Daily Papers

Large vision-language models (LVLMs) have made significant progress in chart understanding. However, financial charts, characterized by complex temporal structures and domain-specific terminology, remain notably underexplored. We introduce FinChart-Bench, the first benchmark specifically focused on real-world financial charts. FinChart-Bench comprises 1,200 financial chart images collected from 2015 to 2024, each annotated with True/False (TF), Multiple Choice (MC), and Question Answering (QA) questions, totaling 7,016 questions. We conduct a comprehensive evaluation of 25 state-of-the-art LVLMs on FinChart-Bench. Our evaluation reveals critical insights: (1) the performance gap between open-source and closed-source models is narrowing, (2) performance degradation occurs in upgraded models within families, (3) many models struggle with instruction following, (4) both advanced models show significant limitations in spatial reasoning abilities, and (5) current LVLMs are not reliable enough to serve as automated evaluators. These findings highlight important limitations in current LVLM capabilities for financial chart understanding. The FinChart-Bench dataset is available at https://huggingface.co/datasets/Tizzzzy/FinChart-Bench.

In this paper, we propose FinVis-GPT, a novel multimodal large language model (LLM) specifically designed for financial chart analysis. By leveraging the power of LLMs and incorporating instruction tuning and multimodal capabilities, FinVis-GPT is capable of interpreting financial charts and providing valuable analysis. To train FinVis-GPT, a financial task oriented dataset was generated for pre-training alignment and instruction tuning, comprising various types of financial charts and their corresponding descriptions. We evaluate the model performance via several case studies due to the time limit, and the promising results demonstrated that FinVis-GPT is superior in various financial chart related tasks, including generating descriptions, answering questions and predicting future market trends, surpassing existing state-of-the-art multimodal LLMs. The proposed FinVis-GPT serves as a pioneering effort in utilizing multimodal LLMs in the finance domain and our generated dataset will be release for public use in the near future to speedup related research.

Large language models (LLMs) have advanced financial applications, yet they often lack sufficient financial knowledge and struggle with tasks involving multi-modal inputs like tables and time series data. To address these limitations, we introduce Open-FinLLMs, a series of Financial LLMs. We begin with FinLLaMA, pre-trained on a 52 billion token financial corpus, incorporating text, tables, and time-series data to embed comprehensive financial knowledge. FinLLaMA is then instruction fine-tuned with 573K financial instructions, resulting in FinLLaMA-instruct, which enhances task performance. Finally, we present FinLLaVA, a multimodal LLM trained with 1.43M image-text instructions to handle complex financial data types. Extensive evaluations demonstrate FinLLaMA's superior performance over LLaMA3-8B, LLaMA3.1-8B, and BloombergGPT in both zero-shot and few-shot settings across 19 and 4 datasets, respectively. FinLLaMA-instruct outperforms GPT-4 and other Financial LLMs on 15 datasets. FinLLaVA excels in understanding tables and charts across 4 multimodal tasks. Additionally, FinLLaMA achieves impressive Sharpe Ratios in trading simulations, highlighting its robust financial application capabilities. We will continually maintain and improve our models and benchmarks to support ongoing innovation in academia and industry.

The rapid advancements in Large Language Models (LLMs) have unlocked transformative possibilities in natural language processing, particularly within the financial sector. Financial data is often embedded in intricate relationships across textual content, numerical tables, and visual charts, posing challenges that traditional methods struggle to address effectively. However, the emergence of LLMs offers new pathways for processing and analyzing this multifaceted data with increased efficiency and insight. Despite the fast pace of innovation in LLM research, there remains a significant gap in their practical adoption within the finance industry, where cautious integration and long-term validation are prioritized. This disparity has led to a slower implementation of emerging LLM techniques, despite their immense potential in financial applications. As a result, many of the latest advancements in LLM technology remain underexplored or not fully utilized in this domain. This survey seeks to bridge this gap by providing a comprehensive overview of recent developments in LLM research and examining their applicability to the financial sector. Building on previous survey literature, we highlight several novel LLM methodologies, exploring their distinctive capabilities and their potential relevance to financial data analysis. By synthesizing insights from a broad range of studies, this paper aims to serve as a valuable resource for researchers and practitioners, offering direction on promising research avenues and outlining future opportunities for advancing LLM applications in finance.

Financial trading is a crucial component of the markets, informed by a multimodal information landscape encompassing news, prices, and Kline charts, and encompasses diverse tasks such as quantitative trading and high-frequency trading with various assets. While advanced AI techniques like deep learning and reinforcement learning are extensively utilized in finance, their application in financial trading tasks often faces challenges due to inadequate handling of multimodal data and limited generalizability across various tasks. To address these challenges, we present FinAgent, a multimodal foundational agent with tool augmentation for financial trading. FinAgent's market intelligence module processes a diverse range of data-numerical, textual, and visual-to accurately analyze the financial market. Its unique dual-level reflection module not only enables rapid adaptation to market dynamics but also incorporates a diversified memory retrieval system, enhancing the agent's ability to learn from historical data and improve decision-making processes. The agent's emphasis on reasoning for actions fosters trust in its financial decisions. Moreover, FinAgent integrates established trading strategies and expert insights, ensuring that its trading approaches are both data-driven and rooted in sound financial principles. With comprehensive experiments on 6 financial datasets, including stocks and Crypto, FinAgent significantly outperforms 9 state-of-the-art baselines in terms of 6 financial metrics with over 36% average improvement on profit. Specifically, a 92.27% return (a 84.39% relative improvement) is achieved on one dataset. Notably, FinAgent is the first advanced multimodal foundation agent designed for financial trading tasks.

In this paper, we introduce FAMMA, an open-source benchmark for financial multilingual multimodal question answering (QA). Our benchmark aims to evaluate the abilities of multimodal large language models (MLLMs) in answering questions that require advanced financial knowledge and sophisticated reasoning. It includes 1,758 meticulously collected question-answer pairs from university textbooks and exams, spanning 8 major subfields in finance including corporate finance, asset management, and financial engineering. Some of the QA pairs are written in Chinese or French, while a majority of them are in English. These questions are presented in a mixed format combining text and heterogeneous image types, such as charts, tables, and diagrams. We evaluate a range of state-of-the-art MLLMs on our benchmark, and our analysis shows that FAMMA poses a significant challenge for these models. Even advanced systems like GPT-4o and Claude-35-Sonnet achieve only 42\% accuracy. Additionally, the open-source Qwen2-VL lags notably behind its proprietary counterparts. Lastly, we explore GPT o1-style reasoning chains to enhance the models' reasoning capabilities, which significantly improve error correction. Our FAMMA benchmark will facilitate future research to develop expert systems in financial QA. The leaderboard is available at https://famma-bench.github.io/famma/ .

Pure time series forecasting tasks typically focus exclusively on numerical features; however, real-world financial decision-making demands the comparison and analysis of heterogeneous sources of information. Recent advances in deep learning and large scale language models (LLMs) have made significant strides in capturing sentiment and other qualitative signals, thereby enhancing the accuracy of financial time series predictions. Despite these advances, most existing datasets consist solely of price series and news text, are confined to a single market, and remain limited in scale. In this paper, we introduce FinMultiTime, the first large scale, multimodal financial time series dataset. FinMultiTime temporally aligns four distinct modalities financial news, structured financial tables, K-line technical charts, and stock price time series across both the S&P 500 and HS 300 universes. Covering 5,105 stocks from 2009 to 2025 in the United States and China, the dataset totals 112.6 GB and provides minute-level, daily, and quarterly resolutions, thus capturing short, medium, and long term market signals with high fidelity. Our experiments demonstrate that (1) scale and data quality markedly boost prediction accuracy; (2) multimodal fusion yields moderate gains in Transformer models; and (3) a fully reproducible pipeline enables seamless dataset updates.

In recent years, multimodal benchmarks for general domains have guided the rapid development of multimodal models on general tasks. However, the financial field has its peculiarities. It features unique graphical images (e.g., candlestick charts, technical indicator charts) and possesses a wealth of specialized financial knowledge (e.g., futures, turnover rate). Therefore, benchmarks from general fields often fail to measure the performance of multimodal models in the financial domain, and thus cannot effectively guide the rapid development of large financial models. To promote the development of large financial multimodal models, we propose MME-Finance, an bilingual open-ended and practical usage-oriented Visual Question Answering (VQA) benchmark. The characteristics of our benchmark are finance and expertise, which include constructing charts that reflect the actual usage needs of users (e.g., computer screenshots and mobile photography), creating questions according to the preferences in financial domain inquiries, and annotating questions by experts with 10+ years of experience in the financial industry. Additionally, we have developed a custom-designed financial evaluation system in which visual information is first introduced in the multi-modal evaluation process. Extensive experimental evaluations of 19 mainstream MLLMs are conducted to test their perception, reasoning, and cognition capabilities. The results indicate that models performing well on general benchmarks cannot do well on MME-Finance; for instance, the top-performing open-source and closed-source models obtain 65.69 (Qwen2VL-72B) and 63.18 (GPT-4o), respectively. Their performance is particularly poor in categories most relevant to finance, such as candlestick charts and technical indicator charts. In addition, we propose a Chinese version, which helps compare performance of MLLMs under a Chinese context.

Financial trading has been a challenging task, as it requires the integration of vast amounts of data from various modalities. Traditional deep learning and reinforcement learning methods require large training data and often involve encoding various data types into numerical formats for model input, which limits the explainability of model behavior. Recently, LLM-based agents have demonstrated remarkable advancements in handling multi-modal data, enabling them to execute complex, multi-step decision-making tasks while providing insights into their thought processes. This research introduces a multi-modal multi-agent system designed specifically for financial trading tasks. Our framework employs a team of specialized LLM-based agents, each adept at processing and interpreting various forms of financial data, such as textual news reports, candlestick charts, and trading signal charts. A key feature of our approach is the integration of a reflection module, which conducts analyses of historical trading signals and their outcomes. This reflective process is instrumental in enhancing the decision-making capabilities of the system for future trading scenarios. Furthermore, the ablation studies indicate that the visual reflection module plays a crucial role in enhancing the decision-making capabilities of our framework.

Large Vision-Language Models (LVLMs) have achieved remarkable performance in many vision-language tasks, yet their capabilities in fine-grained visual understanding remain insufficiently evaluated. Existing benchmarks either contain limited fine-grained evaluation samples that are mixed with other data, or are confined to object-level assessments in natural images. To holistically assess LVLMs' fine-grained visual understanding capabilities, we propose using document images with multi-granularity and multi-modal information to supplement natural images. In this light, we construct MMDocBench, a benchmark with various OCR-free document understanding tasks for the evaluation of fine-grained visual perception and reasoning abilities. MMDocBench defines 15 main tasks with 4,338 QA pairs and 11,353 supporting regions, covering various document images such as research papers, receipts, financial reports, Wikipedia tables, charts, and infographics. Based on MMDocBench, we conduct extensive experiments using 13 open-source and 3 proprietary advanced LVLMs, assessing their strengths and weaknesses across different tasks and document image types. The benchmark, task instructions, and evaluation code will be made publicly available.

Large Language Models (LLMs) have demonstrated remarkable performance on a wide range of Natural Language Processing (NLP) tasks, often matching or even beating state-of-the-art task-specific models. This study aims at assessing the financial reasoning capabilities of LLMs. We leverage mock exam questions of the Chartered Financial Analyst (CFA) Program to conduct a comprehensive evaluation of ChatGPT and GPT-4 in financial analysis, considering Zero-Shot (ZS), Chain-of-Thought (CoT), and Few-Shot (FS) scenarios. We present an in-depth analysis of the models' performance and limitations, and estimate whether they would have a chance at passing the CFA exams. Finally, we outline insights into potential strategies and improvements to enhance the applicability of LLMs in finance. In this perspective, we hope this work paves the way for future studies to continue enhancing LLMs for financial reasoning through rigorous evaluation.

We present a new financial domain large language model, InvestLM, tuned on LLaMA-65B (Touvron et al., 2023), using a carefully curated instruction dataset related to financial investment. Inspired by less-is-more-for-alignment (Zhou et al., 2023), we manually curate a small yet diverse instruction dataset, covering a wide range of financial related topics, from Chartered Financial Analyst (CFA) exam questions to SEC filings to Stackexchange quantitative finance discussions. InvestLM shows strong capabilities in understanding financial text and provides helpful responses to investment related questions. Financial experts, including hedge fund managers and research analysts, rate InvestLM's response as comparable to those of state-of-the-art commercial models (GPT-3.5, GPT-4 and Claude-2). Zero-shot evaluation on a set of financial NLP benchmarks demonstrates strong generalizability. From a research perspective, this work suggests that a high-quality domain specific LLM can be tuned using a small set of carefully curated instructions on a well-trained foundation model, which is consistent with the Superficial Alignment Hypothesis (Zhou et al., 2023). From a practical perspective, this work develops a state-of-the-art financial domain LLM with superior capability in understanding financial texts and providing helpful investment advice, potentially enhancing the work efficiency of financial professionals. We release the model parameters to the research community.

Data visualizations are common in the real-world. We often use them in data sources such as scientific documents, news articles, textbooks, and social media to summarize key information in a visual form. Charts can also mislead its audience by communicating false information or biasing them towards a specific agenda. Verifying claims against charts is not a straightforward process. It requires analyzing both the text and visual components of the chart, considering characteristics such as colors, positions, and orientations. Moreover, to determine if a claim is supported by the chart content often requires different types of reasoning. To address this challenge, we introduce ChartCheck, a novel dataset for fact-checking against chart images. ChartCheck is the first large-scale dataset with 1.7k real-world charts and 10.5k human-written claims and explanations. We evaluated the dataset on state-of-the-art models and achieved an accuracy of 73.9 in the finetuned setting. Additionally, we identified chart characteristics and reasoning types that challenge the models.

Data visualization in the form of charts plays a pivotal role in data analysis, offering critical insights and aiding in informed decision-making. Automatic chart understanding has witnessed significant advancements with the rise of large foundation models in recent years. Foundation models, such as large language models, have revolutionized various natural language processing tasks and are increasingly being applied to chart understanding tasks. This survey paper provides a comprehensive overview of the recent developments, challenges, and future directions in chart understanding within the context of these foundation models. We review fundamental building blocks crucial for studying chart understanding tasks. Additionally, we explore various tasks and their evaluation metrics and sources of both charts and textual inputs. Various modeling strategies are then examined, encompassing both classification-based and generation-based approaches, along with tool augmentation techniques that enhance chart understanding performance. Furthermore, we discuss the state-of-the-art performance of each task and discuss how we can improve the performance. Challenges and future directions are addressed, highlighting the importance of several topics, such as domain-specific charts, lack of efforts in developing evaluation metrics, and agent-oriented settings. This survey paper serves as a comprehensive resource for researchers and practitioners in the fields of natural language processing, computer vision, and data analysis, providing valuable insights and directions for future research in chart understanding leveraging large foundation models. The studies mentioned in this paper, along with emerging new research, will be continually updated at: https://github.com/khuangaf/Awesome-Chart-Understanding.

Time series is a collection of data instances that are ordered according to a time stamp. Stock prices, temperature, etc are examples of time series data in real life. Time series data are used for forecasting sales, predicting trends. Visualization is the process of visually representing data or the relationship between features of a data either in a two-dimensional plot or a three-dimensional plot. Visualizing the time series data constitutes an important part of the process for working with a time series dataset. Visualizing the data not only helps in the modelling process but it can also be used to identify trends and features that cause those trends. In this work, we take a real-life time series dataset and analyse how the target feature relates to other features of the dataset through visualization. From the work that has been carried out, we present an effective method of visualization for time series data which will be much useful for machine learning modelling with such datasets.

Recent advancements in Large Language Models (LLMs) have revealed new capabilities and opportunities across the technological landscape. However, the practicality of very large LLMs is challenged by their high compute cost, which does not justify the benefits given their limited capability compared to humans. While smaller, more practical LLMs have shown potential in financial analysis, though they are not yet fully proficient, as evidenced by their near-passing performance on the Chartered Financial Analyst (CFA) exam. In this work, we present Financial Analyst Extension to our Text Hyperlocally Augmented Large Language Extension (THaLLE), a series of 8B LLMs consistently achieving highest performance on mock CFA exams against models of comparable size. We thoroughly document the fine-tuning techniques used to facilitate future research. Additionally, we introduce the use of Flare CFA, a publicly available dataset for evaluating LLMs as a financial advisor.

The analytical description of charts is an exciting and important research area with many applications in academia and industry. Yet, this challenging task has received limited attention from the computational linguistics research community. This paper proposes AutoChart, a large dataset for the analytical description of charts, which aims to encourage more research into this important area. Specifically, we offer a novel framework that generates the charts and their analytical description automatically. We conducted extensive human and machine evaluations on the generated charts and descriptions and demonstrate that the generated texts are informative, coherent, and relevant to the corresponding charts.

Financial reports offer critical insights into a company's operations, yet their extensive length typically spanning 30 40 pages poses challenges for swift decision making in dynamic markets. To address this, we leveraged finetuned Large Language Models (LLMs) to distill key indicators and operational metrics from these reports basis questions from the user. We devised a method to locate critical data, and leverage the FinQA dataset to fine-tune both Llama-2 7B and T5 models for customized question answering. We achieved results comparable to baseline on the final numerical answer, a competitive accuracy in numerical reasoning and calculation.

Charts play a vital role in data visualization, understanding data patterns, and informed decision-making. However, their unique combination of graphical elements (e.g., bars, lines) and textual components (e.g., labels, legends) poses challenges for general-purpose multimodal models. While vision-language models trained on chart data excel in comprehension, they struggle with generalization and require task-specific fine-tuning. To address these challenges, we propose ChartAssistant, a chart-based vision-language model for universal chart comprehension and reasoning. ChartAssistant leverages ChartSFT, a comprehensive dataset covering diverse chart-related tasks with basic and specialized chart types. It undergoes a two-stage training process, starting with pre-training on chart-to-table parsing to align chart and text, followed by multitask instruction-following fine-tuning. This approach enables ChartAssistant to achieve competitive performance across various chart tasks without task-specific fine-tuning. Experimental results demonstrate significant performance gains over the state-of-the-art UniChart method, outperforming OpenAI's GPT-4V(ision) on real-world chart data. The code and data are available at https://github.com/OpenGVLab/ChartAst.

Data visualization serves as a critical means for presenting data and mining its valuable insights. The task of chart summarization, through natural language processing techniques, facilitates in-depth data analysis of charts. However, there still are notable deficiencies in terms of visual-language matching and reasoning ability for existing approaches. To address these limitations, this study constructs a large-scale dataset of comprehensive chart-caption pairs and fine-tuning instructions on each chart. Thanks to the broad coverage of various topics and visual styles within this dataset, better matching degree can be achieved from the view of training data. Moreover, we propose an innovative chart summarization method, ChartThinker, which synthesizes deep analysis based on chains of thought and strategies of context retrieval, aiming to improve the logical coherence and accuracy of the generated summaries. Built upon the curated datasets, our trained model consistently exhibits superior performance in chart summarization tasks, surpassing 8 state-of-the-art models over 7 evaluation metrics. Our dataset and codes are publicly accessible.

Charts are a powerful tool for visually conveying complex data, but their comprehension poses a challenge due to the diverse chart types and intricate components. Existing chart comprehension methods suffer from either heuristic rules or an over-reliance on OCR systems, resulting in suboptimal performance. To address these issues, we present ChartReader, a unified framework that seamlessly integrates chart derendering and comprehension tasks. Our approach includes a transformer-based chart component detection module and an extended pre-trained vision-language model for chart-to-X tasks. By learning the rules of charts automatically from annotated datasets, our approach eliminates the need for manual rule-making, reducing effort and enhancing accuracy.~We also introduce a data variable replacement technique and extend the input and position embeddings of the pre-trained model for cross-task training. We evaluate ChartReader on Chart-to-Table, ChartQA, and Chart-to-Text tasks, demonstrating its superiority over existing methods. Our proposed framework can significantly reduce the manual effort involved in chart analysis, providing a step towards a universal chart understanding model. Moreover, our approach offers opportunities for plug-and-play integration with mainstream LLMs such as T5 and TaPas, extending their capability to chart comprehension tasks. The code is available at https://github.com/zhiqic/ChartReader.

Financial forecasting has been an important and active area of machine learning research because of the challenges it presents and the potential rewards that even minor improvements in prediction accuracy or forecasting may entail. Traditionally, financial forecasting has heavily relied on quantitative indicators and metrics derived from structured financial statements. Earnings conference call data, including text and audio, is an important source of unstructured data that has been used for various prediction tasks using deep earning and related approaches. However, current deep learning-based methods are limited in the way that they deal with numeric data; numbers are typically treated as plain-text tokens without taking advantage of their underlying numeric structure. This paper describes a numeric-oriented hierarchical transformer model to predict stock returns, and financial risk using multi-modal aligned earnings calls data by taking advantage of the different categories of numbers (monetary, temporal, percentages etc.) and their magnitude. We present the results of a comprehensive evaluation of NumHTML against several state-of-the-art baselines using a real-world publicly available dataset. The results indicate that NumHTML significantly outperforms the current state-of-the-art across a variety of evaluation metrics and that it has the potential to offer significant financial gains in a practical trading context.

Financial market predictions utilize historical data to anticipate future stock prices and market trends. Traditionally, these predictions have focused on the statistical analysis of quantitative factors, such as stock prices, trading volumes, inflation rates, and changes in industrial production. Recent advancements in large language models motivate the integrated financial analysis of both sentiment data, particularly market news, and numerical factors. Nonetheless, this methodology frequently encounters constraints due to the paucity of extensive datasets that amalgamate both quantitative and qualitative sentiment analyses. To address this challenge, we introduce a large-scale financial dataset, namely, Financial News and Stock Price Integration Dataset (FNSPID). It comprises 29.7 million stock prices and 15.7 million time-aligned financial news records for 4,775 S&P500 companies, covering the period from 1999 to 2023, sourced from 4 stock market news websites. We demonstrate that FNSPID excels existing stock market datasets in scale and diversity while uniquely incorporating sentiment information. Through financial analysis experiments on FNSPID, we propose: (1) the dataset's size and quality significantly boost market prediction accuracy; (2) adding sentiment scores modestly enhances performance on the transformer-based model; (3) a reproducible procedure that can update the dataset. Completed work, code, documentation, and examples are available at github.com/Zdong104/FNSPID. FNSPID offers unprecedented opportunities for the financial research community to advance predictive modeling and analysis.

Given the central role of charts in scientific, business, and communication contexts, enhancing the chart understanding capabilities of vision-language models (VLMs) has become increasingly critical. A key limitation of existing VLMs lies in their inaccurate visual grounding of infographic elements, including charts and human-recognizable objects (HROs) such as icons and images. However, chart understanding often requires identifying relevant elements and reasoning over them. To address this limitation, we introduce OrionBench, a benchmark designed to support the development of accurate object detection models for charts and HROs in infographics. It contains 26,250 real and 78,750 synthetic infographics, with over 6.9 million bounding box annotations. These annotations are created by combining the model-in-the-loop and programmatic methods. We demonstrate the usefulness of OrionBench through three applications: 1) constructing a Thinking-with-Boxes scheme to boost the chart understanding performance of VLMs, 2) comparing existing object detection models, and 3) applying the developed detection model to document layout and UI element detection.

Charts are very popular for analyzing data, visualizing key insights and answering complex reasoning questions about data. To facilitate chart-based data analysis using natural language, several downstream tasks have been introduced recently such as chart question answering and chart summarization. However, most of the methods that solve these tasks use pretraining on language or vision-language tasks that do not attempt to explicitly model the structure of the charts (e.g., how data is visually encoded and how chart elements are related to each other). To address this, we first build a large corpus of charts covering a wide variety of topics and visual styles. We then present UniChart, a pretrained model for chart comprehension and reasoning. UniChart encodes the relevant text, data, and visual elements of charts and then uses a chart-grounded text decoder to generate the expected output in natural language. We propose several chart-specific pretraining tasks that include: (i) low-level tasks to extract the visual elements (e.g., bars, lines) and data from charts, and (ii) high-level tasks to acquire chart understanding and reasoning skills. We find that pretraining the model on a large corpus with chart-specific low- and high-level tasks followed by finetuning on three down-streaming tasks results in state-of-the-art performance on three downstream tasks.

Quantifying the similarity between a group of companies has proven to be useful for several purposes, including company benchmarking, fraud detection, and searching for investment opportunities. This exercise can be done using a variety of data sources, such as company activity data and financial data. However, ledger account data is widely available and is standardized to a large extent. Such ledger accounts within a financial statement can be represented by means of a tree, i.e. a special type of graph, representing both the values of the ledger accounts and the relationships between them. Given their broad availability and rich information content, financial statements form a prime data source based on which company similarities or distances could be computed. In this paper, we present a graph distance metric that enables one to compute the similarity between the financial statements of two companies. We conduct a comprehensive experimental study using real-world financial data to demonstrate the usefulness of our proposed distance metric. The experimental results show promising results on a number of use cases. This method may be useful for investors looking for investment opportunities, government officials attempting to identify fraudulent companies, and accountants looking to benchmark a group of companies based on their financial statements.

Financial large language models (FinLLMs) with multimodal capabilities are envisioned to revolutionize applications across business, finance, accounting, and auditing. However, real-world adoption requires robust benchmarks of FinLLMs' and agents' performance. Maintaining an open leaderboard of models is crucial for encouraging innovative adoption and improving model effectiveness. In collaboration with Linux Foundation and Hugging Face, we create an open FinLLM leaderboard, which serves as an open platform for assessing and comparing LLMs' performance on a wide spectrum of financial tasks. By demoncratizing access to advanced AI tools and financial knowledge, a chatbot or agent may enhance the analytical capabilities of the general public to a professional-level within a few months of usage. This open leaderboard welcomes contributions from academia, open-source community, industry, and stakeholders. In particular, we encourage contributions of new datasets, tasks, and models for continual update. Through fostering a collaborative and open ecosystem, we seek to ensure the long-term sustainability and relevance of LLMs and agents as they evolve with the financial sector's needs.

Chart understanding plays a pivotal role when applying Multimodal Large Language Models (MLLMs) to real-world tasks such as analyzing scientific papers or financial reports. However, existing datasets often focus on oversimplified and homogeneous charts with template-based questions, leading to an over-optimistic measure of progress. We demonstrate that although open-source models can appear to outperform strong proprietary models on these benchmarks, a simple stress test with slightly different charts or questions can deteriorate performance by up to 34.5%. In this work, we propose CharXiv, a comprehensive evaluation suite involving 2,323 natural, challenging, and diverse charts from arXiv papers. CharXiv includes two types of questions: 1) descriptive questions about examining basic chart elements and 2) reasoning questions that require synthesizing information across complex visual elements in the chart. To ensure quality, all charts and questions are handpicked, curated, and verified by human experts. Our results reveal a substantial, previously underestimated gap between the reasoning skills of the strongest proprietary model (i.e., GPT-4o), which achieves 47.1% accuracy, and the strongest open-source model (i.e., InternVL Chat V1.5), which achieves 29.2%. All models lag far behind human performance of 80.5%, underscoring weaknesses in the chart understanding capabilities of existing MLLMs. We hope CharXiv facilitates future research on MLLM chart understanding by providing a more realistic and faithful measure of progress. Project page and leaderboard: https://charxiv.github.io/

Annual Reports of publicly listed companies contain vital information about their financial health which can help assess the potential impact on Stock price of the firm. These reports are comprehensive in nature, going up to, and sometimes exceeding, 100 pages. Analysing these reports is cumbersome even for a single firm, let alone the whole universe of firms that exist. Over the years, financial experts have become proficient in extracting valuable information from these documents relatively quickly. However, this requires years of practice and experience. This paper aims to simplify the process of assessing Annual Reports of all the firms by leveraging the capabilities of Large Language Models (LLMs). The insights generated by the LLM are compiled in a Quant styled dataset and augmented by historical stock price data. A Machine Learning model is then trained with LLM outputs as features. The walkforward test results show promising outperformance wrt S&P500 returns. This paper intends to provide a framework for future work in this direction. To facilitate this, the code has been released as open source.

Pre-trained language models have shown impressive performance on a variety of tasks and domains. Previous research on financial language models usually employs a generic training scheme to train standard model architectures, without completely leveraging the richness of the financial data. We propose a novel domain specific Financial LANGuage model (FLANG) which uses financial keywords and phrases for better masking, together with span boundary objective and in-filing objective. Additionally, the evaluation benchmarks in the field have been limited. To this end, we contribute the Financial Language Understanding Evaluation (FLUE), an open-source comprehensive suite of benchmarks for the financial domain. These include new benchmarks across 5 NLP tasks in financial domain as well as common benchmarks used in the previous research. Experiments on these benchmarks suggest that our model outperforms those in prior literature on a variety of NLP tasks. Our models, code and benchmark data are publicly available on Github and Huggingface.

Although large language models (LLMs) has shown great performance on natural language processing (NLP) in the financial domain, there are no publicly available financial tailtored LLMs, instruction tuning datasets, and evaluation benchmarks, which is critical for continually pushing forward the open-source development of financial artificial intelligence (AI). This paper introduces PIXIU, a comprehensive framework including the first financial LLM based on fine-tuning LLaMA with instruction data, the first instruction data with 136K data samples to support the fine-tuning, and an evaluation benchmark with 5 tasks and 9 datasets. We first construct the large-scale multi-task instruction data considering a variety of financial tasks, financial document types, and financial data modalities. We then propose a financial LLM called FinMA by fine-tuning LLaMA with the constructed dataset to be able to follow instructions for various financial tasks. To support the evaluation of financial LLMs, we propose a standardized benchmark that covers a set of critical financial tasks, including five financial NLP tasks and one financial prediction task. With this benchmark, we conduct a detailed analysis of FinMA and several existing LLMs, uncovering their strengths and weaknesses in handling critical financial tasks. The model, datasets, benchmark, and experimental results are open-sourced to facilitate future research in financial AI.

Infographic charts are a powerful medium for communicating abstract data by combining visual elements (e.g., charts, images) with textual information. However, their visual and structural richness poses challenges for large vision-language models (LVLMs), which are typically trained on plain charts. To bridge this gap, we introduce ChartGalaxy, a million-scale dataset designed to advance the understanding and generation of infographic charts. The dataset is constructed through an inductive process that identifies 75 chart types, 330 chart variations, and 68 layout templates from real infographic charts and uses them to create synthetic ones programmatically. We showcase the utility of this dataset through: 1) improving infographic chart understanding via fine-tuning, 2) benchmarking code generation for infographic charts, and 3) enabling example-based infographic chart generation. By capturing the visual and structural complexity of real design, ChartGalaxy provides a useful resource for enhancing multimodal reasoning and generation in LVLMs.

As large language models become increasingly prevalent in the financial sector, there is a pressing need for a standardized method to comprehensively assess their performance. However, existing finance benchmarks often suffer from limited language and task coverage, as well as challenges such as low-quality datasets and inadequate adaptability for LLM evaluation. To address these limitations, we propose "Golden Touchstone", the first comprehensive bilingual benchmark for financial LLMs, which incorporates representative datasets from both Chinese and English across eight core financial NLP tasks. Developed from extensive open source data collection and industry-specific demands, this benchmark includes a variety of financial tasks aimed at thoroughly assessing models' language understanding and generation capabilities. Through comparative analysis of major models on the benchmark, such as GPT-4o Llama3, FinGPT and FinMA, we reveal their strengths and limitations in processing complex financial information. Additionally, we open-sourced Touchstone-GPT, a financial LLM trained through continual pre-training and financial instruction tuning, which demonstrates strong performance on the bilingual benchmark but still has limitations in specific tasks.This research not only provides the financial large language models with a practical evaluation tool but also guides the development and optimization of future research. The source code for Golden Touchstone and model weight of Touchstone-GPT have been made publicly available at https://github.com/IDEA-FinAI/Golden-Touchstone, contributing to the ongoing evolution of FinLLMs and fostering further research in this critical area.

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.

The Russian Financial Statements Database (RFSD) is an open, harmonized collection of annual unconsolidated financial statements of the universe of Russian firms in 2011-2023. It is the first open data set with information on every active firm in the country, including non-filing firms. With 56.6 million geolocated firm-year observations gathered from two official sources, the RFSD features multiple end-user quality-of-life improvements such as data imputation, statement articulation, harmonization across data providers and formats, and data enrichment. Extensive internal and external validation shows that most statements articulate well while their aggregates display higher correlation with the regional GDP than the previous gridded GDP data products. We also examine the direction and magnitude of the reporting bias by comparing the universe of firms that are required to file with the actual filers. The RFSD can be used in various economic applications as diverse as calibration of micro-founded models, estimation of markups and productivity, or assessing industry organization and market power.

We have compared three common visualisations for hierarchical quantitative data, treemaps, icicle plots and sunburst charts as well as a semicircular variant of sunburst charts we call the sundown chart. In a pilot study, we found that the sunburst chart was least preferred. In a controlled study with 12 participants, we compared treemaps, icicle plots and sundown charts. Treemap was the least preferred and had a slower performance on a basic navigation task and slower performance and accuracy in hierarchy understanding tasks. The icicle plot and sundown chart had similar performance with slight user preference for the icicle plot.

Stock selection, which aims to predict stock prices and identify the most profitable ones, is a crucial task in finance. While existing methods primarily focus on developing model structures and building graphs for improved selection, pre-training strategies remain underexplored in this domain. Current stock series pre-training follows methods from other areas without adapting to the unique characteristics of financial data, particularly overlooking stock-specific contextual information and the non-stationary nature of stock prices. Consequently, the latent statistical features inherent in stock data are underutilized. In this paper, we propose three novel pre-training tasks tailored to stock data characteristics: stock code classification, stock sector classification, and moving average prediction. We develop the Stock Specialized Pre-trained Transformer (SSPT) based on a two-layer transformer architecture. Extensive experimental results validate the effectiveness of our pre-training methods and provide detailed guidance on their application. Evaluations on five stock datasets, including four markets and two time periods, demonstrate that SSPT consistently outperforms the market and existing methods in terms of both cumulative investment return ratio and Sharpe ratio. Additionally, our experiments on simulated data investigate the underlying mechanisms of our methods, providing insights into understanding price series. Our code is publicly available at: https://github.com/astudentuser/Pre-training-Time-Series-Models-with-Stock-Data-Customization.

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.

Despite tremendous progress in automatic summarization, state-of-the-art methods are predominantly trained to excel in summarizing short newswire articles, or documents with strong layout biases such as scientific articles or government reports. Efficient techniques to summarize financial documents, including facts and figures, have largely been unexplored, majorly due to the unavailability of suitable datasets. In this work, we present ECTSum, a new dataset with transcripts of earnings calls (ECTs), hosted by publicly traded companies, as documents, and short experts-written telegram-style bullet point summaries derived from corresponding Reuters articles. ECTs are long unstructured documents without any prescribed length limit or format. We benchmark our dataset with state-of-the-art summarizers across various metrics evaluating the content quality and factual consistency of the generated summaries. Finally, we present a simple-yet-effective approach, ECT-BPS, to generate a set of bullet points that precisely capture the important facts discussed in the calls.

Large Language Models (LLMs) have shown remarkable capabilities across a wide variety of Natural Language Processing (NLP) tasks and have attracted attention from multiple domains, including financial services. Despite the extensive research into general-domain LLMs, and their immense potential in finance, Financial LLM (FinLLM) research remains limited. This survey provides a comprehensive overview of FinLLMs, including their history, techniques, performance, and opportunities and challenges. Firstly, we present a chronological overview of general-domain Pre-trained Language Models (PLMs) through to current FinLLMs, including the GPT-series, selected open-source LLMs, and financial LMs. Secondly, we compare five techniques used across financial PLMs and FinLLMs, including training methods, training data, and fine-tuning methods. Thirdly, we summarize the performance evaluations of six benchmark tasks and datasets. In addition, we provide eight advanced financial NLP tasks and datasets for developing more sophisticated FinLLMs. Finally, we discuss the opportunities and the challenges facing FinLLMs, such as hallucination, privacy, and efficiency. To support AI research in finance, we compile a collection of accessible datasets and evaluation benchmarks on GitHub.

Automatic document summarization aims to produce a concise summary covering the input document's salient information. Within a report document, the salient information can be scattered in the textual and non-textual content. However, existing document summarization datasets and methods usually focus on the text and filter out the non-textual content. Missing tabular data can limit produced summaries' informativeness, especially when summaries require covering quantitative descriptions of critical metrics in tables. Existing datasets and methods cannot meet the requirements of summarizing long text and multiple tables in each report. To deal with the scarcity of available data, we propose FINDSum, the first large-scale dataset for long text and multi-table summarization. Built on 21,125 annual reports from 3,794 companies, it has two subsets for summarizing each company's results of operations and liquidity. To summarize the long text and dozens of tables in each report, we present three types of summarization methods. Besides, we propose a set of evaluation metrics to assess the usage of numerical information in produced summaries. Dataset analyses and experimental results indicate the importance of jointly considering input textual and tabular data when summarizing report documents.

This research presents a framework for quantitative risk management in volatile markets, specifically focusing on expectile-based methodologies applied to the FTSE 100 index. Traditional risk measures such as Value-at-Risk (VaR) have demonstrated significant limitations during periods of market stress, as evidenced during the 2008 financial crisis and subsequent volatile periods. This study develops an advanced expectile-based framework that addresses the shortcomings of conventional quantile-based approaches by providing greater sensitivity to tail losses and improved stability in extreme market conditions. The research employs a dataset spanning two decades of FTSE 100 returns, incorporating periods of high volatility, market crashes, and recovery phases. Our methodology introduces novel mathematical formulations for expectile regression models, enhanced threshold determination techniques using time series analysis, and robust backtesting procedures. The empirical results demonstrate that expectile-based Value-at-Risk (EVaR) consistently outperforms traditional VaR measures across various confidence levels and market conditions. The framework exhibits superior performance during volatile periods, with reduced model risk and enhanced predictive accuracy. Furthermore, the study establishes practical implementation guidelines for financial institutions and provides evidence-based recommendations for regulatory compliance and portfolio management. The findings contribute significantly to the literature on financial risk management and offer practical tools for practitioners dealing with volatile market environments.

Financial risk prediction plays a crucial role in the financial sector. Machine learning methods have been widely applied for automatically detecting potential risks and thus saving the cost of labor. However, the development in this field is lagging behind in recent years by the following two facts: 1) the algorithms used are somewhat outdated, especially in the context of the fast advance of generative AI and large language models (LLMs); 2) the lack of a unified and open-sourced financial benchmark has impeded the related research for years. To tackle these issues, we propose FinPT and FinBench: the former is a novel approach for financial risk prediction that conduct Profile Tuning on large pretrained foundation models, and the latter is a set of high-quality datasets on financial risks such as default, fraud, and churn. In FinPT, we fill the financial tabular data into the pre-defined instruction template, obtain natural-language customer profiles by prompting LLMs, and fine-tune large foundation models with the profile text to make predictions. We demonstrate the effectiveness of the proposed FinPT by experimenting with a range of representative strong baselines on FinBench. The analytical studies further deepen the understanding of LLMs for financial risk prediction.

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.

Predicting stock market prices following corporate earnings calls remains a significant challenge for investors and researchers alike, requiring innovative approaches that can process diverse information sources. This study investigates the impact of corporate earnings calls on stock prices by introducing a multi-modal predictive model. We leverage textual data from earnings call transcripts, along with images and tables from accompanying presentations, to forecast stock price movements on the trading day immediately following these calls. To facilitate this research, we developed the MiMIC (Multi-Modal Indian Earnings Calls) dataset, encompassing companies representing the Nifty 50, Nifty MidCap 50, and Nifty Small 50 indices. The dataset includes earnings call transcripts, presentations, fundamentals, technical indicators, and subsequent stock prices. We present a multimodal analytical framework that integrates quantitative variables with predictive signals derived from textual and visual modalities, thereby enabling a holistic approach to feature representation and analysis. This multi-modal approach demonstrates the potential for integrating diverse information sources to enhance financial forecasting accuracy. To promote further research in computational economics, we have made the MiMIC dataset publicly available under the CC-NC-SA-4.0 licence. Our work contributes to the growing body of literature on market reactions to corporate communications and highlights the efficacy of multi-modal machine learning techniques in financial analysis.

Accurate prediction of future prices of stocks is a difficult task to perform. Even more challenging is to design an optimized portfolio with weights allocated to the stocks in a way that optimizes its return and the risk. This paper presents a systematic approach towards building two types of portfolios, optimum risk, and eigen, for four critical economic sectors of India. The prices of the stocks are extracted from the web from Jan 1, 2016, to Dec 31, 2020. Sector-wise portfolios are built based on their ten most significant stocks. An LSTM model is also designed for predicting future stock prices. Six months after the construction of the portfolios, i.e., on Jul 1, 2021, the actual returns and the LSTM-predicted returns for the portfolios are computed. A comparison of the predicted and the actual returns indicate a high accuracy level of the LSTM model.

We introduce FinTral, a suite of state-of-the-art multimodal large language models (LLMs) built upon the Mistral-7b model and tailored for financial analysis. FinTral integrates textual, numerical, tabular, and image data. We enhance FinTral with domain-specific pretraining, instruction fine-tuning, and RLAIF training by exploiting a large collection of textual and visual datasets we curate for this work. We also introduce an extensive benchmark featuring nine tasks and 25 datasets for evaluation, including hallucinations in the financial domain. Our FinTral model trained with direct preference optimization employing advanced Tools and Retrieval methods, dubbed FinTral-DPO-T&R, demonstrates an exceptional zero-shot performance. It outperforms ChatGPT-3.5 in all tasks and surpasses GPT-4 in five out of nine tasks, marking a significant advancement in AI-driven financial technology. We also demonstrate that FinTral has the potential to excel in real-time analysis and decision-making in diverse financial contexts.

Designing an optimum portfolio for allocating suitable weights to its constituent assets so that the return and risk associated with the portfolio are optimized is a computationally hard problem. The seminal work of Markowitz that attempted to solve the problem by estimating the future returns of the stocks is found to perform sub-optimally on real-world stock market data. This is because the estimation task becomes extremely challenging due to the stochastic and volatile nature of stock prices. This work illustrates three approaches to portfolio design minimizing the risk, optimizing the risk, and assigning equal weights to the stocks of a portfolio. Thirteen critical sectors listed on the National Stock Exchange (NSE) of India are first chosen. Three portfolios are designed following the above approaches choosing the top ten stocks from each sector based on their free-float market capitalization. The portfolios are designed using the historical prices of the stocks from Jan 1, 2017, to Dec 31, 2022. The portfolios are evaluated on the stock price data from Jan 1, 2022, to Dec 31, 2022. The performances of the portfolios are compared, and the portfolio yielding the higher return for each sector is identified.

Large language models (LLMs) have shown the potential of revolutionizing natural language processing tasks in diverse domains, sparking great interest in finance. Accessing high-quality financial data is the first challenge for financial LLMs (FinLLMs). While proprietary models like BloombergGPT have taken advantage of their unique data accumulation, such privileged access calls for an open-source alternative to democratize Internet-scale financial data. In this paper, we present an open-source large language model, FinGPT, for the finance sector. Unlike proprietary models, FinGPT takes a data-centric approach, providing researchers and practitioners with accessible and transparent resources to develop their FinLLMs. We highlight the importance of an automatic data curation pipeline and the lightweight low-rank adaptation technique in building FinGPT. Furthermore, we showcase several potential applications as stepping stones for users, such as robo-advising, algorithmic trading, and low-code development. Through collaborative efforts within the open-source AI4Finance community, FinGPT aims to stimulate innovation, democratize FinLLMs, and unlock new opportunities in open finance. Two associated code repos are https://github.com/AI4Finance-Foundation/FinGPT and https://github.com/AI4Finance-Foundation/FinNLP

For a long-time, researchers have been developing a reliable and accurate predictive model for stock price prediction. According to the literature, if predictive models are correctly designed and refined, they can painstakingly and faithfully estimate future stock values. This paper demonstrates a set of time series, econometric, and various learning-based models for stock price prediction. The data of Infosys, ICICI, and SUN PHARMA from the period of January 2004 to December 2019 was used here for training and testing the models to know which model performs best in which sector. One time series model (Holt-Winters Exponential Smoothing), one econometric model (ARIMA), two machine Learning models (Random Forest and MARS), and two deep learning-based models (simple RNN and LSTM) have been included in this paper. MARS has been proved to be the best performing machine learning model, while LSTM has proved to be the best performing deep learning model. But overall, for all three sectors - IT (on Infosys data), Banking (on ICICI data), and Health (on SUN PHARMA data), MARS has proved to be the best performing model in sales forecasting.

Accurate and transparent financial information disclosure is essential in accounting and finance, fostering trust and enabling informed investment decisions that drive economic development. Among many information disclosure platforms, the Chinese stock exchanges' investor interactive platform provides a novel and interactive way for listed firms to disclose information of interest to investors through an online question-and-answer (Q&A) format. However, it is common for listed firms to respond to questions with limited or no substantive information, and automatically evaluating the quality of financial information disclosure on large amounts of Q&A pairs is challenging. In this study, our interdisciplinary team of AI and finance professionals proposed FinTruthQA, a benchmark designed to evaluate advanced natural language processing (NLP) techniques for the automatic quality assessment of information disclosure in financial Q&A data. It comprises 6,000 real-world financial Q&A entries and each Q&A was manually annotated based on four key evaluation criteria. We benchmarked various NLP techniques on FinTruthQA, including large language models(LLMs). Experiments showed that existing NLP models have strong predictive ability for question identification and question relevance tasks, but are suboptimal for answer readability and answer relevance tasks. By establishing this benchmark, we provide a robust foundation for the automatic evaluation of information disclosure, demonstrating how AI can be leveraged for social good by promoting transparency, fairness, and investor protection in financial disclosure practices. FinTruthQA can be used by auditors, regulators, and financial analysts for real-time monitoring and data-driven decision-making, as well as by researchers for advanced studies in accounting and finance, ultimately fostering greater trust and efficiency in the financial markets.

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.

Table extraction from document images is a challenging AI problem, and labelled data for many content domains is difficult to come by. Existing table extraction datasets often focus on scientific tables due to the vast amount of academic articles that are readily available, along with their source code. However, there are significant layout and typographical differences between tables found across scientific, financial, and other domains. Current datasets often lack the words, and their positions, contained within the tables, instead relying on unreliable OCR to extract these features for training modern machine learning models on natural language processing tasks. Therefore, there is a need for a more general method of obtaining labelled data. We present SynFinTabs, a large-scale, labelled dataset of synthetic financial tables. Our hope is that our method of generating these synthetic tables is transferable to other domains. To demonstrate the effectiveness of our dataset in training models to extract information from table images, we create FinTabQA, a layout large language model trained on an extractive question-answering task. We test our model using real-world financial tables and compare it to a state-of-the-art generative model and discuss the results. We make the dataset, model, and dataset generation code publicly available.

This paper presents a multi-label topic model for financial texts like ad-hoc announcements, 8-K filings, finance related news or annual reports. I train the model on a new financial multi-label database consisting of 3,044 German ad-hoc announcements that are labeled manually using 20 predefined, economically motivated topics. The best model achieves a macro F1 score of more than 85%. Translating the data results in an English version of the model with similar performance. As application of the model, I investigate differences in stock market reactions across topics. I find evidence for strong positive or negative market reactions for some topics, like announcements of new Large Scale Projects or Bankruptcy Filings, while I do not observe significant price effects for some other topics. Furthermore, in contrast to previous studies, the multi-label structure of the model allows to analyze the effects of co-occurring topics on stock market reactions. For many cases, the reaction to a specific topic depends heavily on the co-occurrence with other topics. For example, if allocated capital from a Seasoned Equity Offering (SEO) is used for restructuring a company in the course of a Bankruptcy Proceeding, the market reacts positively on average. However, if that capital is used for covering unexpected, additional costs from the development of new drugs, the SEO implies negative reactions on average.

Volatility clustering is an important characteristic that has a significant effect on the behavior of stock markets. However, designing robust models for accurate prediction of future volatilities of stock prices is a very challenging research problem. We present several volatility models based on generalized autoregressive conditional heteroscedasticity (GARCH) framework for modeling the volatility of ten stocks listed in the national stock exchange (NSE) of India. The stocks are selected from the auto sector and the banking sector of the Indian economy, and they have a significant impact on the sectoral index of their respective sectors in the NSE. The historical stock price records from Jan 1, 2010, to Apr 30, 2021, are scraped from the Yahoo Finance website using the DataReader API of the Pandas module in the Python programming language. The GARCH modules are built and fine-tuned on the training data and then tested on the out-of-sample data to evaluate the performance of the models. The analysis of the results shows that asymmetric GARCH models yield more accurate forecasts on the future volatility of stocks.

Building predictive models for robust and accurate prediction of stock prices and stock price movement is a challenging research problem to solve. The well-known efficient market hypothesis believes in the impossibility of accurate prediction of future stock prices in an efficient stock market as the stock prices are assumed to be purely stochastic. However, numerous works proposed by researchers have demonstrated that it is possible to predict future stock prices with a high level of precision using sophisticated algorithms, model architectures, and the selection of appropriate variables in the models. This chapter proposes a collection of predictive regression models built on deep learning architecture for robust and precise prediction of the future prices of a stock listed in the diversified sectors in the National Stock Exchange (NSE) of India. The Metastock tool is used to download the historical stock prices over a period of two years (2013- 2014) at 5 minutes intervals. While the records for the first year are used to train the models, the testing is carried out using the remaining records. The design approaches of all the models and their performance results are presented in detail. The models are also compared based on their execution time and accuracy of prediction.

Predictive model design for accurately predicting future stock prices has always been considered an interesting and challenging research problem. The task becomes complex due to the volatile and stochastic nature of the stock prices in the real world which is affected by numerous controllable and uncontrollable variables. This paper presents an optimized predictive model built on long-and-short-term memory (LSTM) architecture for automatically extracting past stock prices from the web over a specified time interval and predicting their future prices for a specified forecast horizon, and forecasts the future stock prices. The model is deployed for making buy and sell transactions based on its predicted results for 70 important stocks from seven different sectors listed in the National Stock Exchange (NSE) of India. The profitability of each sector is derived based on the total profit yielded by the stocks in that sector over a period from Jan 1, 2010 to Aug 26, 2021. The sectors are compared based on their profitability values. The prediction accuracy of the model is also evaluated for each sector. The results indicate that the model is highly accurate in predicting future stock prices.

In recent years, Large Language Models (LLMs) like ChatGPT have seen considerable advancements and have been applied in diverse fields. Built on the Transformer architecture, these models are trained on extensive datasets, enabling them to understand and generate human language effectively. In the financial domain, the deployment of LLMs is gaining momentum. These models are being utilized for automating financial report generation, forecasting market trends, analyzing investor sentiment, and offering personalized financial advice. Leveraging their natural language processing capabilities, LLMs can distill key insights from vast financial data, aiding institutions in making informed investment choices and enhancing both operational efficiency and customer satisfaction. In this study, we provide a comprehensive overview of the emerging integration of LLMs into various financial tasks. Additionally, we conducted holistic tests on multiple financial tasks through the combination of natural language instructions. Our findings show that GPT-4 effectively follow prompt instructions across various financial tasks. This survey and evaluation of LLMs in the financial domain aim to deepen the understanding of LLMs' current role in finance for both financial practitioners and LLM researchers, identify new research and application prospects, and highlight how these technologies can be leveraged to solve practical challenges in the finance industry.

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.

The emergence of Large Language Models (LLMs), such as ChatGPT, has revolutionized general natural language preprocessing (NLP) tasks. However, their expertise in the financial domain lacks a comprehensive evaluation. To assess the ability of LLMs to solve financial NLP tasks, we present FinLMEval, a framework for Financial Language Model Evaluation, comprising nine datasets designed to evaluate the performance of language models. This study compares the performance of encoder-only language models and the decoder-only language models. Our findings reveal that while some decoder-only LLMs demonstrate notable performance across most financial tasks via zero-shot prompting, they generally lag behind the fine-tuned expert models, especially when dealing with proprietary datasets. We hope this study provides foundation evaluations for continuing efforts to build more advanced LLMs in the financial domain.

Tabular data is a crucial form of information expression, which can organize data in a standard structure for easy information retrieval and comparison. However, in financial industry and many other fields tables are often disclosed in unstructured digital files, e.g. Portable Document Format (PDF) and images, which are difficult to be extracted directly. In this paper, to facilitate deep learning based table extraction from unstructured digital files, we publish a standard Chinese dataset named FinTab, which contains more than 1,600 financial tables of diverse kinds and their corresponding structure representation in JSON. In addition, we propose a novel graph-based convolutional neural network model named GFTE as a baseline for future comparison. GFTE integrates image feature, position feature and textual feature together for precise edge prediction and reaches overall good results.

Charts play a critical role in data analysis and visualization, yet real-world applications often present charts with challenging or noisy features. However, "outlier charts" pose a substantial challenge even for Multimodal Large Language Models (MLLMs), which can struggle to interpret perturbed charts. In this work, we introduce CHAOS (CHart Analysis with Outlier Samples), a robustness benchmark to systematically evaluate MLLMs against chart perturbations. CHAOS encompasses five types of textual and ten types of visual perturbations, each presented at three levels of severity (easy, mid, hard) inspired by the study result of human evaluation. The benchmark includes 13 state-of-the-art MLLMs divided into three groups (i.e., general-, document-, and chart-specific models) according to the training scope and data. Comprehensive analysis involves two downstream tasks (ChartQA and Chart-to-Text). Extensive experiments and case studies highlight critical insights into robustness of models across chart perturbations, aiming to guide future research in chart understanding domain. Data and code are publicly available at: http://huggingface.co/datasets/omoured/CHAOS.