurance scenarios. However, there are notable shortcomings: GPT-4V struggles with detailed risk rating and loss assessment, suffers from hallucination in image understanding, and shows variable support for different languages. Through this work, we aim to bridge the insurance domain with cutting-edge LMM technology, facilitate interdisciplinary exchange and development, and provide a foundation for the continued advancement and evolution of future research endeavors.

Multimodal learning is a rapidly growing research field that has revolutionized multitasking and generative modeling in AI. While much of the research has focused on dealing with unstructured data (e.g., language, images, audio, or video), structured data (e.g., tabular data, time series, or signals) has received less attention. However, many industry-relevant use cases involve or can be benefited from both types of data. In this work, we propose a modular, end-to-end multimodal learning method called MAGNUM, which can natively handle both structured and unstructured data. MAGNUM is flexible enough to employ any specialized unimodal module to extract, compress, and fuse information from all available modalities.