Daily Papers

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 1,185k 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.

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.

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.

Recent advances in large language models (LLMs) have accelerated progress in financial NLP and applications, yet existing benchmarks remain limited to monolingual and unimodal settings, often over-relying on simple tasks and failing to reflect the complexity of real-world financial communication. We introduce MultiFinBen, the first multilingual and multimodal benchmark tailored to the global financial domain, evaluating LLMs across modalities (text, vision, audio) and linguistic settings (monolingual, bilingual, multilingual) on domain-specific tasks. We introduce two novel tasks, including PolyFiQA-Easy and PolyFiQA-Expert, the first multilingual financial benchmarks requiring models to perform complex reasoning over mixed-language inputs; and EnglishOCR and SpanishOCR, the first OCR-embedded financial QA tasks challenging models to extract and reason over information from visual-text financial documents. Moreover, we propose a dynamic, difficulty-aware selection mechanism and curate a compact, balanced benchmark rather than simple aggregation existing datasets. Extensive evaluation of 22 state-of-the-art models reveals that even the strongest models, despite their general multimodal and multilingual capabilities, struggle dramatically when faced with complex cross-lingual and multimodal tasks in financial domain. MultiFinBen is publicly released to foster transparent, reproducible, and inclusive progress in financial studies and applications.

General-purpose sentence embedding models often struggle to capture specialized financial semantics, especially in low-resource languages like Korean, due to domain-specific jargon, temporal meaning shifts, and misaligned bilingual vocabularies. To address these gaps, we introduce NMIXX (Neural eMbeddings for Cross-lingual eXploration of Finance), a suite of cross-lingual embedding models fine-tuned with 18.8K high-confidence triplets that pair in-domain paraphrases, hard negatives derived from a semantic-shift typology, and exact Korean-English translations. Concurrently, we release KorFinSTS, a 1,921-pair Korean financial STS benchmark spanning news, disclosures, research reports, and regulations, designed to expose nuances that general benchmarks miss. When evaluated against seven open-license baselines, NMIXX's multilingual bge-m3 variant achieves Spearman's rho gains of +0.10 on English FinSTS and +0.22 on KorFinSTS, outperforming its pre-adaptation checkpoint and surpassing other models by the largest margin, while revealing a modest trade-off in general STS performance. Our analysis further shows that models with richer Korean token coverage adapt more effectively, underscoring the importance of tokenizer design in low-resource, cross-lingual settings. By making both models and the benchmark publicly available, we provide the community with robust tools for domain-adapted, multilingual representation learning in finance.

The use of synthetic data has played a critical role in recent state-of-art breakthroughs. However, overly relying on a single oracle teacher model to generate data has been shown to lead to model collapse and invite propagation of biases. These limitations are particularly evident in multilingual settings, where the absence of a universally effective teacher model that excels across all languages presents significant challenges. In this work, we address these extreme difference by introducing "multilingual arbitrage", which capitalizes on performance variations between multiple models for a given language. To do so, we strategically route samples through a diverse pool of models, each with unique strengths in different languages. Across exhaustive experiments on state-of-art models, our work suggests that arbitrage techniques allow for spectacular gains in performance that far outperform relying on a single teacher. In particular, compared to the best single teacher, we observe gains of up to 56.5% improvement in win rates averaged across all languages when switching to multilingual arbitrage. We observe the most significant gains for the least resourced languages in our pool.

The integration of Large Language Models (LLMs) into financial analysis has garnered significant attention in the NLP community. This paper presents our solution to IJCAI-2024 FinLLM challenge, investigating the capabilities of LLMs within three critical areas of financial tasks: financial classification, financial text summarization, and single stock trading. We adopted Llama3-8B and Mistral-7B as base models, fine-tuning them through Parameter Efficient Fine-Tuning (PEFT) and Low-Rank Adaptation (LoRA) approaches. To enhance model performance, we combine datasets from task 1 and task 2 for data fusion. Our approach aims to tackle these diverse tasks in a comprehensive and integrated manner, showcasing LLMs' capacity to address diverse and complex financial tasks with improved accuracy and decision-making capabilities.

Large language models (LLMs) offer promise in generating educational content, providing instructor feedback, and reducing teacher workload on assessments. While prior studies have focused on studying LLM-powered learning analytics, limited research has examined how effective LLMs are in a bilingual context. In this paper, we study the effectiveness of multilingual large language models (MLLMs) across monolingual (English-only, Spanish-only) and bilingual (Spanglish) student writing. We present a learning analytics use case that details LLM performance in assessing acceptable and unacceptable explanations of Science and Social Science concepts. Our findings reveal a significant bias in the grading performance of pre-trained models for bilingual writing compared to English-only and Spanish-only writing. Following this, we fine-tune open-source MLLMs including Llama 3.1 and Mistral NeMo using synthetic datasets generated in English, Spanish, and Spanglish. Our experiments indicate that the models perform significantly better for all three languages after fine-tuning with bilingual data. This study highlights the potential of enhancing MLLM effectiveness to support authentic language practices amongst bilingual learners. It also aims to illustrate the value of incorporating non-English languages into the design and implementation of language models in education.

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.

Domain specificity of embedding models is critical for effective performance. However, existing benchmarks, such as FinMTEB, are primarily designed for high-resource languages, leaving low-resource settings, such as Korean, under-explored. Directly translating established English benchmarks often fails to capture the linguistic and cultural nuances present in low-resource domains. In this paper, titled TWICE: What Advantages Can Low-Resource Domain-Specific Embedding Models Bring? A Case Study on Korea Financial Texts, we introduce KorFinMTEB, a novel benchmark for the Korean financial domain, specifically tailored to reflect its unique cultural characteristics in low-resource languages. Our experimental results reveal that while the models perform robustly on a translated version of FinMTEB, their performance on KorFinMTEB uncovers subtle yet critical discrepancies, especially in tasks requiring deeper semantic understanding, that underscore the limitations of direct translation. This discrepancy highlights the necessity of benchmarks that incorporate language-specific idiosyncrasies and cultural nuances. The insights from our study advocate for the development of domain-specific evaluation frameworks that can more accurately assess and drive the progress of embedding models in low-resource settings.

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.

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/ .

Large Language Models (LLMs) have stunningly advanced the field of machine translation, though their effectiveness within the financial domain remains largely underexplored. To probe this issue, we constructed a fine-grained Chinese-English parallel corpus of financial news called FFN. We acquired financial news articles spanning between January 1st, 2014, to December 31, 2023, from mainstream media websites such as CNN, FOX, and China Daily. The dataset consists of 1,013 main text and 809 titles, all of which have been manually corrected. We measured the translation quality of two LLMs -- ChatGPT and ERNIE-bot, utilizing BLEU, TER and chrF scores as the evaluation metrics. For comparison, we also trained an OpenNMT model based on our dataset. We detail problems of LLMs and provide in-depth analysis, intending to stimulate further research and solutions in this largely uncharted territory. Our research underlines the need to optimize LLMs within the specific field of financial translation to ensure accuracy and quality.

We introduce a novel suite of state-of-the-art bilingual text embedding models that are designed to support English and another target language. These models are capable of processing lengthy text inputs with up to 8192 tokens, making them highly versatile for a range of natural language processing tasks such as text retrieval, clustering, and semantic textual similarity (STS) calculations. By focusing on bilingual models and introducing a unique multi-task learning objective, we have significantly improved the model performance on STS tasks, which outperforms the capabilities of existing multilingual models in both target language understanding and cross-lingual evaluation tasks. Moreover, our bilingual models are more efficient, requiring fewer parameters and less memory due to their smaller vocabulary needs. Furthermore, we have expanded the Massive Text Embedding Benchmark (MTEB) to include benchmarks for German and Spanish embedding models. This integration aims to stimulate further research and advancement in text embedding technologies for these languages.

Large language models (LLMs) have become powerful tools for advancing natural language processing applications in the financial industry. However, existing financial LLMs often face challenges such as hallucinations or superficial parameter training, resulting in suboptimal performance, particularly in financial computing and machine reading comprehension (MRC). To address these issues, we propose a novel large language model specifically designed for the Chinese financial domain, named SNFinLLM. SNFinLLM excels in domain-specific tasks such as answering questions, summarizing financial research reports, analyzing sentiment, and executing financial calculations. We then perform the supervised fine-tuning (SFT) to enhance the model's proficiency across various financial domains. Specifically, we gather extensive financial data and create a high-quality instruction dataset composed of news articles, professional papers, and research reports of finance domain. Utilizing both domain-specific and general datasets, we proceed with continuous pre-training on an established open-source base model, resulting in SNFinLLM-base. Following this, we engage in supervised fine-tuning (SFT) to bolster the model's capability across multiple financial tasks. Crucially, we employ a straightforward Direct Preference Optimization (DPO) method to better align the model with human preferences. Extensive experiments conducted on finance benchmarks and our evaluation dataset demonstrate that SNFinLLM markedly outperforms other state-of-the-art financial language models. For more details, check out our demo video here: https://www.youtube.com/watch?v=GYT-65HZwus.

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.

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 Greece's pivotal role in the global economy, large language models (LLMs) remain underexplored for Greek financial context due to the linguistic complexity of Greek and the scarcity of domain-specific datasets. Previous efforts in multilingual financial natural language processing (NLP) have exposed considerable performance disparities, yet no dedicated Greek financial benchmarks or Greek-specific financial LLMs have been developed until now. To bridge this gap, we introduce Plutus-ben, the first Greek Financial Evaluation Benchmark, and Plutus-8B, the pioneering Greek Financial LLM, fine-tuned with Greek domain-specific data. Plutus-ben addresses five core financial NLP tasks in Greek: numeric and textual named entity recognition, question answering, abstractive summarization, and topic classification, thereby facilitating systematic and reproducible LLM assessments. To underpin these tasks, we present three novel, high-quality Greek financial datasets, thoroughly annotated by expert native Greek speakers, augmented by two existing resources. Our comprehensive evaluation of 22 LLMs on Plutus-ben reveals that Greek financial NLP remains challenging due to linguistic complexity, domain-specific terminology, and financial reasoning gaps. These findings underscore the limitations of cross-lingual transfer, the necessity for financial expertise in Greek-trained models, and the challenges of adapting financial LLMs to Greek text. We release Plutus-ben, Plutus-8B, and all associated datasets publicly to promote reproducible research and advance Greek financial NLP, fostering broader multilingual inclusivity in finance.

We introduce a new language representation model in finance called Financial Embedding Analysis of Sentiment (FinEAS). In financial markets, news and investor sentiment are significant drivers of security prices. Thus, leveraging the capabilities of modern NLP approaches for financial sentiment analysis is a crucial component in identifying patterns and trends that are useful for market participants and regulators. In recent years, methods that use transfer learning from large Transformer-based language models like BERT, have achieved state-of-the-art results in text classification tasks, including sentiment analysis using labelled datasets. Researchers have quickly adopted these approaches to financial texts, but best practices in this domain are not well-established. In this work, we propose a new model for financial sentiment analysis based on supervised fine-tuned sentence embeddings from a standard BERT model. We demonstrate our approach achieves significant improvements in comparison to vanilla BERT, LSTM, and FinBERT, a financial domain specific BERT.

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.

Extraction of sentiment signals from news text, stock message boards, and business reports, for stock movement prediction, has been a rising field of interest in finance. Building upon past literature, the most recent works attempt to better capture sentiment from sentences with complex syntactic structures by introducing aspect-level sentiment classification (ASC). Despite the growing interest, however, fine-grained sentiment analysis has not been fully explored in non-English literature due to the shortage of annotated finance-specific data. Accordingly, it is necessary for non-English languages to leverage datasets and pre-trained language models (PLM) of different domains, languages, and tasks to best their performance. To facilitate finance-specific ASC research in the Korean language, we build KorFinASC, a Korean aspect-level sentiment classification dataset for finance consisting of 12,613 human-annotated samples, and explore methods of intermediate transfer learning. Our experiments indicate that past research has been ignorant towards the potentially wrong knowledge of financial entities encoded during the training phase, which has overestimated the predictive power of PLMs. In our work, we use the term "non-stationary knowledge'' to refer to information that was previously correct but is likely to change, and present "TGT-Masking'', a novel masking pattern to restrict PLMs from speculating knowledge of the kind. Finally, through a series of transfer learning with TGT-Masking applied we improve 22.63% of classification accuracy compared to standalone models on KorFinASC.

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.

Many natural language processing (NLP) tasks in English or general domains are widely available and are often used to evaluate pre-trained language models. In contrast, there are fewer tasks available for languages other than English and for the financial domain. In particular, tasks in Japanese and the financial domain are limited. We construct two large datasets using materials published by a Japanese central government agency. The datasets provide three Japanese financial NLP tasks, which include a 3-class and 12-class classification for categorizing sentences, as well as a 5-class classification task for sentiment analysis. Our datasets are designed to be comprehensive and up-to-date, leveraging an automatic update framework that ensures the latest task datasets are publicly available anytime.

Financial analysis presents complex challenges that could leverage large language model (LLM) capabilities. However, the scarcity of challenging financial datasets, particularly for Japanese financial data, impedes academic innovation in financial analytics. As LLMs advance, this lack of accessible research resources increasingly hinders their development and evaluation in this specialized domain. To address this gap, we introduce EDINET-Bench, an open-source Japanese financial benchmark designed to evaluate the performance of LLMs on challenging financial tasks including accounting fraud detection, earnings forecasting, and industry prediction. EDINET-Bench is constructed by downloading annual reports from the past 10 years from Japan's Electronic Disclosure for Investors' NETwork (EDINET) and automatically assigning labels corresponding to each evaluation task. Our experiments reveal that even state-of-the-art LLMs struggle, performing only slightly better than logistic regression in binary classification for fraud detection and earnings forecasting. These results highlight significant challenges in applying LLMs to real-world financial applications and underscore the need for domain-specific adaptation. Our dataset, benchmark construction code, and evaluation code is publicly available to facilitate future research in finance with LLMs.

Multilingual pre-trained models (mPLMs) have shown impressive performance on cross-lingual transfer tasks. However, the transfer performance is often hindered when a low-resource target language is written in a different script than the high-resource source language, even though the two languages may be related or share parts of their vocabularies. Inspired by recent work that uses transliteration to address this problem, our paper proposes a transliteration-based post-pretraining alignment (PPA) method aiming to improve the cross-lingual alignment between languages using diverse scripts. We select two areal language groups, Mediterranean-Amharic-Farsi and South+East Asian Languages, wherein the languages are mutually influenced but use different scripts. We apply our method to these language groups and conduct extensive experiments on a spectrum of downstream tasks. The results show that after PPA, models consistently outperform the original model (up to 50% for some tasks) in English-centric transfer. In addition, when we use languages other than English as sources in transfer, our method obtains even larger improvements. We will make our code and models publicly available at https://github.com/cisnlp/Transliteration-PPA.

In this paper, we investigate how the output representation of an end-to-end neural network affects multilingual automatic speech recognition (ASR). We study different representations including character-level, byte-level, byte pair encoding (BPE), and byte-level byte pair encoding (BBPE) representations, and analyze their strengths and weaknesses. We focus on developing a single end-to-end model to support utterance-based bilingual ASR, where speakers do not alternate between two languages in a single utterance but may change languages across utterances. We conduct our experiments on English and Mandarin dictation tasks, and we find that BBPE with penalty schemes can improve utterance-based bilingual ASR performance by 2% to 5% relative even with smaller number of outputs and fewer parameters. We conclude with analysis that indicates directions for further improving multilingual ASR.

This study presents German FinBERT, a novel pre-trained German language model tailored for financial textual data. The model is trained through a comprehensive pre-training process, leveraging a substantial corpus comprising financial reports, ad-hoc announcements and news related to German companies. The corpus size is comparable to the data sets commonly used for training standard BERT models. I evaluate the performance of German FinBERT on downstream tasks, specifically sentiment prediction, topic recognition and question answering against generic German language models. My results demonstrate improved performance on finance-specific data, indicating the efficacy of German FinBERT in capturing domain-specific nuances. The presented findings suggest that German FinBERT holds promise as a valuable tool for financial text analysis, potentially benefiting various applications in the financial domain.

To advance Chinese financial natural language processing (NLP), we introduce BBT-FinT5, a new Chinese financial pre-training language model based on the T5 model. To support this effort, we have built BBT-FinCorpus, a large-scale financial corpus with approximately 300GB of raw text from four different sources. In general domain NLP, comprehensive benchmarks like GLUE and SuperGLUE have driven significant advancements in language model pre-training by enabling head-to-head comparisons among models. Drawing inspiration from these benchmarks, we propose BBT-CFLEB, a Chinese Financial Language understanding and generation Evaluation Benchmark, which includes six datasets covering both understanding and generation tasks. Our aim is to facilitate research in the development of NLP within the Chinese financial domain. Our model, corpus and benchmark are released at https://github.com/ssymmetry/BBT-FinCUGE-Applications. Our work belongs to the Big Bang Transformer (BBT), a large-scale pre-trained language model project.

Financial analysis is an important tool for evaluating company performance. Practitioners work to answer financial questions to make profitable investment decisions, and use advanced quantitative analyses to do so. As a result, Financial Question Answering (QA) is a question answering task that requires deep reasoning about numbers. Furthermore, it is unknown how well pre-trained language models can reason in the financial domain. The current state-of-the-art requires a retriever to collect relevant facts about the financial question from the text and a generator to produce a valid financial program and a final answer. However, recently large language models like GPT-3 have achieved state-of-the-art performance on wide variety of tasks with just a few shot examples. We run several experiments with GPT-3 and find that a separate retrieval model and logic engine continue to be essential components to achieving SOTA performance in this task, particularly due to the precise nature of financial questions and the complex information stored in financial documents. With this understanding, our refined prompt-engineering approach on GPT-3 achieves near SOTA accuracy without any fine-tuning.

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.

Financial sentiment analysis is a challenging task due to the specialized language and lack of labeled data in that domain. General-purpose models are not effective enough because of the specialized language used in a financial context. We hypothesize that pre-trained language models can help with this problem because they require fewer labeled examples and they can be further trained on domain-specific corpora. We introduce FinBERT, a language model based on BERT, to tackle NLP tasks in the financial domain. Our results show improvement in every measured metric on current state-of-the-art results for two financial sentiment analysis datasets. We find that even with a smaller training set and fine-tuning only a part of the model, FinBERT outperforms state-of-the-art machine learning methods.

This paper introduces Fortune Analytics Language Model (FALM). FALM empowers users with direct access to comprehensive business analysis, including market trends, company performance metrics, and expert insights. Unlike generic LLMs, FALM leverages a curated knowledge base built from professional journalism, enabling it to deliver precise and in-depth answers to intricate business questions. Users can further leverage natural language queries to directly visualize financial data, generating insightful charts and graphs to understand trends across diverse business sectors clearly. FALM fosters user trust and ensures output accuracy through three novel methods: 1) Time-aware reasoning guarantees accurate event registration and prioritizes recent updates. 2) Thematic trend analysis explicitly examines topic evolution over time, providing insights into emerging business landscapes. 3) Content referencing and task decomposition enhance answer fidelity and data visualization accuracy. We conduct both automated and human evaluations, demonstrating FALM's significant performance improvements over baseline methods while prioritizing responsible AI practices. These benchmarks establish FALM as a cutting-edge LLM in the business and media domains, with exceptional accuracy and trustworthiness.

Embedding models play a crucial role in representing and retrieving information across various NLP applications. Recent advances in large language models (LLMs) have further enhanced the performance of embedding models. While these models are often benchmarked on general-purpose datasets, real-world applications demand domain-specific evaluation. In this work, we introduce the Finance Massive Text Embedding Benchmark (FinMTEB), a specialized counterpart to MTEB designed for the financial domain. FinMTEB comprises 64 financial domain-specific embedding datasets across 7 tasks that cover diverse textual types in both Chinese and English, such as financial news articles, corporate annual reports, ESG reports, regulatory filings, and earnings call transcripts. We also develop a finance-adapted model, FinPersona-E5, using a persona-based data synthetic method to cover diverse financial embedding tasks for training. Through extensive evaluation of 15 embedding models, including FinPersona-E5, we show three key findings: (1) performance on general-purpose benchmarks shows limited correlation with financial domain tasks; (2) domain-adapted models consistently outperform their general-purpose counterparts; and (3) surprisingly, a simple Bag-of-Words (BoW) approach outperforms sophisticated dense embeddings in financial Semantic Textual Similarity (STS) tasks, underscoring current limitations in dense embedding techniques. Our work establishes a robust evaluation framework for financial NLP applications and provides crucial insights for developing domain-specific embedding models.

In this study, we explore the application of sentiment analysis on financial news headlines to understand investor sentiment. By leveraging Natural Language Processing (NLP) and Large Language Models (LLM), we analyze sentiment from the perspective of retail investors. The FinancialPhraseBank dataset, which contains categorized sentiments of financial news headlines, serves as the basis for our analysis. We fine-tuned several models, including distilbert-base-uncased, Llama, and gemma-7b, to evaluate their effectiveness in sentiment classification. Our experiments demonstrate that the fine-tuned gemma-7b model outperforms others, achieving the highest precision, recall, and F1 score. Specifically, the gemma-7b model showed significant improvements in accuracy after fine-tuning, indicating its robustness in capturing the nuances of financial sentiment. This model can be instrumental in providing market insights, risk management, and aiding investment decisions by accurately predicting the sentiment of financial news. The results highlight the potential of advanced LLMs in transforming how we analyze and interpret financial information, offering a powerful tool for stakeholders in the financial industry.

This study addresses the challenge of extending Large Language Models (LLMs) to non-English languages, specifically those using non-Latin scripts. We propose an innovative approach that utilizes the romanized form of text as an interface for LLMs, hypothesizing that its frequent informal use and shared tokens with English enhance cross-lingual alignment. Focusing on Hindi, we demonstrate through Hindi-to-English translation and sentiment analysis tasks that romanized text not only significantly improves inference efficiency due to its lower fertility compared to native text but also achieves competitive performance with limited pre-training. Additionally, our novel multi-script prompting approach, which combines romanized and native texts, shows promise in further enhancing task performance. These findings suggest the potential of romanization in bridging the language gap for LLM applications, with future work aimed at expanding this approach to more languages and tasks.

In this work, we present an information-theoretic framework that formulates cross-lingual language model pre-training as maximizing mutual information between multilingual-multi-granularity texts. The unified view helps us to better understand the existing methods for learning cross-lingual representations. More importantly, inspired by the framework, we propose a new pre-training task based on contrastive learning. Specifically, we regard a bilingual sentence pair as two views of the same meaning and encourage their encoded representations to be more similar than the negative examples. By leveraging both monolingual and parallel corpora, we jointly train the pretext tasks to improve the cross-lingual transferability of pre-trained models. Experimental results on several benchmarks show that our approach achieves considerably better performance. The code and pre-trained models are available at https://aka.ms/infoxlm.

Text-to-image generation advancements have been predominantly English-centric, creating barriers for non-English speakers and perpetuating digital inequities. While existing systems rely on translation pipelines, these introduce semantic drift, computational overhead, and cultural misalignment. We introduce NeoBabel, a novel multilingual image generation framework that sets a new Pareto frontier in performance, efficiency and inclusivity, supporting six languages: English, Chinese, Dutch, French, Hindi, and Persian. The model is trained using a combination of large-scale multilingual pretraining and high-resolution instruction tuning. To evaluate its capabilities, we expand two English-only benchmarks to multilingual equivalents: m-GenEval and m-DPG. NeoBabel achieves state-of-the-art multilingual performance while retaining strong English capability, scoring 0.75 on m-GenEval and 0.68 on m-DPG. Notably, it performs on par with leading models on English tasks while outperforming them by +0.11 and +0.09 on multilingual benchmarks, even though these models are built on multilingual base LLMs. This demonstrates the effectiveness of our targeted alignment training for preserving and extending crosslingual generalization. We further introduce two new metrics to rigorously assess multilingual alignment and robustness to code-mixed prompts. Notably, NeoBabel matches or exceeds English-only models while being 2-4x smaller. We release an open toolkit, including all code, model checkpoints, a curated dataset of 124M multilingual text-image pairs, and standardized multilingual evaluation protocols, to advance inclusive AI research. Our work demonstrates that multilingual capability is not a trade-off but a catalyst for improved robustness, efficiency, and cultural fidelity in generative AI.

Sentiment analysis is a vital tool for uncovering insights from financial articles, news, and social media, shaping our understanding of market movements. Despite the impressive capabilities of large language models (LLMs) in financial natural language processing (NLP), they still struggle with accurately interpreting numerical values and grasping financial context, limiting their effectiveness in predicting financial sentiment. In this paper, we introduce a simple yet effective instruction tuning approach to address these issues. By transforming a small portion of supervised financial sentiment analysis data into instruction data and fine-tuning a general-purpose LLM with this method, we achieve remarkable advancements in financial sentiment analysis. In the experiment, our approach outperforms state-of-the-art supervised sentiment analysis models, as well as widely used LLMs like ChatGPT and LLaMAs, particularly in scenarios where numerical understanding and contextual comprehension are vital.

Large language models (LLMs) have demonstrated great potential in the financial domain. Thus, it becomes important to assess the performance of LLMs in the financial tasks. In this work, we introduce CFBenchmark, to evaluate the performance of LLMs for Chinese financial assistant. The basic version of CFBenchmark is designed to evaluate the basic ability in Chinese financial text processing from three aspects~(i.e. recognition, classification, and generation) including eight tasks, and includes financial texts ranging in length from 50 to over 1,800 characters. We conduct experiments on several LLMs available in the literature with CFBenchmark-Basic, and the experimental results indicate that while some LLMs show outstanding performance in specific tasks, overall, there is still significant room for improvement in basic tasks of financial text processing with existing models. In the future, we plan to explore the advanced version of CFBenchmark, aiming to further explore the extensive capabilities of language models in more profound dimensions as a financial assistant in Chinese. Our codes are released at https://github.com/TongjiFinLab/CFBenchmark.

Recent state-of-the-art neural text-to-speech (TTS) synthesis models have dramatically improved intelligibility and naturalness of generated speech from text. However, building a good bilingual or code-switched TTS for a particular voice is still a challenge. The main reason is that it is not easy to obtain a bilingual corpus from a speaker who achieves native-level fluency in both languages. In this paper, we explore the use of Mandarin speech recordings from a Mandarin speaker, and English speech recordings from another English speaker to build high-quality bilingual and code-switched TTS for both speakers. A Tacotron2-based cross-lingual voice conversion system is employed to generate the Mandarin speaker's English speech and the English speaker's Mandarin speech, which show good naturalness and speaker similarity. The obtained bilingual data are then augmented with code-switched utterances synthesized using a Transformer model. With these data, three neural TTS models -- Tacotron2, Transformer and FastSpeech are applied for building bilingual and code-switched TTS. Subjective evaluation results show that all the three systems can produce (near-)native-level speech in both languages for each of the speaker.

Large language models (LLMs) have demonstrated strong capabilities in language understanding, generation, and reasoning, yet their potential in finance remains underexplored due to the complexity and specialization of financial knowledge. In this work, we report the development of the Baichuan4-Finance series, including a comprehensive suite of foundational Baichuan4-Finance-Base and an aligned language model Baichuan4-Finance, which are built upon Baichuan4-Turbo base model and tailored for finance domain. Firstly, we have dedicated significant effort to building a detailed pipeline for improving data quality. Moreover, in the continual pre-training phase, we propose a novel domain self-constraint training strategy, which enables Baichuan4-Finance-Base to acquire financial knowledge without losing general capabilities. After Supervised Fine-tuning and Reinforcement Learning from Human Feedback and AI Feedback, the chat model Baichuan4-Finance is able to tackle various financial certification questions and real-world scenario applications. We evaluate Baichuan4-Finance on many widely used general datasets and two holistic financial benchmarks. The evaluation results show that Baichuan4-Finance-Base surpasses almost all competitive baselines on financial tasks by significant margins without sacrificing performance on general LLM benchmarks. At the same time, Baichuan4-Finance demonstrates even more impressive performance on financial application scenarios, showcasing its potential to foster community innovation in the financial LLM field.

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.

This paper presents FinGEITje, the first Dutch financial Large Language Model (LLM) specifically designed and optimized for various financial tasks. Together with the model, we release a specialized Dutch financial instruction tuning dataset with over 140,000 samples, constructed employing an automated translation and data processing method. The open-source data construction method is provided, facilitating the creation of financial instruction datasets in different languages. To evaluate model performance, the study introduces the first Dutch financial evaluation benchmark, along with an automated evaluation method that utilizes an LLM as an independent evaluator, reducing manual intervention in performance evaluation. The experimental results highlight the superior performance of FinGEITje across five critical Dutch and English financial tasks.

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.

Although multilingual language models exhibit impressive cross-lingual transfer capabilities on unseen languages, the performance on downstream tasks is impacted when there is a script disparity with the languages used in the multilingual model's pre-training data. Using transliteration offers a straightforward yet effective means to align the script of a resource-rich language with a target language, thereby enhancing cross-lingual transfer capabilities. However, for mixed languages, this approach is suboptimal, since only a subset of the language benefits from the cross-lingual transfer while the remainder is impeded. In this work, we focus on Maltese, a Semitic language, with substantial influences from Arabic, Italian, and English, and notably written in Latin script. We present a novel dataset annotated with word-level etymology. We use this dataset to train a classifier that enables us to make informed decisions regarding the appropriate processing of each token in the Maltese language. We contrast indiscriminate transliteration or translation to mixing processing pipelines that only transliterate words of Arabic origin, thereby resulting in text with a mixture of scripts. We fine-tune the processed data on four downstream tasks and show that conditional transliteration based on word etymology yields the best results, surpassing fine-tuning with raw Maltese or Maltese processed with non-selective pipelines.

Recently, many works have proposed various financial large language models (FinLLMs) by pre-training from scratch or fine-tuning open-sourced LLMs on financial corpora. However, existing FinLLMs exhibit unsatisfactory performance in understanding financial text when numeric variables are involved in questions. In this paper, we propose a novel LLM, called numeric-sensitive large language model (NumLLM), for Chinese finance. We first construct a financial corpus from financial textbooks which is essential for improving numeric capability of LLMs during fine-tuning. After that, we train two individual low-rank adaptation (LoRA) modules by fine-tuning on our constructed financial corpus. One module is for adapting general-purpose LLMs to financial domain, and the other module is for enhancing the ability of NumLLM to understand financial text with numeric variables. Lastly, we merge the two LoRA modules into the foundation model to obtain NumLLM for inference. Experiments on financial question-answering benchmark show that NumLLM can boost the performance of the foundation model and can achieve the best overall performance compared to all baselines, on both numeric and non-numeric questions.

Statutory article retrieval plays a crucial role in making legal information more accessible to both laypeople and legal professionals. Multilingual countries like Belgium present unique challenges for retrieval models due to the need for handling legal issues in multiple languages. Building on the Belgian Statutory Article Retrieval Dataset (BSARD) in French, we introduce the bilingual version of this dataset, bBSARD. The dataset contains parallel Belgian statutory articles in both French and Dutch, along with legal questions from BSARD and their Dutch translation. Using bBSARD, we conduct extensive benchmarking of retrieval models available for Dutch and French. Our benchmarking setup includes lexical models, zero-shot dense models, and fine-tuned small foundation models. Our experiments show that BM25 remains a competitive baseline compared to many zero-shot dense models in both languages. We also observe that while proprietary models outperform open alternatives in the zero-shot setting, they can be matched or surpassed by fine-tuning small language-specific models. Our dataset and evaluation code are publicly available.

In the swiftly expanding domain of Natural Language Processing (NLP), the potential of GPT-based models for the financial sector is increasingly evident. However, the integration of these models with financial datasets presents challenges, notably in determining their adeptness and relevance. This paper introduces a distinctive approach anchored in the Instruction Tuning paradigm for open-source large language models, specifically adapted for financial contexts. Through this methodology, we capitalize on the interoperability of open-source models, ensuring a seamless and transparent integration. We begin by explaining the Instruction Tuning paradigm, highlighting its effectiveness for immediate integration. The paper presents a benchmarking scheme designed for end-to-end training and testing, employing a cost-effective progression. Firstly, we assess basic competencies and fundamental tasks, such as Named Entity Recognition (NER) and sentiment analysis to enhance specialization. Next, we delve into a comprehensive model, executing multi-task operations by amalgamating all instructional tunings to examine versatility. Finally, we explore the zero-shot capabilities by earmarking unseen tasks and incorporating novel datasets to understand adaptability in uncharted terrains. Such a paradigm fortifies the principles of openness and reproducibility, laying a robust foundation for future investigations in open-source financial large language models (FinLLMs).

Massively multilingual Transformers (MMTs), such as mBERT and XLM-R, are widely used for cross-lingual transfer learning. While these are pretrained to represent hundreds of languages, end users of NLP systems are often interested only in individual languages. For such purposes, the MMTs' language coverage makes them unnecessarily expensive to deploy in terms of model size, inference time, energy, and hardware cost. We thus propose to extract compressed, language-specific models from MMTs which retain the capacity of the original MMTs for cross-lingual transfer. This is achieved by distilling the MMT bilingually, i.e., using data from only the source and target language of interest. Specifically, we use a two-phase distillation approach, termed BiStil: (i) the first phase distils a general bilingual model from the MMT, while (ii) the second, task-specific phase sparsely fine-tunes the bilingual "student" model using a task-tuned variant of the original MMT as its "teacher". We evaluate this distillation technique in zero-shot cross-lingual transfer across a number of standard cross-lingual benchmarks. The key results indicate that the distilled models exhibit minimal degradation in target language performance relative to the base MMT despite being significantly smaller and faster. Furthermore, we find that they outperform multilingually distilled models such as DistilmBERT and MiniLMv2 while having a very modest training budget in comparison, even on a per-language basis. We also show that bilingual models distilled from MMTs greatly outperform bilingual models trained from scratch. Our code and models are available at https://github.com/AlanAnsell/bistil.

BERT and IndoBERT have achieved impressive performance in several NLP tasks. There has been several investigation on its adaption in specialized domains especially for English language. We focus on financial domain and Indonesian language, where we perform post-training on pre-trained IndoBERT for financial domain using a small scale of Indonesian financial corpus. In this paper, we construct an Indonesian self-supervised financial corpus, Indonesian financial sentiment analysis dataset, Indonesian financial topic classification dataset, and release a family of BERT models for financial NLP. We also evaluate the effectiveness of domain-specific post-training on sentiment analysis and topic classification tasks. Our findings indicate that the post-training increases the effectiveness of a language model when it is fine-tuned to domain-specific downstream tasks.

The world's more than 7000 languages are written in at least 293 scripts. Due to various reasons, many closely related languages use different scripts, which poses a difficulty for multilingual pretrained language models (mPLMs) in learning crosslingual knowledge through lexical overlap. As a consequence, mPLMs are faced with a script barrier: representations from different scripts are located in different subspaces, which can result in crosslingual transfer involving languages of different scripts performing suboptimally. To address this problem, we propose TransliCo, a framework that optimizes the Transliteration Contrastive Modeling (TCM) objective to fine-tune an mPLM by contrasting sentences in its training data and their transliterations in a unified script (in our case Latin), which enhances uniformity in the representation space for different scripts. Using Glot500-m, an mPLM pretrained on over 500 languages, as our source model, we fine-tune it on a small portion (5%) of its training data, and refer to the resulting model as Furina. We show that Furina not only better aligns representations from distinct scripts but also outperforms the original Glot500-m on various zero-shot crosslingual transfer tasks. Additionally, we achieve consistent improvement in a case study on the Indic group where the languages exhibit areal features but use different scripts. We make our code and models publicly available.

Large Language Models (LLMs) have shown promise for financial applications, yet their suitability for this high-stakes domain remains largely unproven due to inadequacies in existing benchmarks. Existing benchmarks solely rely on score-level evaluation, summarizing performance with a single score that obscures the nuanced understanding of what models truly know and their precise limitations. They also rely on datasets that cover only a narrow subset of financial concepts, while overlooking other essentials for real-world applications. To address these gaps, we introduce FinCDM, the first cognitive diagnosis evaluation framework tailored for financial LLMs, enabling the evaluation of LLMs at the knowledge-skill level, identifying what financial skills and knowledge they have or lack based on their response patterns across skill-tagged tasks, rather than a single aggregated number. We construct CPA-QKA, the first cognitively informed financial evaluation dataset derived from the Certified Public Accountant (CPA) examination, with comprehensive coverage of real-world accounting and financial skills. It is rigorously annotated by domain experts, who author, validate, and annotate questions with high inter-annotator agreement and fine-grained knowledge labels. Our extensive experiments on 30 proprietary, open-source, and domain-specific LLMs show that FinCDM reveals hidden knowledge gaps, identifies under-tested areas such as tax and regulatory reasoning overlooked by traditional benchmarks, and uncovers behavioral clusters among models. FinCDM introduces a new paradigm for financial LLM evaluation by enabling interpretable, skill-aware diagnosis that supports more trustworthy and targeted model development, and all datasets and evaluation scripts will be publicly released to support further research.

We train a bilingual Arabic-Hebrew language model using a transliterated version of Arabic texts in Hebrew, to ensure both languages are represented in the same script. Given the morphological, structural similarities, and the extensive number of cognates shared among Arabic and Hebrew, we assess the performance of a language model that employs a unified script for both languages, on machine translation which requires cross-lingual knowledge. The results are promising: our model outperforms a contrasting model which keeps the Arabic texts in the Arabic script, demonstrating the efficacy of the transliteration step. Despite being trained on a dataset approximately 60% smaller than that of other existing language models, our model appears to deliver comparable performance in machine translation across both translation directions.

Sentiment analysis serves as a pivotal component in Natural Language Processing (NLP). Advancements in multilingual pre-trained models such as XLM-R and mT5 have contributed to the increasing interest in cross-lingual sentiment analysis. The recent emergence in Large Language Models (LLM) has significantly advanced general NLP tasks, however, the capability of such LLMs in cross-lingual sentiment analysis has not been fully studied. This work undertakes an empirical analysis to compare the cross-lingual transfer capability of public Small Multilingual Language Models (SMLM) like XLM-R, against English-centric LLMs such as Llama-3, in the context of sentiment analysis across English, Spanish, French and Chinese. Our findings reveal that among public models, SMLMs exhibit superior zero-shot cross-lingual performance relative to LLMs. However, in few-shot cross-lingual settings, public LLMs demonstrate an enhanced adaptive potential. In addition, we observe that proprietary GPT-3.5 and GPT-4 lead in zero-shot cross-lingual capability, but are outpaced by public models in few-shot scenarios.

Over the past few years, various domain-specific pretrained language models (PLMs) have been proposed and have outperformed general-domain PLMs in specialized areas such as biomedical, scientific, and clinical domains. In addition, financial PLMs have been studied because of the high economic impact of financial data analysis. However, we found that financial PLMs were not pretrained on sufficiently diverse financial data. This lack of diverse training data leads to a subpar generalization performance, resulting in general-purpose PLMs, including BERT, often outperforming financial PLMs on many downstream tasks. To address this issue, we collected a broad range of financial corpus and trained the Financial Language Model (FiLM) on these diverse datasets. Our experimental results confirm that FiLM outperforms not only existing financial PLMs but also general domain PLMs. Furthermore, we provide empirical evidence that this improvement can be achieved even for unseen corpus groups.

Large Language Models (LLMs) have demonstrated impressive capabilities in various tasks, including instruction following, which is crucial for aligning model outputs with user expectations. However, evaluating LLMs' ability to follow instructions remains challenging due to the complexity and subjectivity of human language. Current benchmarks primarily focus on single-turn, monolingual instructions, which do not adequately reflect the complexities of real-world applications that require handling multi-turn and multilingual interactions. To address this gap, we introduce Multi-IF, a new benchmark designed to assess LLMs' proficiency in following multi-turn and multilingual instructions. Multi-IF, which utilizes a hybrid framework combining LLM and human annotators, expands upon the IFEval by incorporating multi-turn sequences and translating the English prompts into another 7 languages, resulting in a dataset of 4,501 multilingual conversations, where each has three turns. Our evaluation of 14 state-of-the-art LLMs on Multi-IF reveals that it presents a significantly more challenging task than existing benchmarks. All the models tested showed a higher rate of failure in executing instructions correctly with each additional turn. For example, o1-preview drops from 0.877 at the first turn to 0.707 at the third turn in terms of average accuracy over all languages. Moreover, languages with non-Latin scripts (Hindi, Russian, and Chinese) generally exhibit higher error rates, suggesting potential limitations in the models' multilingual capabilities. We release Multi-IF prompts and the evaluation code base to encourage further research in this critical area.

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.

Large language models (LLMs) use pretraining to predict the subsequent word; however, their expansion requires significant computing resources. Numerous big tech companies and research institutes have developed multilingual LLMs (MLLMs) to meet current demands, overlooking less-resourced languages (LRLs). This study proposed three strategies to enhance the performance of LRLs based on the publicly available MLLMs. First, the MLLM vocabularies of LRLs were expanded to enhance expressiveness. Second, bilingual data were used for pretraining to align the high- and less-resourced languages. Third, a high-quality small-scale instruction dataset was constructed and instruction-tuning was performed to augment the LRL. The experiments employed the Llama2 model and Korean was used as the LRL, which was quantitatively evaluated against other developed LLMs across eight tasks. Furthermore, a qualitative assessment was performed based on human evaluation and GPT4. Experimental results showed that our proposed Bllossom model exhibited superior performance in qualitative analyses compared to previously proposed Korean monolingual models.

Legal texts, characterized by complex and specialized terminology, present a significant challenge for Language Models. Adding an underrepresented language, such as Spanish, to the mix makes it even more challenging. While pre-trained models like XLM-RoBERTa have shown capabilities in handling multilingual corpora, their performance on domain specific documents remains underexplored. This paper presents the development and evaluation of MEL, a legal language model based on XLM-RoBERTa-large, fine-tuned on legal documents such as BOE (Bolet\'in Oficial del Estado, the Spanish oficial report of laws) and congress texts. We detail the data collection, processing, training, and evaluation processes. Evaluation benchmarks show a significant improvement over baseline models in understanding the legal Spanish language. We also present case studies demonstrating the model's application to new legal texts, highlighting its potential to perform top results over different NLP tasks.

Scaling pre-training compute has proven effective for achieving mulitlinguality, but does the same hold for test-time scaling? In this work, we introduce MCLM, a multilingual math benchmark featuring competition-level problems in 55 languages. We test three test-time scaling methods-Outcome Reward Modeling (ORM), Process Reward Modeling (ORM), and Budget Forcing (BF)-on both Qwen2.5-1.5B Math and MR1-1.5B, a multilingual LLM we trained for extended reasoning. Our experiments show that using Qwen2.5-1.5B Math with ORM achieves a score of 35.8 on MCLM, while BF on MR1-1.5B attains 35.2. Although "thinking LLMs" have recently garnered significant attention, we find that their performance is comparable to traditional scaling methods like best-of-N once constrained to similar levels of inference FLOPs. Moreover, while BF yields a 20-point improvement on English AIME, it provides only a 1.94-point average gain across other languages-a pattern consistent across the other test-time scaling methods we studied-higlighting that test-time scaling may not generalize as effectively to multilingual tasks. To foster further research, we release MCLM, MR1-1.5B, and evaluation results.

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 demonstrated impressive capabilities across various domains, but their effectiveness in financial decision-making remains inadequately evaluated. Current benchmarks primarily assess LLMs' understanding on financial documents rather than the ability to manage assets or dig out trading opportunities in dynamic market conditions. Despite the release of new benchmarks for evaluating diversified tasks on the financial domain, we identified four major problems in these benchmarks, which are data leakage, navel-gazing, over-intervention, and maintenance-hard. To pave the research gap, we introduce DeepFund, a comprehensive arena platform for evaluating LLM-based trading strategies in a live environment. Our approach implements a multi-agent framework where they serve as multiple key roles that realize the real-world investment decision processes. Moreover, we provide a web interface that visualizes LLMs' performance with fund investment metrics across different market conditions, enabling detailed comparative analysis. Through DeepFund, we aim to provide a more realistic and fair assessment on LLM's capabilities in fund investment, offering diversified insights and revealing their potential applications in real-world financial markets. Our code is publicly available at https://github.com/HKUSTDial/DeepFund.

We present Llama-GENBA-10B, a trilingual foundation model addressing English-centric bias in large language models. Built on Llama 3.1-8B and scaled to 10B parameters, Llama-GENBA-10B is continuously pretrained on 164B tokens (82B English, 82B German, and 80M Bavarian), balancing resources while preventing English dominance. Targeted at the German NLP community, the model also promotes Bavarian as a low-resource language. Development tackled four challenges: (1) curating a multilingual corpus despite Bavarian scarcity, (2) creating a unified tokenizer for English, German, and Bavarian, (3) optimizing architecture and language-ratio hyperparameters for cross-lingual transfer, and (4) establishing the first standardized trilingual evaluation suite by translating German benchmarks into Bavarian. Evaluations show that Llama-GENBA-10B achieves strong cross-lingual performance, with the fine-tuned variant surpassing Apertus-8B-2509 and gemma-2-9b in Bavarian and establishing itself as the best model in its class for this language, while also outperforming EuroLLM in English and matching its results in German. Training on the Cerebras CS-2 demonstrated efficient large-scale multilingual pretraining with documented energy use, offering a blueprint for inclusive foundation models that integrate low-resource languages.

Code-mixed discourse combines multiple languages in a single text. It is commonly used in informal discourse in countries with several official languages, but also in many other countries in combination with English or neighboring languages. As recently large language models have dominated most natural language processing tasks, we investigated their performance in code-mixed settings for relevant tasks. We first created four new bilingual pre-trained masked language models for English-Hindi and English-Slovene languages, specifically aimed to support informal language. Then we performed an evaluation of monolingual, bilingual, few-lingual, and massively multilingual models on several languages, using two tasks that frequently contain code-mixed text, in particular, sentiment analysis and offensive language detection in social media texts. The results show that the most successful classifiers are fine-tuned bilingual models and multilingual models, specialized for social media texts, followed by non-specialized massively multilingual and monolingual models, while huge generative models are not competitive. For our affective problems, the models mostly perform slightly better on code-mixed data compared to non-code-mixed data.

The use of NLP in the realm of financial technology is broad and complex, with applications ranging from sentiment analysis and named entity recognition to question answering. Large Language Models (LLMs) have been shown to be effective on a variety of tasks; however, no LLM specialized for the financial domain has been reported in literature. In this work, we present BloombergGPT, a 50 billion parameter language model that is trained on a wide range of financial data. We construct a 363 billion token dataset based on Bloomberg's extensive data sources, perhaps the largest domain-specific dataset yet, augmented with 345 billion tokens from general purpose datasets. We validate BloombergGPT on standard LLM benchmarks, open financial benchmarks, and a suite of internal benchmarks that most accurately reflect our intended usage. Our mixed dataset training leads to a model that outperforms existing models on financial tasks by significant margins without sacrificing performance on general LLM benchmarks. Additionally, we explain our modeling choices, training process, and evaluation methodology. As a next step, we plan to release training logs (Chronicles) detailing our experience in training BloombergGPT.

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.

Financial sentiment analysis plays a crucial role in decoding market trends and guiding strategic trading decisions. Despite the deployment of advanced deep learning techniques and language models to refine sentiment analysis in finance, this study breaks new ground by investigating the potential of large language models, particularly ChatGPT 3.5, in financial sentiment analysis, with a strong emphasis on the foreign exchange market (forex). Employing a zero-shot prompting approach, we examine multiple ChatGPT prompts on a meticulously curated dataset of forex-related news headlines, measuring performance using metrics such as precision, recall, f1-score, and Mean Absolute Error (MAE) of the sentiment class. Additionally, we probe the correlation between predicted sentiment and market returns as an additional evaluation approach. ChatGPT, compared to FinBERT, a well-established sentiment analysis model for financial texts, exhibited approximately 35\% enhanced performance in sentiment classification and a 36\% higher correlation with market returns. By underlining the significance of prompt engineering, particularly in zero-shot contexts, this study spotlights ChatGPT's potential to substantially boost sentiment analysis in financial applications. By sharing the utilized dataset, our intention is to stimulate further research and advancements in the field of financial services.

Recent multilingual pretrained language models (mPLMs) often avoid using language embeddings -- learnable vectors assigned to different languages. These embeddings are discarded for two main reasons: (1) mPLMs are expected to have a single, unified parameter set across all languages, and (2) they need to function seamlessly as universal text encoders without requiring language IDs as input. However, this removal increases the burden on token embeddings to encode all language-specific information, which may hinder the model's ability to produce more language-neutral representations. To address this challenge, we propose Language-Script Aware Multilingual Pretraining (LangSAMP), a method that incorporates both language and script embeddings to enhance representation learning while maintaining a simple architecture. Specifically, we integrate these embeddings into the output of the transformer blocks before passing the final representations to the language modeling head for prediction. We apply LangSAMP to the continual pretraining of XLM-R on a highly multilingual corpus covering more than 500 languages. The resulting model consistently outperforms the baseline. Extensive analysis further shows that language/script embeddings encode language/script-specific information, which improves the selection of source languages for crosslingual transfer. We make our code and models publicly available at https://github.com/cisnlp/LangSAMP.

Accurate stock market predictions following earnings reports are crucial for investors. Traditional methods, particularly classical machine learning models, struggle with these predictions because they cannot effectively process and interpret extensive textual data contained in earnings reports and often overlook nuances that influence market movements. This paper introduces an advanced approach by employing Large Language Models (LLMs) instruction fine-tuned with a novel combination of instruction-based techniques and quantized low-rank adaptation (QLoRA) compression. Our methodology integrates 'base factors', such as financial metric growth and earnings transcripts, with 'external factors', including recent market indices performances and analyst grades, to create a rich, supervised dataset. This comprehensive dataset enables our models to achieve superior predictive performance in terms of accuracy, weighted F1, and Matthews correlation coefficient (MCC), especially evident in the comparison with benchmarks such as GPT-4. We specifically highlight the efficacy of the llama-3-8b-Instruct-4bit model, which showcases significant improvements over baseline models. The paper also discusses the potential of expanding the output capabilities to include a 'Hold' option and extending the prediction horizon, aiming to accommodate various investment styles and time frames. This study not only demonstrates the power of integrating cutting-edge AI with fine-tuned financial data but also paves the way for future research in enhancing AI-driven financial analysis tools.

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.

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.

In this paper, we introduce BiMediX, the first bilingual medical mixture of experts LLM designed for seamless interaction in both English and Arabic. Our model facilitates a wide range of medical interactions in English and Arabic, including multi-turn chats to inquire about additional details such as patient symptoms and medical history, multiple-choice question answering, and open-ended question answering. We propose a semi-automated English-to-Arabic translation pipeline with human refinement to ensure high-quality translations. We also introduce a comprehensive evaluation benchmark for Arabic medical LLMs. Furthermore, we introduce BiMed1.3M, an extensive Arabic-English bilingual instruction set covering 1.3 Million diverse medical interactions, resulting in over 632 million healthcare specialized tokens for instruction tuning. Our BiMed1.3M dataset includes 250k synthesized multi-turn doctor-patient chats and maintains a 1:2 Arabic-to-English ratio. Our model outperforms state-of-the-art Med42 and Meditron by average absolute gains of 2.5% and 4.1%, respectively, computed across multiple medical evaluation benchmarks in English, while operating at 8-times faster inference. Moreover, our BiMediX outperforms the generic Arabic-English bilingual LLM, Jais-30B, by average absolute gains of 10% on our Arabic medical benchmark and 15% on bilingual evaluations across multiple datasets. Our project page with source code and trained model is available at https://github.com/mbzuai-oryx/BiMediX .

We propose Multiple Experts Fine-tuning Framework to build a financial large language model (LLM), DISC-FinLLM. Our methodology improves general LLMs by endowing them with multi-turn question answering abilities, domain text processing capabilities, mathematical computation skills, and retrieval-enhanced generation capabilities. We build a financial instruction-tuning dataset named DISC-FIN-SFT, including instruction samples of four categories (consulting, NLP tasks, computing and retrieval-augmented generation). Evaluations conducted on multiple benchmarks demonstrate that our model performs better than baseline models in various financial scenarios. Further resources can be found at https://github.com/FudanDISC/DISC-FinLLM.

We present MLSUM, the first large-scale MultiLingual SUMmarization dataset. Obtained from online newspapers, it contains 1.5M+ article/summary pairs in five different languages -- namely, French, German, Spanish, Russian, Turkish. Together with English newspapers from the popular CNN/Daily mail dataset, the collected data form a large scale multilingual dataset which can enable new research directions for the text summarization community. We report cross-lingual comparative analyses based on state-of-the-art systems. These highlight existing biases which motivate the use of a multi-lingual dataset.

Entity-level fine-grained sentiment analysis in the financial domain is a crucial subtask of sentiment analysis and currently faces numerous challenges. The primary challenge stems from the lack of high-quality and large-scale annotated corpora specifically designed for financial text sentiment analysis, which in turn limits the availability of data necessary for developing effective text processing techniques. Recent advancements in large language models (LLMs) have yielded remarkable performance in natural language processing tasks, primarily centered around language pattern matching. In this paper, we propose a novel and extensive Chinese fine-grained financial sentiment analysis dataset, FinChina SA, for enterprise early warning. We thoroughly evaluate and experiment with well-known existing open-source LLMs using our dataset. We firmly believe that our dataset will serve as a valuable resource to advance the exploration of real-world financial sentiment analysis tasks, which should be the focus of future research. The FinChina SA dataset is publicly available at https://github.com/YerayL/FinChina-SA

The evaluation of Large Language Models (LLMs) is a key element in their continuous improvement process and many benchmarks have been developed to assess the performance of LLMs in different tasks and topics. As LLMs become adopted worldwide, evaluating them in languages other than English is increasingly important. However, most LLM benchmarks are simply translated using an automated tool and then run in the target language. This means that the results depend not only on the LLM performance in that language but also on the quality of the translation. In this paper, we consider the case of the well-known Massive Multitask Language Understanding (MMLU) benchmark. Selected categories of the benchmark are translated into Spanish using Azure Translator and ChatGPT4 and run on ChatGPT4. Next, the results are processed to identify the test items that produce different answers in Spanish and English. Those are then analyzed manually to understand if the automatic translation caused the change. The results show that a significant fraction of the failing items can be attributed to mistakes in the translation of the benchmark. These results make a strong case for improving benchmarks in languages other than English by at least revising the translations of the items and preferably by adapting the tests to the target language by experts.

Answering questions within business and finance requires reasoning, precision, and a wide-breadth of technical knowledge. Together, these requirements make this domain difficult for large language models (LLMs). We introduce BizBench, a benchmark for evaluating models' ability to reason about realistic financial problems. BizBench comprises eight quantitative reasoning tasks, focusing on question-answering (QA) over financial data via program synthesis. We include three financially-themed code-generation tasks from newly collected and augmented QA data. Additionally, we isolate the reasoning capabilities required for financial QA: reading comprehension of financial text and tables for extracting intermediate values, and understanding financial concepts and formulas needed to calculate complex solutions. Collectively, these tasks evaluate a model's financial background knowledge, ability to parse financial documents, and capacity to solve problems with code. We conduct an in-depth evaluation of open-source and commercial LLMs, comparing and contrasting the behavior of code-focused and language-focused models. We demonstrate that the current bottleneck in performance is due to LLMs' limited business and financial understanding, highlighting the value of a challenging benchmark for quantitative reasoning within this domain.

The impressive development of large language models (LLMs) is expanding into the realm of large multimodal models (LMMs), which incorporate multiple types of data beyond text. However, the nature of multimodal models leads to significant expenses in the creation of training data. Furthermore, constructing multilingual data for LMMs presents its own set of challenges due to language diversity and complexity. Therefore, in this study, we propose two cost-effective methods to solve this problem: (1) vocabulary expansion and pretraining of multilingual LLM for specific languages, and (2) automatic and elaborate construction of multimodal datasets using GPT4-V. Based on015 these methods, we constructed a 91K English-Korean-Chinese multilingual, multimodal training dataset. Additionally, we developed a bilingual multimodal model that exhibits excellent performance in both Korean and English, surpassing existing approaches.

English-centric large language models (LLMs) often show strong multilingual capabilities. However, the multilingual performance of these models remains unclear and is not thoroughly evaluated for many languages. Most benchmarks for multilinguality focus on classic NLP tasks, or cover a minimal number of languages. We introduce MEXA, a method for assessing the multilingual capabilities of pre-trained English-centric LLMs using parallel sentences, which are available for more languages than existing downstream tasks. MEXA leverages the fact that English-centric LLMs use English as a kind of pivot language in their intermediate layers. It computes the alignment between English and non-English languages using parallel sentences to evaluate the transfer of language understanding from English to other languages. This alignment can be used to estimate model performance in other languages. We conduct studies using various parallel datasets (FLORES-200 and Bible), models (Llama family, Gemma family, Mistral, and OLMo), and established downstream tasks (Belebele, m-MMLU, and m-ARC). We explore different methods to compute embeddings in decoder-only models. Our results show that MEXA, in its default settings, achieves a statistically significant average Pearson correlation of 0.90 with three established downstream tasks across nine models and two parallel datasets. This suggests that MEXA is a reliable method for estimating the multilingual capabilities of English-centric LLMs, providing a clearer understanding of their multilingual potential and the inner workings of LLMs. Leaderboard: https://huggingface.co/spaces/cis-lmu/Mexa, Code: https://github.com/cisnlp/Mexa.

General-purpose multilingual vector representations, used in retrieval, regression and classification, are traditionally obtained from bidirectional encoder models. Despite their wide applicability, encoders have been recently overshadowed by advances in generative decoder-only models. However, many innovations driving this progress are not inherently tied to decoders. In this paper, we revisit the development of multilingual encoders through the lens of these advances, and introduce EuroBERT, a family of multilingual encoders covering European and widely spoken global languages. Our models outperform existing alternatives across a diverse range of tasks, spanning multilingual capabilities, mathematics, and coding, and natively supporting sequences of up to 8,192 tokens. We also examine the design decisions behind EuroBERT, offering insights into our dataset composition and training pipeline. We publicly release the EuroBERT models, including intermediate training checkpoints, together with our training framework.

Modern virtual assistants use internal semantic parsing engines to convert user utterances to actionable commands. However, prior work has demonstrated that semantic parsing is a difficult multilingual transfer task with low transfer efficiency compared to other tasks. In global markets such as India and Latin America, this is a critical issue as switching between languages is prevalent for bilingual users. In this work we dramatically improve the zero-shot performance of a multilingual and codeswitched semantic parsing system using two stages of multilingual alignment. First, we show that constrastive alignment pretraining improves both English performance and transfer efficiency. We then introduce a constrained optimization approach for hyperparameter-free adversarial alignment during finetuning. Our Doubly Aligned Multilingual Parser (DAMP) improves mBERT transfer performance by 3x, 6x, and 81x on the Spanglish, Hinglish and Multilingual Task Oriented Parsing benchmarks respectively and outperforms XLM-R and mT5-Large using 3.2x fewer parameters.

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.

Large language models (LLMs) have demonstrated great potential in natural language processing tasks within the financial domain. In this work, we present a Chinese Financial Generative Pre-trained Transformer framework, named CFGPT, which includes a dataset~(CFData) for pre-training and supervised fine-tuning, a financial LLM~(CFLLM) to adeptly manage financial texts, and a deployment framework~(CFAPP) designed to navigate real-world financial applications. The CFData comprising both a pre-training dataset and a supervised fine-tuning dataset, where the pre-training dataset collates Chinese financial data and analytics, alongside a smaller subset of general-purpose text with 584M documents and 141B tokens in total, and the supervised fine-tuning dataset is tailored for six distinct financial tasks, embodying various facets of financial analysis and decision-making with 1.5M instruction pairs and 1.5B tokens in total. The CFLLM, which is based on InternLM-7B to balance the model capability and size, is trained on CFData in two stage, continued pre-training and supervised fine-tuning. The CFAPP is centered on large language models (LLMs) and augmented with additional modules to ensure multifaceted functionality in real-world application. Our codes are released at https://github.com/TongjiFinLab/CFGPT.

This paper investigates a critical design decision in the practice of massively multilingual continual pre-training -- the inclusion of parallel data. Specifically, we study the impact of bilingual translation data for massively multilingual language adaptation of the Llama3 family of models to 500 languages. To this end, we construct the MaLA bilingual translation corpus, containing data from more than 2,500 language pairs. Subsequently, we develop the EMMA-500 Llama 3 suite of four massively multilingual models -- continually pre-trained from the Llama 3 family of base models extensively on diverse data mixes up to 671B tokens -- and explore the effect of continual pre-training with or without bilingual translation data. Comprehensive evaluation across 7 tasks and 12 benchmarks demonstrates that bilingual data tends to enhance language transfer and performance, particularly for low-resource languages. We open-source the MaLA corpus, EMMA-500 Llama 3 suite artefacts, code, and model generations.

Recent studies have demonstrated how to assess the stereotypical bias in pre-trained English language models. In this work, we extend this branch of research in multiple different dimensions by systematically investigating (a) mono- and multilingual models of (b) different underlying architectures with respect to their bias in (c) multiple different languages. To that end, we make use of the English StereoSet data set (Nadeem et al., 2021), which we semi-automatically translate into German, French, Spanish, and Turkish. We find that it is of major importance to conduct this type of analysis in a multilingual setting, as our experiments show a much more nuanced picture as well as notable differences from the English-only analysis. The main takeaways from our analysis are that mGPT-2 (partly) shows surprising anti-stereotypical behavior across languages, English (monolingual) models exhibit the strongest bias, and the stereotypes reflected in the data set are least present in Turkish models. Finally, we release our codebase alongside the translated data sets and practical guidelines for the semi-automatic translation to encourage a further extension of our work to other languages.

Large Language Models (LLMs) have demonstrated impressive capabilities across diverse Natural Language Processing (NLP) tasks, including language understanding, reasoning, and generation. However, general-domain LLMs often struggle with financial tasks due to the technical and specialized nature of financial texts. This study investigates the efficacy of instruction fine-tuning smaller-scale LLMs, including Mistral-7B, Llama3-8B, and Phi3-mini, to enhance their performance in financial text classification tasks. We fine-tuned both instruction-tuned and base models across four financial classification tasks, achieving significant improvements in task-specific performance. Furthermore, we evaluated the zero-shot capabilities of these fine-tuned models on three unseen complex financial tasks, including argument classification, deal completeness classification, and causal classification. Our results indicate while base model fine-tuning led to greater degradation, instruction-tuned models maintained more robust performance. To address this degradation, we employed model merging techniques, integrating single-task domain-specific fine-tuned models with the base model. Using this merging method resulted in significant enhancements in zero-shot performance, even exceeding the original model's accuracy on certain datasets. Our findings underscore the effectiveness of instruction fine-tuning and model merging for adapting LLMs to specialized financial text classification tasks.

This paper presents our participation under the team name `Finance Wizard' in the FinNLP-AgentScen 2024 shared task #2: Financial Text Summarization. It documents our pipeline approach of fine-tuning a foundation model into a task-specific model for Financial Text Summarization. It involves (1) adapting Llama3 8B, a foundation model, to the Finance domain via continued pre-training, (2) multi-task instruction-tuning to further equip the model with more finance-related capabilities, (3) finally fine-tuning the model into a task-specific `expert'. Our model, FinLlama3\_sum, yielded commendable results, securing the third position in its category with a ROUGE-1 score of 0.521.

Large language models (LLMs) have demonstrated remarkable proficiency in understanding and generating human-like texts, which may potentially revolutionize the finance industry. However, existing LLMs often fall short in the financial field, which is mainly attributed to the disparities between general text data and financial text data. Unfortunately, there is only a limited number of financial text datasets available, and BloombergGPT, the first financial LLM (FinLLM), is close-sourced (only the training logs were released). In light of this, we aim to democratize Internet-scale financial data for LLMs, which is an open challenge due to diverse data sources, low signal-to-noise ratio, and high time-validity. To address the challenges, we introduce an open-sourced and data-centric framework, Financial Generative Pre-trained Transformer (FinGPT), that automates the collection and curation of real-time financial data from 34 diverse sources on the Internet, providing researchers and practitioners with accessible and transparent resources to develop their FinLLMs. Additionally, we propose a simple yet effective strategy for fine-tuning FinLLM using the inherent feedback from the market, dubbed Reinforcement Learning with Stock Prices (RLSP). We also adopt the Low-rank Adaptation (LoRA, QLoRA) method that enables users to customize their own FinLLMs from general-purpose LLMs at a low cost. Finally, we showcase several FinGPT applications, including robo-advisor, sentiment analysis for algorithmic trading, and low-code development. FinGPT aims to democratize FinLLMs, stimulate innovation, and unlock new opportunities in open finance. The codes have been open-sourced.

Since state-of-the-art LLMs often underperform in languages other than English or Chinese, improving the capability of LLMs in new languages has become an essential task. Moreover, LLMs' entire end-to-end training process remains largely unknown to the public due to proprietary reasons, technical complexity, inconsistent documentation, and ethical considerations. The complete picture remains a closely guarded secret within the industry. This paper presents methods to adapt an existing English-based LLM to Korean in a low-budget scenario. We describe the entire end-to-end process: collecting Korean datasets, preprocessing the data, training the model, creating downstream benchmarks, and conducting evaluations. The evaluation results indicate that our method can effectively and cost-efficiently add new language capabilities to existing LLMs. Our new bilingual models, Thunder-LLM and Thunder-LLM-Ins, achieve superior Korean performance compared to state-of-the-art models while utilizing minimal data and computational resources. We share our comprehensive experience and make the code publicly available.

This paper addresses the challenges translating case law under Hong Kong's bilingual legal system. It highlights the initial success of translating all written statutes into Chinese before the 1997 handover, a task mandated by the Basic Law. The effort involved significant collaboration among legal, linguistic, and translation experts, resulting in a comprehensive and culturally appropriate bilingual legal system. However, translating case law remains a significant challenge due to the sheer volume and continuous growth of judicial decisions. The paper critiques the governments and judiciarys sporadic and uncoordinated efforts to translate case law, contrasting it with the thorough approach previously taken for statute translation. Although the government acknowledges the importance of legal bilingualism, it lacks a sustainable strategy for translating case law. The Judiciarys position that translating all judgments is unnecessary, unrealistic, and not cost-effectiveis analyzed and critiqued for its impact on legal transparency and public trust. A proposed solution involves leveraging machine translation technology through a human-machine interactive translation platform, which undergoes two major transitions. Initially based on a neural model, the platform transitions to using a large language model for improved translation accuracy. Furthermore, it evolves from a single-agent system to a multi-agent system, incorporating Translator, Annotator, and Proofreader agents. This multi-agent approach, supported by a grant, aims to facilitate efficient, high-quality translation of judicial judgments by integrating advanced artificial intelligence and continuous feedback mechanisms, thus better meeting the needs of a bilingual legal system.

The complexity of the Generally Accepted Accounting Principles (GAAP) and the hierarchical structure of eXtensible Business Reporting Language (XBRL) filings make financial auditing increasingly difficult to automate and verify. While large language models (LLMs) have demonstrated strong capabilities in unstructured text understanding, their ability to reason over structured, interdependent, and taxonomy-driven financial documents remains largely unexplored. To fill this gap, we introduce FinAuditing, the first taxonomy-aligned, structure-aware, multi-document benchmark for evaluating LLMs on financial auditing tasks. Built from real US-GAAP-compliant XBRL filings, FinAuditing defines three complementary subtasks, FinSM for semantic consistency, FinRE for relational consistency, and FinMR for numerical consistency, each targeting a distinct aspect of structured auditing reasoning. We further propose a unified evaluation framework integrating retrieval, classification, and reasoning metrics across these subtasks. Extensive zero-shot experiments on 13 state-of-the-art LLMs reveal that current models perform inconsistently across semantic, relational, and mathematical dimensions, with accuracy drops of up to 60-90% when reasoning over hierarchical multi-document structures. Our findings expose the systematic limitations of modern LLMs in taxonomy-grounded financial reasoning and establish FinAuditing as a foundation for developing trustworthy, structure-aware, and regulation-aligned financial intelligence systems. The benchmark dataset is available at Hugging Face.

The translation of natural language questions to SQL queries has attracted growing attention, in particular in connection with transformers and similar language models. A large number of techniques are geared towards the English language; in this work, we thus investigated translation to SQL when input questions are given in the Portuguese language. To do so, we properly adapted state-of-the-art tools and resources. We changed the RAT-SQL+GAP system by relying on a multilingual BART model (we report tests with other language models), and we produced a translated version of the Spider dataset. Our experiments expose interesting phenomena that arise when non-English languages are targeted; in particular, it is better to train with original and translated training datasets together, even if a single target language is desired. This multilingual BART model fine-tuned with a double-size training dataset (English and Portuguese) achieved 83% of the baseline, making inferences for the Portuguese test dataset. This investigation can help other researchers to produce results in Machine Learning in a language different from English. Our multilingual ready version of RAT-SQL+GAP and the data are available, open-sourced as mRAT-SQL+GAP at: https://github.com/C4AI/gap-text2sql

We introduce GECKO, a bilingual large language model (LLM) optimized for Korean and English, along with programming languages. GECKO is pretrained on the balanced, high-quality corpus of Korean and English employing LLaMA architecture. In this report, we share the experiences of several efforts to build a better data pipeline for the corpus and to train our model. GECKO shows great efficiency in token generations for both Korean and English, despite its small size of vocabulary. We measure the performance on the representative benchmarks in terms of Korean, English and Code, and it exhibits great performance on KMMLU (Korean MMLU) and modest performance in English and Code, even with its smaller number of trained tokens compared to English-focused LLMs. GECKO is available to the open-source community under a permissive license. We hope our work offers a research baseline and practical insights for Korean LLM research. The model can be found at: https://huggingface.co/kifai/GECKO-7B

Large Language Models (LLMs) have recently been leveraged for asset pricing tasks and stock trading applications, enabling AI agents to generate investment decisions from unstructured financial data. However, most evaluations of LLM timing-based investing strategies are conducted on narrow timeframes and limited stock universes, overstating effectiveness due to survivorship and data-snooping biases. We critically assess their generalizability and robustness by proposing FINSABER, a backtesting framework evaluating timing-based strategies across longer periods and a larger universe of symbols. Systematic backtests over two decades and 100+ symbols reveal that previously reported LLM advantages deteriorate significantly under broader cross-section and over a longer-term evaluation. Our market regime analysis further demonstrates that LLM strategies are overly conservative in bull markets, underperforming passive benchmarks, and overly aggressive in bear markets, incurring heavy losses. These findings highlight the need to develop LLM strategies that are able to prioritise trend detection and regime-aware risk controls over mere scaling of framework complexity.

We study unsupervised multilingual alignment, the problem of finding word-to-word translations between multiple languages without using any parallel data. One popular strategy is to reduce multilingual alignment to the much simplified bilingual setting, by picking one of the input languages as the pivot language that we transit through. However, it is well-known that transiting through a poorly chosen pivot language (such as English) may severely degrade the translation quality, since the assumed transitive relations among all pairs of languages may not be enforced in the training process. Instead of going through a rather arbitrarily chosen pivot language, we propose to use the Wasserstein barycenter as a more informative "mean" language: it encapsulates information from all languages and minimizes all pairwise transportation costs. We evaluate our method on standard benchmarks and demonstrate state-of-the-art performances.

Existing research predominantly focuses on developing powerful language learning models (LLMs) for mathematical reasoning within monolingual languages, with few explorations in preserving efficacy in a multilingual context. To bridge this gap, this paper pioneers exploring and training powerful Multilingual Math Reasoning (xMR) LLMs. Firstly, by utilizing translation, we construct the first multilingual math reasoning instruction dataset, MGSM8KInstruct, encompassing ten distinct languages, thus addressing the issue of training data scarcity in xMR tasks. Based on the collected dataset, we propose different training strategies to build powerful xMR LLMs, named MathOctopus, notably outperform conventional open-source LLMs and exhibit superiority over ChatGPT in few-shot scenarios. Notably, MathOctopus-13B reaches 47.6% accuracy which exceeds ChatGPT 46.3% on MGSM testset. Beyond remarkable results, we unearth several pivotal observations and insights from extensive experiments: (1) When extending the rejection sampling strategy to the multilingual context, it proves effective for model performances, albeit limited. (2) Employing parallel corpora for math Supervised Fine-Tuning (SFT) across multiple languages not only significantly enhances model performance multilingually but also elevates their monolingual performance. This indicates that crafting multilingual corpora can be regarded as a vital strategy for enhancing model performance in a specific language, especially in mathematical reasoning tasks. For instance, MathOctopus-7B improves its counterparts that trained on English from 42.2% to 50.8% on GSM8K testset.

Large multilingual models have significantly advanced natural language processing (NLP) research. However, their high resource demands and potential biases from diverse data sources have raised concerns about their effectiveness across low-resource languages. In contrast, monolingual models, trained on a single language, may better capture the nuances of the target language, potentially providing more accurate results. This study benchmarks the cross-lingual transfer capabilities from a high-resource language to a low-resource language for both, monolingual and multilingual models, focusing on Kinyarwanda and Kirundi, two Bantu languages. We evaluate the performance of transformer based architectures like Multilingual BERT (mBERT), AfriBERT, and BantuBERTa against neural-based architectures such as BiGRU, CNN, and char-CNN. The models were trained on Kinyarwanda and tested on Kirundi, with fine-tuning applied to assess the extent of performance improvement and catastrophic forgetting. AfriBERT achieved the highest cross-lingual accuracy of 88.3% after fine-tuning, while BiGRU emerged as the best-performing neural model with 83.3% accuracy. We also analyze the degree of forgetting in the original language post-fine-tuning. While monolingual models remain competitive, this study highlights that multilingual models offer strong cross-lingual transfer capabilities in resource limited settings.

Text-to-SQL semantic parsing is an important NLP task, which greatly facilitates the interaction between users and the database and becomes the key component in many human-computer interaction systems. Much recent progress in text-to-SQL has been driven by large-scale datasets, but most of them are centered on English. In this work, we present MultiSpider, the largest multilingual text-to-SQL dataset which covers seven languages (English, German, French, Spanish, Japanese, Chinese, and Vietnamese). Upon MultiSpider, we further identify the lexical and structural challenges of text-to-SQL (caused by specific language properties and dialect sayings) and their intensity across different languages. Experimental results under three typical settings (zero-shot, monolingual and multilingual) reveal a 6.1% absolute drop in accuracy in non-English languages. Qualitative and quantitative analyses are conducted to understand the reason for the performance drop of each language. Besides the dataset, we also propose a simple schema augmentation framework SAVe (Schema-Augmentation-with-Verification), which significantly boosts the overall performance by about 1.8% and closes the 29.5% performance gap across languages.

Continued pretraining and instruction tuning on large-scale multilingual data have proven to be effective in scaling large language models (LLMs) to low-resource languages. However, the unaligned nature of such data limits its ability to effectively capture cross-lingual semantics. In contrast, multi-way parallel data, where identical content is aligned across multiple languages, provides stronger cross-lingual consistency and offers greater potential for improving multilingual performance. In this paper, we introduce a large-scale, high-quality multi-way parallel corpus, TED2025, based on TED Talks. The corpus spans 113 languages, with up to 50 languages aligned in parallel, ensuring extensive multilingual coverage. Using this dataset, we investigate best practices for leveraging multi-way parallel data to enhance LLMs, including strategies for continued pretraining, instruction tuning, and the analysis of key influencing factors. Experiments on six multilingual benchmarks show that models trained on multiway parallel data consistently outperform those trained on unaligned multilingual data.

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.

Multilinguality is crucial for extending recent advancements in language modelling to diverse linguistic communities. To maintain high performance while representing multiple languages, multilingual models ideally align representations, allowing what is learned in one language to generalise to others. Prior research has emphasised the importance of parallel data and shared vocabulary elements as key factors for such alignment. In this study, we investigate an unintuitive novel driver of cross-lingual generalisation: language imbalance. In controlled experiments on perfectly equivalent cloned languages, we observe that the existence of a predominant language during training boosts the performance of less frequent languages and leads to stronger alignment of model representations across languages. Furthermore, we find that this trend is amplified with scale: with large enough models or long enough training, we observe that bilingual training data with a 90/10 language split yields better performance on both languages than a balanced 50/50 split. Building on these insights, we design training schemes that can improve performance in all cloned languages, even without altering the training data. As we extend our analysis to real languages, we find that infrequent languages still benefit from frequent ones, yet whether language imbalance causes cross-lingual generalisation there is not conclusive.

While making investment decisions by reading financial documents, investors need to differentiate between in-claim and outof-claim numerals. In this paper, we present a tool which does it automatically. It extracts context embeddings of the numerals using one of the transformer based pre-trained language model called BERT. After this, it uses a Logistic Regression based model to detect whether the numerals is in-claim or out-of-claim. We use FinNum-3 (English) dataset to train our model. After conducting rigorous experiments we achieve a Macro F1 score of 0.8223 on the validation set. We have open-sourced this tool and it can be accessed from https://github.com/sohomghosh/FiNCAT_Financial_Numeral_Claim_Analysis_Tool

As large language models (LLMs) continue to advance in linguistic capabilities, robust multilingual evaluation has become essential for promoting equitable technological progress. This position paper examines over 2,000 multilingual (non-English) benchmarks from 148 countries, published between 2021 and 2024, to evaluate past, present, and future practices in multilingual benchmarking. Our findings reveal that, despite significant investments amounting to tens of millions of dollars, English remains significantly overrepresented in these benchmarks. Additionally, most benchmarks rely on original language content rather than translations, with the majority sourced from high-resource countries such as China, India, Germany, the UK, and the USA. Furthermore, a comparison of benchmark performance with human judgments highlights notable disparities. STEM-related tasks exhibit strong correlations with human evaluations (0.70 to 0.85), while traditional NLP tasks like question answering (e.g., XQuAD) show much weaker correlations (0.11 to 0.30). Moreover, translating English benchmarks into other languages proves insufficient, as localized benchmarks demonstrate significantly higher alignment with local human judgments (0.68) than their translated counterparts (0.47). This underscores the importance of creating culturally and linguistically tailored benchmarks rather than relying solely on translations. Through this comprehensive analysis, we highlight six key limitations in current multilingual evaluation practices, propose the guiding principles accordingly for effective multilingual benchmarking, and outline five critical research directions to drive progress in the field. Finally, we call for a global collaborative effort to develop human-aligned benchmarks that prioritize real-world applications.

The U.S. Securities and Exchange Commission (SEC) requires that public companies file financial reports tagging numbers with the machine readable inline eXtensible Business Reporting Language (iXBRL) standard. However, the highly complex and highly granular taxonomy defined by iXBRL limits label transferability across domains. In this paper, we introduce the Hierarchical Financial Key Performance Indicator (HiFi-KPI) dataset, designed to facilitate numerical KPI extraction at specified levels of granularity from unstructured financial text. Our approach organizes a 218,126-label hierarchy using a taxonomy based grouping method, investigating which taxonomy layer provides the most meaningful structure. HiFi-KPI comprises ~1.8M paragraphs and ~5M entities, each linked to a label in the iXBRL-specific calculation and presentation taxonomies. We provide baselines using encoder-based approaches and structured extraction using Large Language Models (LLMs). To simplify LLM inference and evaluation, we additionally release HiFi-KPI Lite, a manually curated subset with four expert-mapped labels. We publicly release all artifacts

We introduce KFinEval-Pilot, a benchmark suite specifically designed to evaluate large language models (LLMs) in the Korean financial domain. Addressing the limitations of existing English-centric benchmarks, KFinEval-Pilot comprises over 1,000 curated questions across three critical areas: financial knowledge, legal reasoning, and financial toxicity. The benchmark is constructed through a semi-automated pipeline that combines GPT-4-generated prompts with expert validation to ensure domain relevance and factual accuracy. We evaluate a range of representative LLMs and observe notable performance differences across models, with trade-offs between task accuracy and output safety across different model families. These results highlight persistent challenges in applying LLMs to high-stakes financial applications, particularly in reasoning and safety. Grounded in real-world financial use cases and aligned with the Korean regulatory and linguistic context, KFinEval-Pilot serves as an early diagnostic tool for developing safer and more reliable financial AI systems.

Large multilingual language models such as mBERT or XLM-R enable zero-shot cross-lingual transfer in various IR and NLP tasks. Cao et al. (2020) proposed a data- and compute-efficient method for cross-lingual adjustment of mBERT that uses a small parallel corpus to make embeddings of related words across languages similar to each other. They showed it to be effective in NLI for five European languages. In contrast we experiment with a typologically diverse set of languages (Spanish, Russian, Vietnamese, and Hindi) and extend their original implementations to new tasks (XSR, NER, and QA) and an additional training regime (continual learning). Our study reproduced gains in NLI for four languages, showed improved NER, XSR, and cross-lingual QA results in three languages (though some cross-lingual QA gains were not statistically significant), while mono-lingual QA performance never improved and sometimes degraded. Analysis of distances between contextualized embeddings of related and unrelated words (across languages) showed that fine-tuning leads to "forgetting" some of the cross-lingual alignment information. Based on this observation, we further improved NLI performance using continual learning.

Multilingual transformers (XLM, mT5) have been shown to have remarkable transfer skills in zero-shot settings. Most transfer studies, however, rely on automatically translated resources (XNLI, XQuAD), making it hard to discern the particular linguistic knowledge that is being transferred, and the role of expert annotated monolingual datasets when developing task-specific models. We investigate the cross-lingual transfer abilities of XLM-R for Chinese and English natural language inference (NLI), with a focus on the recent large-scale Chinese dataset OCNLI. To better understand linguistic transfer, we created 4 categories of challenge and adversarial tasks (totaling 17 new datasets) for Chinese that build on several well-known resources for English (e.g., HANS, NLI stress-tests). We find that cross-lingual models trained on English NLI do transfer well across our Chinese tasks (e.g., in 3/4 of our challenge categories, they perform as well/better than the best monolingual models, even on 3/5 uniquely Chinese linguistic phenomena such as idioms, pro drop). These results, however, come with important caveats: cross-lingual models often perform best when trained on a mixture of English and high-quality monolingual NLI data (OCNLI), and are often hindered by automatically translated resources (XNLI-zh). For many phenomena, all models continue to struggle, highlighting the need for our new diagnostics to help benchmark Chinese and cross-lingual models. All new datasets/code are released at https://github.com/huhailinguist/ChineseNLIProbing.

Recent research has shown that smaller language models can acquire substantial reasoning abilities when fine-tuned with reasoning exemplars crafted by a significantly larger teacher model. We explore this paradigm for the financial domain, focusing on the challenge of answering questions that require multi-hop numerical reasoning over financial texts. We assess the performance of several smaller models that have been fine-tuned to generate programs that encode the required financial reasoning and calculations. Our findings demonstrate that these fine-tuned smaller models approach the performance of the teacher model. To provide a granular analysis of model performance, we propose an approach to investigate the specific student model capabilities that are enhanced by fine-tuning. Our empirical analysis indicates that fine-tuning refines the student models ability to express and apply the required financial concepts along with adapting the entity extraction for the specific data format. In addition, we hypothesize and demonstrate that comparable financial reasoning capability can be induced using relatively smaller datasets.

We explore Cross-lingual Backdoor ATtacks (X-BAT) in multilingual Large Language Models (mLLMs), revealing how backdoors inserted in one language can automatically transfer to others through shared embedding spaces. Using toxicity classification as a case study, we demonstrate that attackers can compromise multilingual systems by poisoning data in a single language, with rare tokens serving as specific effective triggers. Our findings expose a critical vulnerability in the fundamental architecture that enables cross-lingual transfer in these models. Our code and data are publicly available at https://github.com/himanshubeniwal/X-BAT.

India is a multilingual society with 1369 rationalized languages and dialects being spoken across the country (INDIA, 2011). Of these, the 22 scheduled languages have a staggering total of 1.17 billion speakers and 121 languages have more than 10,000 speakers (INDIA, 2011). India also has the second largest (and an ever growing) digital footprint (Statista, 2020). Despite this, today's state-of-the-art multilingual systems perform suboptimally on Indian (IN) languages. This can be explained by the fact that multilingual language models (LMs) are often trained on 100+ languages together, leading to a small representation of IN languages in their vocabulary and training data. Multilingual LMs are substantially less effective in resource-lean scenarios (Wu and Dredze, 2020; Lauscher et al., 2020), as limited data doesn't help capture the various nuances of a language. One also commonly observes IN language text transliterated to Latin or code-mixed with English, especially in informal settings (for example, on social media platforms) (Rijhwani et al., 2017). This phenomenon is not adequately handled by current state-of-the-art multilingual LMs. To address the aforementioned gaps, we propose MuRIL, a multilingual LM specifically built for IN languages. MuRIL is trained on significantly large amounts of IN text corpora only. We explicitly augment monolingual text corpora with both translated and transliterated document pairs, that serve as supervised cross-lingual signals in training. MuRIL significantly outperforms multilingual BERT (mBERT) on all tasks in the challenging cross-lingual XTREME benchmark (Hu et al., 2020). We also present results on transliterated (native to Latin script) test sets of the chosen datasets and demonstrate the efficacy of MuRIL in handling transliterated data.

We present an efficient method for adapting a monolingual Large Language Model (LLM) to another language, addressing challenges of catastrophic forgetting and tokenizer limitations. We focus this study on adapting Llama 2 to Arabic. Our two-stage approach begins with expanding the vocabulary and training only the embeddings matrix, followed by full model continual pre-training on a bilingual corpus. By continually pre-training on a mix of Arabic and English corpora, the model retains its proficiency in English while acquiring capabilities in Arabic. Our approach results in significant improvements in Arabic and slight enhancements in English, demonstrating cost-effective cross-lingual transfer. We perform ablations on embedding initialization techniques, data mix ratios, and learning rates and release a detailed training recipe. To demonstrate generalizability of this approach we also adapted Llama 3 8B to Arabic and Llama 2 13B to Hindi.

The paper considers the possibility to fine-tune Llama 2 GPT large language model (LLM) for the multitask analysis of financial news. For fine-tuning, the PEFT/LoRA based approach was used. In the study, the model was fine-tuned for the following tasks: analysing a text from financial market perspectives, highlighting main points of a text, summarizing a text and extracting named entities with appropriate sentiments. The obtained results show that the fine-tuned Llama 2 model can perform a multitask financial news analysis with a specified structure of response, part of response can be a structured text and another part of data can have JSON format for further processing. Extracted sentiments for named entities can be considered as predictive features in supervised machine learning models with quantitative target variables.

This paper introduces BiMediX2, a bilingual (Arabic-English) Bio-Medical EXpert Large Multimodal Model (LMM) with a unified architecture that integrates text and visual modalities, enabling advanced image understanding and medical applications. BiMediX2 leverages the Llama3.1 architecture and integrates text and visual capabilities to facilitate seamless interactions in both English and Arabic, supporting text-based inputs and multi-turn conversations involving medical images. The model is trained on an extensive bilingual healthcare dataset consisting of 1.6M samples of diverse medical interactions for both text and image modalities, mixed in Arabic and English. We also propose the first bilingual GPT-4o based medical LMM benchmark named BiMed-MBench. BiMediX2 is benchmarked on both text-based and image-based tasks, achieving state-of-the-art performance across several medical benchmarks. It outperforms recent state-of-the-art models in medical LLM evaluation benchmarks. Our model also sets a new benchmark in multimodal medical evaluations with over 9% improvement in English and over 20% in Arabic evaluations. Additionally, it surpasses GPT-4 by around 9% in UPHILL factual accuracy evaluations and excels in various medical Visual Question Answering, Report Generation, and Report Summarization tasks. The project page including source code and the trained model, is available at https://github.com/mbzuai-oryx/BiMediX2.

We introduce CroissantLLM, a 1.3B language model pretrained on a set of 3T English and French tokens, to bring to the research and industrial community a high-performance, fully open-sourced bilingual model that runs swiftly on consumer-grade local hardware. To that end, we pioneer the approach of training an intrinsically bilingual model with a 1:1 English-to-French pretraining data ratio, a custom tokenizer, and bilingual finetuning datasets. We release the training dataset, notably containing a French split with manually curated, high-quality, and varied data sources. To assess performance outside of English, we craft a novel benchmark, FrenchBench, consisting of an array of classification and generation tasks, covering various orthogonal aspects of model performance in the French Language. Additionally, rooted in transparency and to foster further Large Language Model research, we release codebases, and dozens of checkpoints across various model sizes, training data distributions, and training steps, as well as fine-tuned Chat models, and strong translation models. We evaluate our model through the FMTI framework, and validate 81 % of the transparency criteria, far beyond the scores of even most open initiatives. This work enriches the NLP landscape, breaking away from previous English-centric work in order to strengthen our understanding of multilinguality in language models.

In this technical report, we present Skywork-13B, a family of large language models (LLMs) trained on a corpus of over 3.2 trillion tokens drawn from both English and Chinese texts. This bilingual foundation model is the most extensively trained and openly published LLMs of comparable size to date. We introduce a two-stage training methodology using a segmented corpus, targeting general purpose training and then domain-specific enhancement training, respectively. We show that our model not only excels on popular benchmarks, but also achieves state of the art performance in Chinese language modeling on diverse domains. Furthermore, we propose a novel leakage detection method, demonstrating that test data contamination is a pressing issue warranting further investigation by the LLM community. To spur future research, we release Skywork-13B along with checkpoints obtained during intermediate stages of the training process. We are also releasing part of our SkyPile corpus, a collection of over 150 billion tokens of web text, which is the largest high quality open Chinese pre-training corpus to date. We hope Skywork-13B and our open corpus will serve as a valuable open-source resource to democratize access to high-quality LLMs.

The proliferation of artificial intelligence (AI) in financial services has prompted growing demand for tools that can systematically detect AI-related disclosures in corporate filings. While prior approaches often rely on keyword expansion or document-level classification, they fall short in granularity, interpretability, and robustness. This study introduces FinAI-BERT, a domain-adapted transformer-based language model designed to classify AI-related content at the sentence level within financial texts. The model was fine-tuned on a manually curated and balanced dataset of 1,586 sentences drawn from 669 annual reports of U.S. banks (2015 to 2023). FinAI-BERT achieved near-perfect classification performance (accuracy of 99.37 percent, F1 score of 0.993), outperforming traditional baselines such as Logistic Regression, Naive Bayes, Random Forest, and XGBoost. Interpretability was ensured through SHAP-based token attribution, while bias analysis and robustness checks confirmed the model's stability across sentence lengths, adversarial inputs, and temporal samples. Theoretically, the study advances financial NLP by operationalizing fine-grained, theme-specific classification using transformer architectures. Practically, it offers a scalable, transparent solution for analysts, regulators, and scholars seeking to monitor the diffusion and framing of AI across financial institutions.

Publicly traded companies are required to submit periodic reports with eXtensive Business Reporting Language (XBRL) word-level tags. Manually tagging the reports is tedious and costly. We, therefore, introduce XBRL tagging as a new entity extraction task for the financial domain and release FiNER-139, a dataset of 1.1M sentences with gold XBRL tags. Unlike typical entity extraction datasets, FiNER-139 uses a much larger label set of 139 entity types. Most annotated tokens are numeric, with the correct tag per token depending mostly on context, rather than the token itself. We show that subword fragmentation of numeric expressions harms BERT's performance, allowing word-level BILSTMs to perform better. To improve BERT's performance, we propose two simple and effective solutions that replace numeric expressions with pseudo-tokens reflecting original token shapes and numeric magnitudes. We also experiment with FIN-BERT, an existing BERT model for the financial domain, and release our own BERT (SEC-BERT), pre-trained on financial filings, which performs best. Through data and error analysis, we finally identify possible limitations to inspire future work on XBRL tagging.

An effective method for cross-lingual transfer is to fine-tune a bilingual or multilingual model on a supervised dataset in one language and evaluating it on another language in a zero-shot manner. Translating examples at training time or inference time are also viable alternatives. However, there are costs associated with these methods that are rarely addressed in the literature. In this work, we analyze cross-lingual methods in terms of their effectiveness (e.g., accuracy), development and deployment costs, as well as their latencies at inference time. Our experiments on three tasks indicate that the best cross-lingual method is highly task-dependent. Finally, by combining zero-shot and translation methods, we achieve the state-of-the-art in two of the three datasets used in this work. Based on these results, we question the need for manually labeled training data in a target language. Code and translated datasets are available at https://github.com/unicamp-dl/cross-lingual-analysis

Large Language Models (LLMs) have demonstrated notable capabilities across financial tasks, including financial report summarization, earnings call transcript analysis, and asset classification. However, their real-world effectiveness in managing complex fund investment remains inadequately assessed. A fundamental limitation of existing benchmarks for evaluating LLM-driven trading strategies is their reliance on historical back-testing, inadvertently enabling LLMs to "time travel"-leveraging future information embedded in their training corpora, thus resulting in possible information leakage and overly optimistic performance estimates. To address this issue, we introduce DeepFund, a live fund benchmark tool designed to rigorously evaluate LLM in real-time market conditions. Utilizing a multi-agent architecture, DeepFund connects directly with real-time stock market data-specifically data published after each model pretraining cutoff-to ensure fair and leakage-free evaluations. Empirical tests on nine flagship LLMs from leading global institutions across multiple investment dimensions-including ticker-level analysis, investment decision-making, portfolio management, and risk control-reveal significant practical challenges. Notably, even cutting-edge models such as DeepSeek-V3 and Claude-3.7-Sonnet incur net trading losses within DeepFund real-time evaluation environment, underscoring the present limitations of LLMs for active fund management. Our code is available at https://github.com/HKUSTDial/DeepFund.

Contextual pretrained language models, such as BERT (Devlin et al., 2019), have made significant breakthrough in various NLP tasks by training on large scale of unlabeled text re-sources.Financial sector also accumulates large amount of financial communication text.However, there is no pretrained finance specific language models available. In this work,we address the need by pretraining a financial domain specific BERT models, FinBERT, using a large scale of financial communication corpora. Experiments on three financial sentiment classification tasks confirm the advantage of FinBERT over generic domain BERT model. The code and pretrained models are available at https://github.com/yya518/FinBERT. We hope this will be useful for practitioners and researchers working on financial NLP tasks.

Large language models (LLMs) have made great progress in classification and text generation tasks. However, they are mainly trained on English data and often struggle with low-resource languages. In this study, we explore adding a new language, i.e., Persian, to Llama (a model with a limited understanding of Persian) using parameter-efficient fine-tuning. We employ a multi-stage approach involving pretraining on monolingual Persian data, aligning representations through bilingual pretraining and instruction datasets, and instruction-tuning with task-specific datasets. We evaluate the model's performance at each stage on generation and classification tasks. Our findings suggest that incorporating the Persian language, through bilingual data alignment, can enhance classification accuracy for Persian tasks, with no adverse impact and sometimes even improvements on English tasks. Additionally, the results highlight the model's initial strength as a critical factor when working with limited training data, with cross-lingual alignment offering minimal benefits for the low-resource language. Knowledge transfer from English to Persian has a marginal effect, primarily benefiting simple classification tasks.

We examine the potential of ChatGPT and other large language models in predicting stock market returns using news headlines. We use ChatGPT to assess whether each headline is good, bad, or neutral for firms' stock prices. We document a significantly positive correlation between ChatGPT scores and subsequent daily stock returns. We find that ChatGPT outperforms traditional sentiment analysis methods. More basic models such as GPT-1, GPT-2, and BERT cannot accurately forecast returns, indicating return predictability is an emerging capacity of complex language models. Long-short strategies based on ChatGPT-4 deliver the highest Sharpe ratio. Furthermore, we find predictability in both small and large stocks, suggesting market underreaction to company news. Predictability is stronger among smaller stocks and stocks with bad news, consistent with limits-to-arbitrage also playing an important role. Finally, we propose a new method to evaluate and understand the models' reasoning capabilities. Overall, our results suggest that incorporating advanced language models into the investment decision-making process can yield more accurate predictions and enhance the performance of quantitative trading strategies.

Multilingual language models have significantly advanced due to rapid progress in natural language processing. Models like BLOOM 1.7B, trained on diverse multilingual datasets, aim to bridge linguistic gaps. However, their effectiveness in capturing linguistic knowledge, particularly for low-resource languages, remains an open question. This study critically examines MLMs capabilities in multilingual understanding, semantic representation, and cross-lingual knowledge transfer. While these models perform well for high-resource languages, they struggle with less-represented ones. Additionally, traditional evaluation methods often overlook their internal syntactic and semantic encoding. This research addresses key limitations through three objectives. First, it assesses semantic similarity by analyzing multilingual word embeddings for consistency using cosine similarity. Second, it examines BLOOM-1.7B and Qwen2 through Named Entity Recognition and sentence similarity tasks to understand their linguistic structures. Third, it explores cross-lingual knowledge transfer by evaluating generalization from high-resource to low-resource languages in sentiment analysis and text classification. By leveraging linguistic probing, performance metrics, and visualizations, this study provides insights into the strengths and limitations of MLMs. The findings aim to enhance multilingual NLP models, ensuring better support for both high- and low-resource languages, thereby promoting inclusivity in language technologies.

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.

Multi-lingual language models (LM), such as mBERT, XLM-R, mT5, mBART, have been remarkably successful in enabling natural language tasks in low-resource languages through cross-lingual transfer from high-resource ones. In this work, we try to better understand how such models, specifically mT5, transfer *any* linguistic and semantic knowledge across languages, even though no explicit cross-lingual signals are provided during pre-training. Rather, only unannotated texts from each language are presented to the model separately and independently of one another, and the model appears to implicitly learn cross-lingual connections. This raises several questions that motivate our study, such as: Are the cross-lingual connections between every language pair equally strong? What properties of source and target language impact the strength of cross-lingual transfer? Can we quantify the impact of those properties on the cross-lingual transfer? In our investigation, we analyze a pre-trained mT5 to discover the attributes of cross-lingual connections learned by the model. Through a statistical interpretation framework over 90 language pairs across three tasks, we show that transfer performance can be modeled by a few linguistic and data-derived features. These observations enable us to interpret cross-lingual understanding of the mT5 model. Through these observations, one can favorably choose the best source language for a task, and can anticipate its training data demands. A key finding of this work is that similarity of syntax, morphology and phonology are good predictors of cross-lingual transfer, significantly more than just the lexical similarity of languages. For a given language, we are able to predict zero-shot performance, that increases on a logarithmic scale with the number of few-shot target language data points.

We present MultiLoKo, a new benchmark for evaluating multilinguality in LLMs covering 31 languages. MultiLoKo consists of three partitions: a main partition consisting of 500 questions per language, separately sourced to be locally relevant to the specific language, and two translated partitions, containing human-authored translations from 30 non-English languages to English and vice versa. For comparison, we also release corresponding machine-authored translations. The data is equally distributed over two splits: a dev split and a blind, out-of-distribution test split. MultiLoKo can be used to study a variety of questions regarding the multilinguality of LLMs as well as meta-questions about multilingual benchmark creation. We compute MultiLoKo scores for 11 base and chat models marketed to be multilingual and study their average performance, their performance parity across languages, how much their ability to answer questions depends on the question language, and which languages are most difficult. None of the models we studied performs well on MultiLoKo, as indicated by low average scores as well as large differences between the best and worst scoring languages. Furthermore, we find a substantial effect of the question language, indicating sub-optimal knowledge transfer between languages. Lastly, we find that using local vs English-translated data can result in differences more than 20 points for the best performing models, drastically change the estimated difficulty of some languages. For using machines instead of human translations, we find a weaker effect on ordering of language difficulty, a larger difference in model rankings, and a substantial drop in estimated performance for all models.

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.

How should text dataset sizes be compared across languages? Even for content-matched (parallel) corpora, UTF-8 encoded text can require a dramatically different number of bytes for different languages. In our work, we define the byte premium between two languages as the ratio of bytes used to encode content-matched text in those languages. We compute byte premiums for 1155 languages, and we use linear regressions to estimate byte premiums for other languages. We release a tool to obtain byte premiums for any two languages, enabling comparisons of dataset sizes across languages for more equitable multilingual model development and data practices.

Every fiscal quarter, companies hold earnings calls in which company executives respond to questions from analysts. After these calls, analysts often change their price target recommendations, which are used in equity research reports to help investors make decisions. In this paper, we examine analysts' decision making behavior as it pertains to the language content of earnings calls. We identify a set of 20 pragmatic features of analysts' questions which we correlate with analysts' pre-call investor recommendations. We also analyze the degree to which semantic and pragmatic features from an earnings call complement market data in predicting analysts' post-call changes in price targets. Our results show that earnings calls are moderately predictive of analysts' decisions even though these decisions are influenced by a number of other factors including private communication with company executives and market conditions. A breakdown of model errors indicates disparate performance on calls from different market sectors.

Large Language Models (LLMs) have demonstrated remarkable success as general-purpose task solvers across various fields, including NLP, healthcare, finance, and law. However, their capabilities remain limited when addressing domain-specific problems, particularly in downstream NLP tasks. Research has shown that models fine-tuned on instruction-based downstream NLP datasets outperform those that are not fine-tuned. While most efforts in this area have primarily focused on resource-rich languages like English and broad domains, little attention has been given to multilingual settings and specific domains. To address this gap, this study focuses on developing a specialized LLM, LlamaLens, for analyzing news and social media content in a multilingual context. To the best of our knowledge, this is the first attempt to tackle both domain specificity and multilinguality, with a particular focus on news and social media. Our experimental setup includes 19 tasks, represented by 52 datasets covering Arabic, English, and Hindi. We demonstrate that LlamaLens outperforms the current state-of-the-art (SOTA) on 16 testing sets, and achieves comparable performance on 10 sets. We make the models and resources publicly available for the research community.(https://huggingface.co/QCRI)

Large-scale corpora play a vital role in the construction of large language models (LLMs). However, existing LLMs exhibit limited abilities in understanding low-resource languages, including the minority languages in China, due to a lack of training data. To improve the accessibility of these languages, we present MC^2, a Multilingual Corpus of Minority Languages in China, which is the largest open-source corpus so far. It encompasses four underrepresented languages, i.e., Tibetan, Uyghur, Kazakh in the Kazakh Arabic script, and Mongolian in the traditional Mongolian script. Notably, two writing systems in MC^2 are long neglected in previous corpora. As we identify serious contamination in the low-resource language split in the existing multilingual corpora, we propose a quality-centric solution for collecting MC^2, prioritizing quality and accuracy while enhancing representativeness and diversity. By in-depth analysis, we demonstrate the new research challenges MC^2 brings, such as long-text modeling and multiplicity of writing systems. We hope MC^2 can help enhance the equity of the underrepresented languages in China and provide a reliable data foundation for further research on low-resource languages.

Speech-to-speech translation systems today do not adequately support use for dialog purposes. In particular, nuances of speaker intent and stance can be lost due to improper prosody transfer. We present an exploration of what needs to be done to overcome this. First, we developed a data collection protocol in which bilingual speakers re-enact utterances from an earlier conversation in their other language, and used this to collect an English-Spanish corpus, so far comprising 1871 matched utterance pairs. Second, we developed a simple prosodic dissimilarity metric based on Euclidean distance over a broad set of prosodic features. We then used these to investigate cross-language prosodic differences, measure the likely utility of three simple baseline models, and identify phenomena which will require more powerful modeling. Our findings should inform future research on cross-language prosody and the design of speech-to-speech translation systems capable of effective prosody transfer.

Models are increasing in size and complexity in the hunt for SOTA. But what if those 2\% increase in performance does not make a difference in a production use case? Maybe benefits from a smaller, faster model outweigh those slight performance gains. Also, equally good performance across languages in multilingual tasks is more important than SOTA results on a single one. We present the biggest, unified, multilingual collection of sentiment analysis datasets. We use these to assess 11 models and 80 high-quality sentiment datasets (out of 342 raw datasets collected) in 27 languages and included results on the internally annotated datasets. We deeply evaluate multiple setups, including fine-tuning transformer-based models for measuring performance. We compare results in numerous dimensions addressing the imbalance in both languages coverage and dataset sizes. Finally, we present some best practices for working with such a massive collection of datasets and models from a multilingual perspective.

The domain adaptation of language models, including large language models (LLMs), has become increasingly important as the use of such models continues to expand. This study demonstrates the effectiveness of Composition to Augment Language Models (CALM) in adapting to the financial domain. CALM is a model to extend the capabilities of existing models by introducing cross-attention between two LLMs with different functions. In our experiments, we developed a CALM to enhance the financial performance of an LLM with strong response capabilities by leveraging a financial-specialized LLM. Notably, the CALM was trained using a financial dataset different from the one used to train the financial-specialized LLM, confirming CALM's ability to adapt to various datasets. The models were evaluated through quantitative Japanese financial benchmarks and qualitative response comparisons, demonstrating that CALM enables superior responses with higher scores than the original models and baselines. Additionally, comparative experiments on connection points revealed that connecting the middle layers of the models is most effective in facilitating adaptation to the financial domain. These findings confirm that CALM is a practical approach for adapting LLMs to the financial domain.

Multilingual Large Language Models (LLMs) have recently shown great capabilities in a wide range of tasks, exhibiting state-of-the-art performance through zero-shot or few-shot prompting methods. While there have been extensive studies on their abilities in monolingual tasks, the investigation of their potential in the context of code-switching (CSW), the practice of alternating languages within an utterance, remains relatively uncharted. In this paper, we provide a comprehensive empirical analysis of various multilingual LLMs, benchmarking their performance across four tasks: sentiment analysis, machine translation, summarization and word-level language identification. Our results indicate that despite multilingual LLMs exhibiting promising outcomes in certain tasks using zero or few-shot prompting, they still underperform in comparison to fine-tuned models of much smaller scales. We argue that current "multilingualism" in LLMs does not inherently imply proficiency with code-switching texts, calling for future research to bridge this discrepancy.

Large language models (LLMs) demonstrate remarkable ability to comprehend, reason, and generate following nature language instructions. However, the development of LLMs has been primarily focused on high-resource languages, such as English, thereby limiting their applicability and research in other languages. Consequently, we present PolyLM, a multilingual LLM trained on 640 billion (B) tokens, avaliable in two model sizes: 1.7B and 13B. To enhance its multilingual capabilities, we 1) integrate bilingual data into training data; and 2) adopt a curriculum learning strategy that increases the proportion of non-English data from 30% in the first stage to 60% in the final stage during pre-training. Further, we propose a multilingual self-instruct method which automatically generates 132.7K diverse multilingual instructions for model fine-tuning. To assess the model's performance, we collect several existing multilingual tasks, including multilingual understanding, question answering, generation, and translation. Extensive experiments show that PolyLM surpasses other open-source models such as LLaMA and BLOOM on multilingual tasks while maintaining comparable performance in English. Our models, alone with the instruction data and multilingual benchmark, are available at: https://modelscope.cn/models/damo/nlp_polylm_13b_text_generation.

Machine translation focuses mainly on high-resource languages (HRLs), while low-resource languages (LRLs) like Taiwanese Hokkien are relatively under-explored. The study aims to address this gap by developing a dual translation model between Taiwanese Hokkien and both Traditional Mandarin Chinese and English. We employ a pre-trained LLaMA 2-7B model specialized in Traditional Mandarin Chinese to leverage the orthographic similarities between Taiwanese Hokkien Han and Traditional Mandarin Chinese. Our comprehensive experiments involve translation tasks across various writing systems of Taiwanese Hokkien as well as between Taiwanese Hokkien and other HRLs. We find that the use of a limited monolingual corpus still further improves the model's Taiwanese Hokkien capabilities. We then utilize our translation model to standardize all Taiwanese Hokkien writing systems into Hokkien Han, resulting in further performance improvements. Additionally, we introduce an evaluation method incorporating back-translation and GPT-4 to ensure reliable translation quality assessment even for LRLs. The study contributes to narrowing the resource gap for Taiwanese Hokkien and empirically investigates the advantages and limitations of pre-training and fine-tuning based on LLaMA 2.

Large language models (LLMs) have demonstrated exceptional performance in various natural language processing tasks, yet their efficacy in more challenging and domain-specific tasks remains largely unexplored. This paper presents FinEval, a benchmark specifically designed for the financial domain knowledge in the LLMs. FinEval is a collection of high-quality multiple-choice questions covering Finance, Economy, Accounting, and Certificate. It includes 4,661 questions spanning 34 different academic subjects. To ensure a comprehensive model performance evaluation, FinEval employs a range of prompt types, including zero-shot and few-shot prompts, as well as answer-only and chain-of-thought prompts. Evaluating state-of-the-art Chinese and English LLMs on FinEval, the results show that only GPT-4 achieved an accuracy close to 70% in different prompt settings, indicating significant growth potential for LLMs in the financial domain knowledge. Our work offers a more comprehensive financial knowledge evaluation benchmark, utilizing data of mock exams and covering a wide range of evaluated LLMs.

As financial institutions and professionals increasingly incorporate Large Language Models (LLMs) into their workflows, substantial barriers, including proprietary data and specialized knowledge, persist between the finance sector and the AI community. These challenges impede the AI community's ability to enhance financial tasks effectively. Acknowledging financial analysis's critical role, we aim to devise financial-specialized LLM-based toolchains and democratize access to them through open-source initiatives, promoting wider AI adoption in financial decision-making. In this paper, we introduce FinRobot, a novel open-source AI agent platform supporting multiple financially specialized AI agents, each powered by LLM. Specifically, the platform consists of four major layers: 1) the Financial AI Agents layer that formulates Financial Chain-of-Thought (CoT) by breaking sophisticated financial problems down into logical sequences; 2) the Financial LLM Algorithms layer dynamically configures appropriate model application strategies for specific tasks; 3) the LLMOps and DataOps layer produces accurate models by applying training/fine-tuning techniques and using task-relevant data; 4) the Multi-source LLM Foundation Models layer that integrates various LLMs and enables the above layers to access them directly. Finally, FinRobot provides hands-on for both professional-grade analysts and laypersons to utilize powerful AI techniques for advanced financial analysis. We open-source FinRobot at https://github.com/AI4Finance-Foundation/FinRobot.

Despite the strong research interest in document-level Machine Translation (MT), the test sets dedicated to this task are still scarce. The existing test sets mainly cover topics from the general domain and fall short on specialised domains, such as legal and financial. Also, in spite of their document-level aspect, they still follow a sentence-level logic that does not allow for including certain linguistic phenomena such as information reorganisation. In this work, we aim to fill this gap by proposing a novel test set: DOLFIN. The dataset is built from specialised financial documents, and it makes a step towards true document-level MT by abandoning the paradigm of perfectly aligned sentences, presenting data in units of sections rather than sentences. The test set consists of an average of 1950 aligned sections for five language pairs. We present a detailed data collection pipeline that can serve as inspiration for aligning new document-level datasets. We demonstrate the usefulness and quality of this test set by evaluating a number of models. Our results show that the test set is able to discriminate between context-sensitive and context-agnostic models and shows the weaknesses when models fail to accurately translate financial texts. The test set is made public for the community.

FinanceQA is a testing suite that evaluates LLMs' performance on complex numerical financial analysis tasks that mirror real-world investment work. Despite recent advances, current LLMs fail to meet the strict accuracy requirements of financial institutions, with models failing approximately 60% of realistic tasks that mimic on-the-job analyses at hedge funds, private equity firms, investment banks, and other financial institutions. The primary challenges include hand-spreading metrics, adhering to standard accounting and corporate valuation conventions, and performing analysis under incomplete information - particularly in multi-step tasks requiring assumption generation. This performance gap highlights the disconnect between existing LLM capabilities and the demands of professional financial analysis that are inadequately tested by current testing architectures. Results show that higher-quality training data is needed to support such tasks, which we experiment with using OpenAI's fine-tuning API. FinanceQA is publicly released at [this https URL](https://huggingface.co/datasets/AfterQuery/FinanceQA).

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.

This paper presents a study on strategies to enhance the translation capabilities of large language models (LLMs) in the context of machine translation (MT) tasks. The paper proposes a novel paradigm consisting of three stages: Secondary Pre-training using Extensive Monolingual Data, Continual Pre-training with Interlinear Text Format Documents, and Leveraging Source-Language Consistent Instruction for Supervised Fine-Tuning. Previous research on LLMs focused on various strategies for supervised fine-tuning (SFT), but their effectiveness has been limited. While traditional machine translation approaches rely on vast amounts of parallel bilingual data, our paradigm highlights the importance of using smaller sets of high-quality bilingual data. We argue that the focus should be on augmenting LLMs' cross-lingual alignment abilities during pre-training rather than solely relying on extensive bilingual data during SFT. Experimental results conducted using the Llama2 model, particularly on Chinese-Llama2 after monolingual augmentation, demonstrate the improved translation capabilities of LLMs. A significant contribution of our approach lies in Stage2: Continual Pre-training with Interlinear Text Format Documents, which requires less than 1B training data, making our method highly efficient. Additionally, in Stage3, we observed that setting instructions consistent with the source language benefits the supervised fine-tuning process. Experimental results demonstrate that our approach surpasses previous work and achieves superior performance compared to models such as NLLB-54B and GPT3.5-text-davinci-003, despite having a significantly smaller parameter count of only 7B or 13B. This achievement establishes our method as a pioneering strategy in the field of machine translation.

Multilingual language models have shown decent performance in multilingual and cross-lingual natural language understanding tasks. However, the power of these multilingual models in code-switching tasks has not been fully explored. In this paper, we study the effectiveness of multilingual language models to understand their capability and adaptability to the mixed-language setting by considering the inference speed, performance, and number of parameters to measure their practicality. We conduct experiments in three language pairs on named entity recognition and part-of-speech tagging and compare them with existing methods, such as using bilingual embeddings and multilingual meta-embeddings. Our findings suggest that pre-trained multilingual models do not necessarily guarantee high-quality representations on code-switching, while using meta-embeddings achieves similar results with significantly fewer parameters.

The rapid advancement of large language models(LLMs) has intensified the need for domain and culture specific evaluation. Existing benchmarks are largely Anglocentric and domain-agnostic, limiting their applicability to India-centric contexts. To address this gap, we introduce BhashaBench V1, the first domain-specific, multi-task, bilingual benchmark focusing on critical Indic knowledge systems. BhashaBench V1 contains 74,166 meticulously curated question-answer pairs, with 52,494 in English and 21,672 in Hindi, sourced from authentic government and domain-specific exams. It spans four major domains: Agriculture, Legal, Finance, and Ayurveda, comprising 90+ subdomains and covering 500+ topics, enabling fine-grained evaluation. Evaluation of 29+ LLMs reveals significant domain and language specific performance gaps, with especially large disparities in low-resource domains. For instance, GPT-4o achieves 76.49% overall accuracy in Legal but only 59.74% in Ayurveda. Models consistently perform better on English content compared to Hindi across all domains. Subdomain-level analysis shows that areas such as Cyber Law, International Finance perform relatively well, while Panchakarma, Seed Science, and Human Rights remain notably weak. BhashaBench V1 provides a comprehensive dataset for evaluating large language models across India's diverse knowledge domains. It enables assessment of models' ability to integrate domain-specific knowledge with bilingual understanding. All code, benchmarks, and resources are publicly available to support open research.

Popular benchmarks (e.g., XNLI) used to evaluate cross-lingual language understanding consist of parallel versions of English evaluation sets in multiple target languages created with the help of professional translators. When creating such parallel data, it is critical to ensure high-quality translations for all target languages for an accurate characterization of cross-lingual transfer. In this work, we find that translation inconsistencies do exist and interestingly they disproportionally impact low-resource languages in XNLI. To identify such inconsistencies, we propose measuring the gap in performance between zero-shot evaluations on the human-translated and machine-translated target text across multiple target languages; relatively large gaps are indicative of translation errors. We also corroborate that translation errors exist for two target languages, namely Hindi and Urdu, by doing a manual reannotation of human-translated test instances in these two languages and finding poor agreement with the original English labels these instances were supposed to inherit.

The NLP community has mainly focused on scaling Large Language Models (LLMs) vertically, i.e., making them better for about 100 languages. We instead scale LLMs horizontally: we create, through continued pretraining, Glot500-m, an LLM that covers 511 languages, almost all of them low-resource. An important part of this effort is to collect and clean Glot500-c, a corpus that covers these 511 languages and allows us to train Glot500-m. We evaluate Glot500-m on five diverse tasks across these languages. We observe large improvements for both high-resource and lowresource languages compared to an XLM-R baseline. Our analysis shows that no single factor explains the quality of multilingual LLM representations. Rather, a combination of factors determines quality including corpus size, script, "help" from related languages and the total capacity of the model. Our work addresses an important goal of NLP research: we should not limit NLP to a small fraction of the world's languages and instead strive to support as many languages as possible to bring the benefits of NLP technology to all languages and cultures. Code, data and models are available at https://github.com/cisnlp/Glot500.

Large language models (LLMs) have revolutionized natural language processing (NLP), yet open-source multilingual LLMs remain scarce, with existing models often limited in language coverage. Such models typically prioritize well-resourced languages, while widely spoken but under-resourced languages are often overlooked. To address this disparity, we introduce Babel, an open multilingual LLM that covers the top 25 languages by number of speakers, supports over 90% of the global population, and includes many languages neglected by other open multilingual LLMs. Unlike traditional continue pretraining approaches, Babel expands its parameter count through a layer extension technique that elevates Babel's performance ceiling. We introduce two variants: Babel-9B, designed for efficient inference and fine-tuning, and Babel-83B, which sets a new standard for open multilingual LLMs. Extensive evaluations on multilingual tasks demonstrate its superior performance compared to open LLMs of comparable size. In addition, using open-source supervised fine-tuning datasets, Babel achieves remarkable performance, with Babel-9B-Chat leading among 10B-sized LLMs and Babel-83B-Chat setting a new standard for multilingual tasks, reaching the same level of commercial models.

Bilingual lexical processing is shaped by the complex interplay of phonological, orthographic, and semantic features of two languages within an integrated mental lexicon. In humans, this is evident in the ease with which cognate words - words similar in both orthographic form and meaning (e.g., blind, meaning "sightless" in both English and German) - are processed, compared to the challenges posed by interlingual homographs, which share orthographic form but differ in meaning (e.g., gift, meaning "present" in English but "poison" in German). We investigate how multilingual Large Language Models (LLMs) handle such phenomena, focusing on English-Spanish, English-French, and English-German cognates, non-cognate, and interlingual homographs. Specifically, we evaluate their ability to disambiguate meanings and make semantic judgments, both when these word types are presented in isolation or within sentence contexts. Our findings reveal that while certain LLMs demonstrate strong performance in recognizing cognates and non-cognates in isolation, they exhibit significant difficulty in disambiguating interlingual homographs, often performing below random baselines. This suggests LLMs tend to rely heavily on orthographic similarities rather than semantic understanding when interpreting interlingual homographs. Further, we find LLMs exhibit difficulty in retrieving word meanings, with performance in isolative disambiguation tasks having no correlation with semantic understanding. Finally, we study how the LLM processes interlingual homographs in incongruent sentences. We find models to opt for different strategies in understanding English and non-English homographs, highlighting a lack of a unified approach to handling cross-lingual ambiguities.

LLMs such as ChatGPT and PaLM can be utilized to train on a new language and revitalize low-resource languages. However, it is evidently very costly to pretrain pr fine-tune LLMs to adopt new languages. Another challenge is the limitation of benchmark datasets and the metrics used to measure the performance of models in multilingual settings. This paper proposes cost-effective solutions to both of the aforementioned challenges. We introduce the Multilingual Instruction-Tuning Dataset (MITS), which is comprised of the translation of Alpaca-52K, Dolly-15K, and Vicuna Benchmark in 132 languages. Also, we propose a new method called TaCo: Translation-Assisted Cross-Linguality, which make uses of translation in a chain-of-thought process to instruction-tune LLMs on a new languages through a curriculum learning process. As a proof of concept, we experimented with the instruction-tuned Guanaco-33B model and performed further instruction tuning using the TaCo method in three low-resource languages and one high-resource language. Our results show that the TaCo method impresses the GPT-4 with 82% for a low-resource language in the Vicuna Benchmark dataset, and boosts performance by double in contrast to the performance of instruction tuning only. Our results show that TaCo is a promising method for creating multilingual LLMs, even for low-resource languages. We have released our datasets and the model adapters, and encourage the research community to make use of these resources towards advancing work on multilingual LLMs.

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 paper introduces a novel approach to financial risk analysis that does not rely on traditional price and market data, instead using market news to model assets as distributions over a metric space of risk factors. By representing asset returns as integrals over the scalar field of these risk factors, we derive the covariance structure between asset returns. Utilizing encoder-only language models to embed this news data, we explore the relationships between asset return distributions through the concept of Energy Distance, establishing connections between distributional differences and excess returns co-movements. This data-agnostic approach provides new insights into portfolio diversification, risk management, and the construction of hedging strategies. Our findings have significant implications for both theoretical finance and practical risk management, offering a more robust framework for modelling complex financial systems without depending on conventional market data.

Given the impact of language models on the field of Natural Language Processing, a number of Spanish encoder-only masked language models (aka BERTs) have been trained and released. These models were developed either within large projects using very large private corpora or by means of smaller scale academic efforts leveraging freely available data. In this paper we present a comprehensive head-to-head comparison of language models for Spanish with the following results: (i) Previously ignored multilingual models from large companies fare better than monolingual models, substantially changing the evaluation landscape of language models in Spanish; (ii) Results across the monolingual models are not conclusive, with supposedly smaller and inferior models performing competitively. Based on these empirical results, we argue for the need of more research to understand the factors underlying them. In this sense, the effect of corpus size, quality and pre-training techniques need to be further investigated to be able to obtain Spanish monolingual models significantly better than the multilingual ones released by large private companies, specially in the face of rapid ongoing progress in the field. The recent activity in the development of language technology for Spanish is to be welcomed, but our results show that building language models remains an open, resource-heavy problem which requires to marry resources (monetary and/or computational) with the best research expertise and practice.

We present a simple and effective pretraining strategy -- bidirectional training (BiT) for neural machine translation. Specifically, we bidirectionally update the model parameters at the early stage and then tune the model normally. To achieve bidirectional updating, we simply reconstruct the training samples from "srcrightarrowtgt" to "src+tgtrightarrowtgt+src" without any complicated model modifications. Notably, our approach does not increase any parameters or training steps, requiring the parallel data merely. Experimental results show that BiT pushes the SOTA neural machine translation performance across 15 translation tasks on 8 language pairs (data sizes range from 160K to 38M) significantly higher. Encouragingly, our proposed model can complement existing data manipulation strategies, i.e. back translation, data distillation, and data diversification. Extensive analyses show that our approach functions as a novel bilingual code-switcher, obtaining better bilingual alignment.

Large Language Models (LLMs) have achieved state-of-the-art performance across numerous tasks. However, these advancements have predominantly benefited "first-class" languages such as English and Chinese, leaving many other languages underrepresented. This imbalance, while limiting broader applications, generates a natural preference ranking between languages, offering an opportunity to bootstrap the multilingual capabilities of LLM in a self-improving manner. Thus, we propose Language Imbalance Driven Rewarding, where the inherent imbalance between dominant and non-dominant languages within LLMs is leveraged as a reward signal. Iterative DPO training demonstrates that this approach not only enhances LLM performance in non-dominant languages but also improves the dominant language's capacity, thereby yielding an iterative reward signal. Fine-tuning Meta-Llama-3-8B-Instruct over two iterations of this approach results in continuous improvements in multilingual performance across instruction-following and arithmetic reasoning tasks, evidenced by an average improvement of 7.46% win rate on the X-AlpacaEval leaderboard and 13.9% accuracy on the MGSM benchmark. This work serves as an initial exploration, paving the way for multilingual self-improvement of LLMs.

The success of bidirectional encoders using masked language models, such as BERT, on numerous natural language processing tasks has prompted researchers to attempt to incorporate these pre-trained models into neural machine translation (NMT) systems. However, proposed methods for incorporating pre-trained models are non-trivial and mainly focus on BERT, which lacks a comparison of the impact that other pre-trained models may have on translation performance. In this paper, we demonstrate that simply using the output (contextualized embeddings) of a tailored and suitable bilingual pre-trained language model (dubbed BiBERT) as the input of the NMT encoder achieves state-of-the-art translation performance. Moreover, we also propose a stochastic layer selection approach and a concept of dual-directional translation model to ensure the sufficient utilization of contextualized embeddings. In the case of without using back translation, our best models achieve BLEU scores of 30.45 for En->De and 38.61 for De->En on the IWSLT'14 dataset, and 31.26 for En->De and 34.94 for De->En on the WMT'14 dataset, which exceeds all published numbers.

We introduce Trillion-7B, the most token-efficient Korean-centric multilingual LLM available. Our novel Cross-lingual Document Attention (XLDA) mechanism enables highly efficient and effective knowledge transfer from English to target languages like Korean and Japanese. Combined with optimized data mixtures, language-specific filtering, and tailored tokenizer construction, Trillion-7B achieves competitive performance while dedicating only 10\% of its 2T training tokens to multilingual data and requiring just 59.4K H100 GPU hours (\$148K) for full training. Comprehensive evaluations across 27 benchmarks in four languages demonstrate Trillion-7B's robust multilingual performance and exceptional cross-lingual consistency.

We describe the JD Explore Academy's submission of the WMT 2022 shared general translation task. We participated in all high-resource tracks and one medium-resource track, including Chinese-English, German-English, Czech-English, Russian-English, and Japanese-English. We push the limit of our previous work -- bidirectional training for translation by scaling up two main factors, i.e. language pairs and model sizes, namely the Vega-MT system. As for language pairs, we scale the "bidirectional" up to the "multidirectional" settings, covering all participating languages, to exploit the common knowledge across languages, and transfer them to the downstream bilingual tasks. As for model sizes, we scale the Transformer-Big up to the extremely large model that owns nearly 4.7 Billion parameters, to fully enhance the model capacity for our Vega-MT. Also, we adopt the data augmentation strategies, e.g. cycle translation for monolingual data, and bidirectional self-training for bilingual and monolingual data, to comprehensively exploit the bilingual and monolingual data. To adapt our Vega-MT to the general domain test set, generalization tuning is designed. Based on the official automatic scores of constrained systems, in terms of the sacreBLEU shown in Figure-1, we got the 1st place on {Zh-En (33.5), En-Zh (49.7), De-En (33.7), En-De (37.8), Cs-En (54.9), En-Cs (41.4) and En-Ru (32.7)}, 2nd place on {Ru-En (45.1) and Ja-En (25.6)}, and 3rd place on {En-Ja(41.5)}, respectively; W.R.T the COMET, we got the 1st place on {Zh-En (45.1), En-Zh (61.7), De-En (58.0), En-De (63.2), Cs-En (74.7), Ru-En (64.9), En-Ru (69.6) and En-Ja (65.1)}, 2nd place on {En-Cs (95.3) and Ja-En (40.6)}, respectively.

Polyglot is a pioneering project aimed at enhancing the non-English language performance of multilingual language models. Despite the availability of various multilingual models such as mBERT (Devlin et al., 2019), XGLM (Lin et al., 2022), and BLOOM (Scao et al., 2022), researchers and developers often resort to building monolingual models in their respective languages due to the dissatisfaction with the current multilingual models non-English language capabilities. Addressing this gap, we seek to develop advanced multilingual language models that offer improved performance in non-English languages. In this paper, we introduce the Polyglot Korean models, which represent a specific focus rather than being multilingual in nature. In collaboration with TUNiB, our team collected 1.2TB of Korean data meticulously curated for our research journey. We made a deliberate decision to prioritize the development of Korean models before venturing into multilingual models. This choice was motivated by multiple factors: firstly, the Korean models facilitated performance comparisons with existing multilingual models; and finally, they catered to the specific needs of Korean companies and researchers. This paper presents our work in developing the Polyglot Korean models, which propose some steps towards addressing the non-English language performance gap in multilingual language models.

Recent work in cross-language information retrieval (CLIR), where queries and documents are in different languages, has shown the benefit of the Translate-Distill framework that trains a cross-language neural dual-encoder model using translation and distillation. However, Translate-Distill only supports a single document language. Multilingual information retrieval (MLIR), which ranks a multilingual document collection, is harder to train than CLIR because the model must assign comparable relevance scores to documents in different languages. This work extends Translate-Distill and propose Multilingual Translate-Distill (MTD) for MLIR. We show that ColBERT-X models trained with MTD outperform their counterparts trained ith Multilingual Translate-Train, which is the previous state-of-the-art training approach, by 5% to 25% in nDCG@20 and 15% to 45% in MAP. We also show that the model is robust to the way languages are mixed in training batches. Our implementation is available on GitHub.

Code-switching, or alternating between languages within a single conversation, presents challenges for multilingual language models on NLP tasks. This research investigates if pre-training Multilingual BERT (mBERT) on code-switched datasets improves the model's performance on critical NLP tasks such as part of speech tagging, sentiment analysis, named entity recognition, and language identification. We use a dataset of Spanglish tweets for pre-training and evaluate the pre-trained model against a baseline model. Our findings show that our pre-trained mBERT model outperforms or matches the baseline model in the given tasks, with the most significant improvements seen for parts of speech tagging. Additionally, our latent analysis uncovers more homogenous English and Spanish embeddings for language identification tasks, providing insights for future modeling work. This research highlights potential for adapting multilingual LMs for code-switched input data in order for advanced utility in globalized and multilingual contexts. Future work includes extending experiments to other language pairs, incorporating multiform data, and exploring methods for better understanding context-dependent code-switches.

Large language models (LLMs) are known to have the potential to generate harmful content, posing risks to users. While significant progress has been made in developing taxonomies for LLM risks and safety evaluation prompts, most studies have focused on monolingual contexts, primarily in English. However, language- and region-specific risks in bilingual contexts are often overlooked, and core findings can diverge from those in monolingual settings. In this paper, we introduce Qorgau, a novel dataset specifically designed for safety evaluation in Kazakh and Russian, reflecting the unique bilingual context in Kazakhstan, where both Kazakh (a low-resource language) and Russian (a high-resource language) are spoken. Experiments with both multilingual and language-specific LLMs reveal notable differences in safety performance, emphasizing the need for tailored, region-specific datasets to ensure the responsible and safe deployment of LLMs in countries like Kazakhstan. Warning: this paper contains example data that may be offensive, harmful, or biased.

In this work, we study how the performance of a given direction changes with its sampling ratio in Multilingual Neural Machine Translation (MNMT). By training over 200 multilingual models with various model sizes, data sizes, and language directions, we find it interesting that the performance of certain translation direction does not always improve with the increase of its weight in the multi-task optimization objective. Accordingly, scalarization method leads to a multitask trade-off front that deviates from the traditional Pareto front when there exists data imbalance in the training corpus, which poses a great challenge to improve the overall performance of all directions. Based on our observations, we propose the Double Power Law to predict the unique performance trade-off front in MNMT, which is robust across various languages, data adequacy, and the number of tasks. Finally, we formulate the sample ratio selection problem in MNMT as an optimization problem based on the Double Power Law. In our experiments, it achieves better performance than temperature searching and gradient manipulation methods with only 1/5 to 1/2 of the total training budget. We release the code at https://github.com/pkunlp-icler/ParetoMNMT for reproduction.

Large, multilingual language models exhibit surprisingly good zero- or few-shot machine translation capabilities, despite having never seen the intentionally-included translation examples provided to typical neural translation systems. We investigate the role of incidental bilingualism -- the unintentional consumption of bilingual signals, including translation examples -- in explaining the translation capabilities of large language models, taking the Pathways Language Model (PaLM) as a case study. We introduce a mixed-method approach to measure and understand incidental bilingualism at scale. We show that PaLM is exposed to over 30 million translation pairs across at least 44 languages. Furthermore, the amount of incidental bilingual content is highly correlated with the amount of monolingual in-language content for non-English languages. We relate incidental bilingual content to zero-shot prompts and show that it can be used to mine new prompts to improve PaLM's out-of-English zero-shot translation quality. Finally, in a series of small-scale ablations, we show that its presence has a substantial impact on translation capabilities, although this impact diminishes with model scale.

State-of-the-art natural language processing systems rely on supervision in the form of annotated data to learn competent models. These models are generally trained on data in a single language (usually English), and cannot be directly used beyond that language. Since collecting data in every language is not realistic, there has been a growing interest in cross-lingual language understanding (XLU) and low-resource cross-language transfer. In this work, we construct an evaluation set for XLU by extending the development and test sets of the Multi-Genre Natural Language Inference Corpus (MultiNLI) to 15 languages, including low-resource languages such as Swahili and Urdu. We hope that our dataset, dubbed XNLI, will catalyze research in cross-lingual sentence understanding by providing an informative standard evaluation task. In addition, we provide several baselines for multilingual sentence understanding, including two based on machine translation systems, and two that use parallel data to train aligned multilingual bag-of-words and LSTM encoders. We find that XNLI represents a practical and challenging evaluation suite, and that directly translating the test data yields the best performance among available baselines.

Lately, propelled by the phenomenal advances around the transformer architecture, the legal NLP field has enjoyed spectacular growth. To measure progress, well curated and challenging benchmarks are crucial. However, most benchmarks are English only and in legal NLP specifically there is no multilingual benchmark available yet. Additionally, many benchmarks are saturated, with the best models clearly outperforming the best humans and achieving near perfect scores. We survey the legal NLP literature and select 11 datasets covering 24 languages, creating LEXTREME. To provide a fair comparison, we propose two aggregate scores, one based on the datasets and one on the languages. The best baseline (XLM-R large) achieves both a dataset aggregate score a language aggregate score of 61.3. This indicates that LEXTREME is still very challenging and leaves ample room for improvement. To make it easy for researchers and practitioners to use, we release LEXTREME on huggingface together with all the code required to evaluate models and a public Weights and Biases project with all the runs.

Quantization techniques are widely used to improve inference speed and deployment of large language models. While a wide body of work examines the impact of quantized LLMs on English tasks, none have examined the effect of quantization across languages. We conduct a thorough analysis of quantized multilingual LLMs, focusing on their performance across languages and at varying scales. We use automatic benchmarks, LLM-as-a-Judge methods, and human evaluation, finding that (1) harmful effects of quantization are apparent in human evaluation, and automatic metrics severely underestimate the detriment: a 1.7% average drop in Japanese across automatic tasks corresponds to a 16.0% drop reported by human evaluators on realistic prompts; (2) languages are disparately affected by quantization, with non-Latin script languages impacted worst; and (3) challenging tasks such as mathematical reasoning degrade fastest. As the ability to serve low-compute models is critical for wide global adoption of NLP technologies, our results urge consideration of multilingual performance as a key evaluation criterion for efficient models.

Bilingual English speakers speak English as one of their languages. Their English is of a non-native kind, and their conversations are of a code-mixed fashion. The intelligibility of a bilingual text-to-speech (TTS) system for such non-native English speakers depends on a lexicon that captures the phoneme sequence used by non-native speakers. However, due to the lack of non-native English lexicon, existing bilingual TTS systems employ native English lexicons that are widely available, in addition to their native language lexicon. Due to the inconsistency between the non-native English pronunciation in the audio and native English lexicon in the text, the intelligibility of synthesized speech in such TTS systems is significantly reduced. This paper is motivated by the knowledge that the native language of the speaker highly influences non-native English pronunciation. We propose a generic approach to obtain rules based on letter to phoneme alignment to map native English lexicon to their non-native version. The effectiveness of such mapping is studied by comparing bilingual (Indian English and Hindi) TTS systems trained with and without the proposed rules. The subjective evaluation shows that the bilingual TTS system trained with the proposed non-native English lexicon rules obtains a 6% absolute improvement in preference.

Foundational large language models (LLMs) can be instruction-tuned to develop open-ended question-answering capability, facilitating applications such as the creation of AI assistants. While such efforts are often carried out in a single language, building on prior research, we empirically analyze cost-efficient approaches of monolingual and multilingual tuning, shedding light on the efficacy of LLMs in responding to queries across monolingual and multilingual contexts. Our study employs the Alpaca dataset and machine translations of it to form multilingual training data, which is then used to tune LLMs through low-rank adaptation and full-parameter training. Comparisons reveal that multilingual tuning is not crucial for an LLM's English performance, but is key to its robustness in a multilingual environment. With a fixed budget, a multilingual instruction-tuned model, merely trained on downsampled data, can be as powerful as training monolingual models for each language. Our findings serve as a guide for expanding language support through instruction tuning with constrained computational resources.

Recently, it has been found that monolingual English language models can be used as knowledge bases. Instead of structural knowledge base queries, masked sentences such as "Paris is the capital of [MASK]" are used as probes. We translate the established benchmarks TREx and GoogleRE into 53 languages. Working with mBERT, we investigate three questions. (i) Can mBERT be used as a multilingual knowledge base? Most prior work only considers English. Extending research to multiple languages is important for diversity and accessibility. (ii) Is mBERT's performance as knowledge base language-independent or does it vary from language to language? (iii) A multilingual model is trained on more text, e.g., mBERT is trained on 104 Wikipedias. Can mBERT leverage this for better performance? We find that using mBERT as a knowledge base yields varying performance across languages and pooling predictions across languages improves performance. Conversely, mBERT exhibits a language bias; e.g., when queried in Italian, it tends to predict Italy as the country of origin.

The recent proliferation of Large Conversation Language Models has highlighted the economic significance of widespread access to this type of AI technologies in the current information age. Nevertheless, prevailing models have primarily been trained on corpora consisting of documents written in popular languages. The dearth of such cutting-edge tools for low-resource languages further exacerbates their underrepresentation in the current economic landscape, thereby impacting their native speakers. This paper introduces two novel resources designed to enhance Natural Language Processing (NLP) for the Galician language. We present a Galician adaptation of the Alpaca dataset, comprising 52,000 instructions and demonstrations. This dataset proves invaluable for enhancing language models by fine-tuning them to more accurately adhere to provided instructions. Additionally, as a demonstration of the dataset utility, we fine-tuned LLaMA-7B to comprehend and respond in Galician, a language not originally supported by the model, by following the Alpaca format. This work contributes to the research on multilingual models tailored for low-resource settings, a crucial endeavor in ensuring the inclusion of all linguistic communities in the development of Large Language Models. Another noteworthy aspect of this research is the exploration of how knowledge of a closely related language, in this case, Portuguese, can assist in generating coherent text when training resources are scarce. Both the Galician Alpaca dataset and Cabuxa-7B are publicly accessible on our Huggingface Hub, and we have made the source code available to facilitate replication of this experiment and encourage further advancements for underrepresented languages.

Cross-lingual transfer is a popular approach to increase the amount of training data for NLP tasks in a low-resource context. However, the best strategy to decide which cross-lingual data to include is unclear. Prior research often focuses on a small set of languages from a few language families and/or a single task. It is still an open question how these findings extend to a wider variety of languages and tasks. In this work, we analyze cross-lingual transfer for 266 languages from a wide variety of language families. Moreover, we include three popular NLP tasks: POS tagging, dependency parsing, and topic classification. Our findings indicate that the effect of linguistic similarity on transfer performance depends on a range of factors: the NLP task, the (mono- or multilingual) input representations, and the definition of linguistic similarity.