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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 \textit{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., Comment: 33 pages, 13 figures

Temporal Knowledge Graph Reasoning (TKGR) is the task of inferring missing facts for incomplete TKGs in complex scenarios (e.g., transductive and inductive settings), which has been gaining increasing attention. Recently, to mitigate dependence on structured connections in TKGs, text-based methods have been developed to utilize rich linguistic information from entity descriptions. However, suffering from the enormous parameters and inflexibility of pre-trained language models, existing text-based methods struggle to balance the textual knowledge and temporal information with computationally expensive purpose-built training strategies. To tap the potential of text-based models for TKGR in various complex scenarios, we propose ChapTER, a Contrastive historical modeling framework with prefix-tuning for TEmporal Reasoning. ChapTER feeds history-contextualized text into the pseudo-Siamese encoders to strike a textual-temporal balance via contrastive estimation between queries and candidates. By introducing virtual time prefix tokens, it applies a prefix-based tuning method to facilitate the frozen PLM capable for TKGR tasks under different settings. We evaluate ChapTER on four transductive and three few-shot inductive TKGR benchmarks, and experimental results demonstrate that ChapTER achieves superior performance compared to competitive baselines with only 0.17% tuned parameters. We conduct thorough analysis to verify the effectiveness, flexibility and efficiency of ChapTER., Comment: Accepted to NAACL 2024 Findings

While the progression of Large Language Models (LLMs) has notably propelled financial analysis, their application has largely been confined to singular language realms, leaving untapped the potential of bilingual Chinese-English capacity. To bridge this chasm, we introduce ICE-PIXIU, seamlessly amalgamating the ICE-INTENT model and ICE-FLARE benchmark for bilingual financial analysis. ICE-PIXIU uniquely integrates a spectrum of Chinese tasks, alongside translated and original English datasets, enriching the breadth and depth of bilingual financial modeling. It provides unrestricted access to diverse model variants, a substantial compilation of diverse cross-lingual and multi-modal instruction data, and an evaluation benchmark with expert annotations, comprising 10 NLP tasks, 20 bilingual specific tasks, totaling 95k datasets. Our thorough evaluation emphasizes the advantages of incorporating these bilingual datasets, especially in translation tasks and utilizing original English data, enhancing both linguistic flexibility and analytical acuity in financial contexts. Notably, ICE-INTENT distinguishes itself by showcasing significant enhancements over conventional LLMs and existing financial LLMs in bilingual milieus, underscoring the profound impact of robust bilingual data on the accuracy and efficacy of financial NLP., Comment: 19 pages, 3 figures, 12 tables, including Appendix

Large Language Models (LLMs) can play a vital role in psychotherapy by adeptly handling the crucial task of cognitive reframing and overcoming challenges such as shame, distrust, therapist skill variability, and resource scarcity. Previous LLMs in cognitive reframing mainly converted negative emotions to positive ones, but these approaches have limited efficacy, often not promoting clients' self-discovery of alternative perspectives. In this paper, we unveil the Helping and Empowering through Adaptive Language in Mental Enhancement (HealMe) model. This novel cognitive reframing therapy method effectively addresses deep-rooted negative thoughts and fosters rational, balanced perspectives. Diverging from traditional LLM methods, HealMe employs empathetic dialogue based on psychotherapeutic frameworks. It systematically guides clients through distinguishing circumstances from feelings, brainstorming alternative viewpoints, and developing empathetic, actionable suggestions. Moreover, we adopt the first comprehensive and expertly crafted psychological evaluation metrics, specifically designed to rigorously assess the performance of cognitive reframing, in both AI-simulated dialogues and real-world therapeutic conversations. Experimental results show that our model outperforms others in terms of empathy, guidance, and logical coherence, demonstrating its effectiveness and potential positive impact on psychotherapy., Comment: 19 pages, 4 figures

LLMs have transformed NLP and shown promise in various fields, yet their potential in finance is underexplored due to a lack of comprehensive evaluation benchmarks, the rapid development of LLMs, and the complexity of financial tasks. In this paper, we introduce FinBen, the first extensive open-source evaluation benchmark, including 36 datasets spanning 24 financial tasks, covering seven critical aspects: information extraction (IE), textual analysis, question answering (QA), text generation, risk management, forecasting, and decision-making. FinBen offers several key innovations: a broader range of tasks and datasets, the first evaluation of stock trading, novel agent and Retrieval-Augmented Generation (RAG) evaluation, and three novel open-source evaluation datasets for text summarization, question answering, and stock trading. Our evaluation of 15 representative LLMs, including GPT-4, ChatGPT, and the latest Gemini, reveals several key findings: While LLMs excel in IE and textual analysis, they struggle with advanced reasoning and complex tasks like text generation and forecasting. GPT-4 excels in IE and stock trading, while Gemini is better at text generation and forecasting. Instruction-tuned LLMs improve textual analysis but offer limited benefits for complex tasks such as QA. FinBen has been used to host the first financial LLMs shared task at the FinNLP-AgentScen workshop during IJCAI-2024, attracting 12 teams. Their novel solutions outperformed GPT-4, showcasing FinBen's potential to drive innovation in financial LLMs. All datasets, results, and codes are released for the research community: https://github.com/The-FinAI/PIXIU., Comment: 26 pages, 11 figures

Despite Spanish's pivotal role in the global finance industry, a pronounced gap exists in Spanish financial natural language processing (NLP) and application studies compared to English, especially in the era of large language models (LLMs). To bridge this gap, we unveil Tois\'on de Oro, the first bilingual framework that establishes instruction datasets, finetuned LLMs, and evaluation benchmark for financial LLMs in Spanish joint with English. We construct a rigorously curated bilingual instruction dataset including over 144K Spanish and English samples from 15 datasets covering 7 tasks. Harnessing this, we introduce FinMA-ES, an LLM designed for bilingual financial applications. We evaluate our model and existing LLMs using FLARE-ES, the first comprehensive bilingual evaluation benchmark with 21 datasets covering 9 tasks. The FLARE-ES benchmark results reveal a significant multilingual performance gap and bias in existing LLMs. FinMA-ES models surpass SOTA LLMs such as GPT-4 in Spanish financial tasks, due to strategic instruction tuning and leveraging data from diverse linguistic resources, highlighting the positive impact of cross-linguistic transfer. All our datasets, models, and benchmarks have been released., Comment: 10 pages, 2 figures

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., Comment: 12 pages, 1 figures

Temporal Knowledge graph completion (TKGC) is a crucial task that involves reasoning at known timestamps to complete the missing part of facts and has attracted more and more attention in recent years. Most existing methods focus on learning representations based on graph neural networks while inaccurately extracting information from timestamps and insufficiently utilizing the implied information in relations. To address these problems, we propose a novel TKGC model, namely Pre-trained Language Model with Prompts for TKGC (PPT). We convert a series of sampled quadruples into pre-trained language model inputs and convert intervals between timestamps into different prompts to make coherent sentences with implicit semantic information. We train our model with a masking strategy to convert TKGC task into a masked token prediction task, which can leverage the semantic information in pre-trained language models. Experiments on three benchmark datasets and extensive analysis demonstrate that our model has great competitiveness compared to other models with four metrics. Our model can effectively incorporate information from temporal knowledge graphs into the language models., Comment: Accepted to Findings of ACL 2023

Recently, large language models (LLMs) like ChatGPT have demonstrated remarkable performance across a variety of natural language processing tasks. However, their effectiveness in the financial domain, specifically in predicting stock market movements, remains to be explored. In this paper, we conduct an extensive zero-shot analysis of ChatGPT's capabilities in multimodal stock movement prediction, on three tweets and historical stock price datasets. Our findings indicate that ChatGPT is a "Wall Street Neophyte" with limited success in predicting stock movements, as it underperforms not only state-of-the-art methods but also traditional methods like linear regression using price features. Despite the potential of Chain-of-Thought prompting strategies and the inclusion of tweets, ChatGPT's performance remains subpar. Furthermore, we observe limitations in its explainability and stability, suggesting the need for more specialized training or fine-tuning. This research provides insights into ChatGPT's capabilities and serves as a foundation for future work aimed at improving financial market analysis and prediction by leveraging social media sentiment and historical stock data., Comment: 13 pages

Although pair trading is the simplest hedging strategy for an investor to eliminate market risk, it is still a great challenge for reinforcement learning (RL) methods to perform pair trading as human expertise. It requires RL methods to make thousands of correct actions that nevertheless have no obvious relations to the overall trading profit, and to reason over infinite states of the time-varying market most of which have never appeared in history. However, existing RL methods ignore the temporal connections between asset price movements and the risk of the performed trading. These lead to frequent tradings with high transaction costs and potential losses, which barely reach the human expertise level of trading. Therefore, we introduce CREDIT, a risk-aware agent capable of learning to exploit long-term trading opportunities in pair trading similar to a human expert. CREDIT is the first to apply bidirectional GRU along with the temporal attention mechanism to fully consider the temporal correlations embedded in the states, which allows CREDIT to capture long-term patterns of the price movements of two assets to earn higher profit. We also design the risk-aware reward inspired by the economic theory, that models both the profit and risk of the tradings during the trading period. It helps our agent to master pair trading with a robust trading preference that avoids risky trading with possible high returns and losses. Experiments show that it outperforms existing reinforcement learning methods in pair trading and achieves a significant profit over five years of U.S. stock data., Comment: 8 pages, 5 figures

This paper presents a new method for end-to-end Video Question Answering (VideoQA), aside from the current popularity of using large-scale pre-training with huge feature extractors. We achieve this with a pyramidal multimodal transformer (PMT) model, which simply incorporates a learnable word embedding layer, a few convolutional and transformer layers. We use the anisotropic pyramid to fulfill video-language interactions across different spatio-temporal scales. In addition to the canonical pyramid, which includes both bottom-up and top-down pathways with lateral connections, novel strategies are proposed to decompose the visual feature stream into spatial and temporal sub-streams at different scales and implement their interactions with the linguistic semantics while preserving the integrity of local and global semantics. We demonstrate better or on-par performances with high computational efficiency against state-of-the-art methods on five VideoQA benchmarks. Our ablation study shows the scalability of our model that achieves competitive results for text-to-video retrieval by leveraging feature extractors with reusable pre-trained weights, and also the effectiveness of the pyramid., Comment: Accepted by AAAI 2023

Pair trading is one of the most effective statistical arbitrage strategies which seeks a neutral profit by hedging a pair of selected assets. Existing methods generally decompose the task into two separate steps: pair selection and trading. However, the decoupling of two closely related subtasks can block information propagation and lead to limited overall performance. For pair selection, ignoring the trading performance results in the wrong assets being selected with irrelevant price movements, while the agent trained for trading can overfit to the selected assets without any historical information of other assets. To address it, in this paper, we propose a paradigm for automatic pair trading as a unified task rather than a two-step pipeline. We design a hierarchical reinforcement learning framework to jointly learn and optimize two subtasks. A high-level policy would select two assets from all possible combinations and a low-level policy would then perform a series of trading actions. Experimental results on real-world stock data demonstrate the effectiveness of our method on pair trading compared with both existing pair selection and trading methods., Comment: 10 pages, 6 figures

Link prediction is the task of inferring missing links between entities in knowledge graphs. Embedding-based methods have shown effectiveness in addressing this problem by modeling relational patterns in triples. However, the link prediction task often requires contextual information in entity neighborhoods, while most existing embedding-based methods fail to capture it. Additionally, little attention is paid to the diversity of entity representations in different contexts, which often leads to false prediction results. In this situation, we consider that the schema of knowledge graph contains the specific contextual information, and it is beneficial for preserving the consistency of entities across contexts. In this paper, we propose a novel Schema-augmented Multi-level contrastive LEarning framework (SMiLE) to conduct knowledge graph link prediction. Specifically, we first exploit network schema as the prior constraint to sample negatives and pre-train our model by employing a multi-level contrastive learning method to yield both prior schema and contextual information. Then we fine-tune our model under the supervision of individual triples to learn subtler representations for link prediction. Extensive experimental results on four knowledge graph datasets with thorough analysis of each component demonstrate the effectiveness of our proposed framework against state-of-the-art baselines. The implementation of SMiLE is available at https://github.com/GKNL/SMiLE., Comment: Findings of EMNLP 2022

Video question answering (VideoQA) is challenging given its multimodal combination of visual understanding and natural language processing. While most existing approaches ignore the visual appearance-motion information at different temporal scales, it is unknown how to incorporate the multilevel processing capacity of a deep learning model with such multiscale information. Targeting these issues, this paper proposes a novel Multilevel Hierarchical Network (MHN) with multiscale sampling for VideoQA. MHN comprises two modules, namely Recurrent Multimodal Interaction (RMI) and Parallel Visual Reasoning (PVR). With a multiscale sampling, RMI iterates the interaction of appearance-motion information at each scale and the question embeddings to build the multilevel question-guided visual representations. Thereon, with a shared transformer encoder, PVR infers the visual cues at each level in parallel to fit with answering different question types that may rely on the visual information at relevant levels. Through extensive experiments on three VideoQA datasets, we demonstrate improved performances than previous state-of-the-arts and justify the effectiveness of each part of our method., Comment: Accepted by IJCAI 2022. arXiv admin note: text overlap with arXiv:2109.04735