Daily Papers

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.

Semi-structured tables, widely used in real-world applications (e.g., financial reports, medical records, transactional orders), often involve flexible and complex layouts (e.g., hierarchical headers and merged cells). These tables generally rely on human analysts to interpret table layouts and answer relevant natural language questions, which is costly and inefficient. To automate the procedure, existing methods face significant challenges. First, methods like NL2SQL require converting semi-structured tables into structured ones, which often causes substantial information loss. Second, methods like NL2Code and multi-modal LLM QA struggle to understand the complex layouts of semi-structured tables and cannot accurately answer corresponding questions. To this end, we propose ST-Raptor, a tree-based framework for semi-structured table question answering using large language models. First, we introduce the Hierarchical Orthogonal Tree (HO-Tree), a structural model that captures complex semi-structured table layouts, along with an effective algorithm for constructing the tree. Second, we define a set of basic tree operations to guide LLMs in executing common QA tasks. Given a user question, ST-Raptor decomposes it into simpler sub-questions, generates corresponding tree operation pipelines, and conducts operation-table alignment for accurate pipeline execution. Third, we incorporate a two-stage verification mechanism: forward validation checks the correctness of execution steps, while backward validation evaluates answer reliability by reconstructing queries from predicted answers. To benchmark the performance, we present SSTQA, a dataset of 764 questions over 102 real-world semi-structured tables. Experiments show that ST-Raptor outperforms nine baselines by up to 20% in answer accuracy. The code is available at https://github.com/weAIDB/ST-Raptor.

We introduce FinTagging, the first full-scope, table-aware XBRL benchmark designed to evaluate the structured information extraction and semantic alignment capabilities of large language models (LLMs) in the context of XBRL-based financial reporting. Unlike prior benchmarks that oversimplify XBRL tagging as flat multi-class classification and focus solely on narrative text, FinTagging decomposes the XBRL tagging problem into two subtasks: FinNI for financial entity extraction and FinCL for taxonomy-driven concept alignment. It requires models to jointly extract facts and align them with the full 10k+ US-GAAP taxonomy across both unstructured text and structured tables, enabling realistic, fine-grained evaluation. We assess a diverse set of LLMs under zero-shot settings, systematically analyzing their performance on both subtasks and overall tagging accuracy. Our results reveal that, while LLMs demonstrate strong generalization in information extraction, they struggle with fine-grained concept alignment, particularly in disambiguating closely related taxonomy entries. These findings highlight the limitations of existing LLMs in fully automating XBRL tagging and underscore the need for improved semantic reasoning and schema-aware modeling to meet the demands of accurate financial disclosure. Code is available at our GitHub repository and data is at our Hugging Face repository.

Combining pre-trained expert models offers substantial potential for scalable multimodal reasoning, but building a unified framework remains challenging due to the increasing diversity of input modalities and task complexity. For instance, medical diagnosis requires precise reasoning over structured clinical tables, while financial forecasting depends on interpreting plot-based data to make informed predictions. To tackle this challenge, we introduce MEXA, a training-free framework that performs modality- and task-aware aggregation of multiple expert models to enable effective multimodal reasoning across diverse and distinct domains. MEXA dynamically selects expert models based on the input modality and the task-specific reasoning demands (i.e., skills). Each expert model, specialized in a modality task pair, generates interpretable textual reasoning outputs. MEXA then aggregates and reasons over these outputs using a Large Reasoning Model (LRM) to produce the final answer. This modular design allows flexible and transparent multimodal reasoning across diverse domains without additional training overhead. We extensively evaluate our approach on diverse multimodal benchmarks, including Video Reasoning, Audio Reasoning, 3D Understanding, and Medical QA. MEXA consistently delivers performance improvements over strong multimodal baselines, highlighting the effectiveness and broad applicability of our expert-driven selection and aggregation in diverse multimodal reasoning tasks.

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

Automatic table detection in PDF documents has achieved a great success but tabular data extraction are still challenging due to the integrity and noise issues in detected table areas. The accurate data extraction is extremely crucial in finance area. Inspired by this, the aim of this research is proposing an automated table detection and tabular data extraction from financial PDF documents. We proposed a method that consists of three main processes, which are detecting table areas with a Faster R-CNN (Region-based Convolutional Neural Network) model with Feature Pyramid Network (FPN) on each page image, extracting contents and structures by a compounded layout segmentation technique based on optical character recognition (OCR) and formulating regular expression rules for table header separation. The tabular data extraction feature is embedded with rule-based filtering and restructuring functions that are highly scalable. We annotate a new Financial Documents dataset with table regions for the experiment. The excellent table detection performance of the detection model is obtained from our customized dataset. The main contributions of this paper are proposing the Financial Documents dataset with table-area annotations, the superior detection model and the rule-based layout segmentation technique for the tabular data extraction from PDF files.

To overcome the limitations and challenges of current automatic table data annotation methods and random table data synthesis approaches, we propose a novel method for synthesizing annotation data specifically designed for table recognition. This method utilizes the structure and content of existing complex tables, facilitating the efficient creation of tables that closely replicate the authentic styles found in the target domain. By leveraging the actual structure and content of tables from Chinese financial announcements, we have developed the first extensive table annotation dataset in this domain. We used this dataset to train several recent deep learning-based end-to-end table recognition models. Additionally, we have established the inaugural benchmark for real-world complex tables in the Chinese financial announcement domain, using it to assess the performance of models trained on our synthetic data, thereby effectively validating our method's practicality and effectiveness. Furthermore, we applied our synthesis method to augment the FinTabNet dataset, extracted from English financial announcements, by increasing the proportion of tables with multiple spanning cells to introduce greater complexity. Our experiments show that models trained on this augmented dataset achieve comprehensive improvements in performance, especially in the recognition of tables with multiple spanning cells.

Foundation models, particularly those that incorporate Transformer architectures, have demonstrated exceptional performance in domains such as natural language processing and image processing. Adapting these models to structured data, like tables, however, introduces significant challenges. These difficulties are even more pronounced when addressing multi-table data linked via foreign key, which is prevalent in the enterprise realm and crucial for empowering business use cases. Despite its substantial impact, research focusing on such linked business tables within enterprise settings remains a significantly important yet underexplored domain. To address this, we introduce a curated dataset sourced from an Enterprise Resource Planning (ERP) system, featuring extensive linked tables. This dataset is specifically designed to support research endeavors in table representation learning. By providing access to authentic enterprise data, our goal is to potentially enhance the effectiveness and applicability of models for real-world business contexts.

Real-world financial documents report essential information about an entity's financial holdings that can span millions of different financial instrument types. Yet, these details are often buried in messy, multi-page, fragmented tables - for example, 99.4% of the tables in our dataset have no bounding boxes with the maximum number of rows amounting to 426 per table across 44 pages. To tackle these unique challenges from real-world tables, we present a continuously learning, agentic table extraction system, TASER (Table Agents for Schema-guided Extraction and Recommendation) that extracts highly unstructured, multi-page, heterogeneous tables into normalized, schema-conforming outputs. Our table agents execute on table detection, classification, extraction, and recommendations by leveraging an initial schema. Then, our Recommender Agent reviews the outputs, recommends schema revisions, and decides on the final recommendations, enabling TASER to outperform existing table detection models such as Table Transformer by 10.1%. Within this continuous learning process, we highlight that larger batch sizes result in a 104.3% increase in schema recommendations that are actionable and utilized, resulting in a 9.8% increase in extracted holdings - highlighting the importance of a continuous learning process. To train TASER, we have manually labeled 22,584 pages (28,150,449 tokens), 3,213 tables for $731,685,511,687 of holdings culminating in one of the first real financial table datasets. We release our dataset TASERTab to enable the research community to access real-world financial tables and outputs. Our results highlight the promise of agentic, schema-guided extraction systems for robust understanding of real-world financial tables.

With recent advancements in Large Language Models (LLMs) and growing interest in retrieval-augmented generation (RAG), the ability to understand table structures has become increasingly important. This is especially critical in financial domains such as securities reports, where highly accurate question answering (QA) over tables is required. However, tables exist in various formats-including HTML, images, and plain text-making it difficult to preserve and extract structural information. Therefore, multimodal LLMs are essential for robust and general-purpose table understanding. Despite their promise, current Large Vision-Language Models (LVLMs), which are major representatives of multimodal LLMs, still face challenges in accurately understanding characters and their spatial relationships within documents. In this study, we propose a method to enhance LVLM-based table understanding by incorporating in-table textual content and layout features. Experimental results demonstrate that these auxiliary modalities significantly improve performance, enabling robust interpretation of complex document layouts without relying on explicitly structured input formats.

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.

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.

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

Tables are among the most widely used tools for representing structured data in research, business, medicine, and education. Although LLMs demonstrate strong performance in downstream tasks, their efficiency in processing tabular data remains underexplored. In this paper, we investigate the effectiveness of both text-based and multimodal LLMs on table understanding tasks through a cross-domain and cross-modality evaluation. Specifically, we compare their performance on tables from scientific vs. non-scientific contexts and examine their robustness on tables represented as images vs. text. Additionally, we conduct an interpretability analysis to measure context usage and input relevance. We also introduce the TableEval benchmark, comprising 3017 tables from scholarly publications, Wikipedia, and financial reports, where each table is provided in five different formats: Image, Dictionary, HTML, XML, and LaTeX. Our findings indicate that while LLMs maintain robustness across table modalities, they face significant challenges when processing scientific tables.

Enterprises often own large collections of structured data in the form of large databases or an enterprise data lake. Such data collections come with limited metadata and strict access policies that could limit access to the data contents and, therefore, limit the application of classic retrieval and analysis solutions. As a result, there is a need for solutions that can effectively utilize the available metadata. In this paper, we study the problem of matching table metadata to a business glossary containing data labels and descriptions. The resulting matching enables the use of an available or curated business glossary for retrieval and analysis without or before requesting access to the data contents. One solution to this problem is to use manually-defined rules or similarity measures on column names and glossary descriptions (or their vector embeddings) to find the closest match. However, such approaches need to be tuned through manual labeling and cannot handle many business glossaries that contain a combination of simple as well as complex and long descriptions. In this work, we leverage the power of large language models (LLMs) to design generic matching methods that do not require manual tuning and can identify complex relations between column names and glossaries. We propose methods that utilize LLMs in two ways: a) by generating additional context for column names that can aid with matching b) by using LLMs to directly infer if there is a relation between column names and glossary descriptions. Our preliminary experimental results show the effectiveness of our proposed methods.

Tables are a popular and efficient means of presenting structured information. They are used extensively in various kinds of documents including web pages. Tables display information as a two-dimensional matrix, the semantics of which is conveyed by a mixture of structure (rows, columns), headers, caption, and content. Recent research has started to consider tables as first class objects, not just as an addendum to texts, yielding interesting results for problems like table matching, table completion, or value imputation. All of these problems inherently rely on an accurate measure for the semantic similarity of two tables. We present TabSim, a novel method to compute table similarity scores using deep neural networks. Conceptually, TabSim represents a table as a learned concatenation of embeddings of its caption, its content, and its structure. Given two tables in this representation, a Siamese neural network is trained to compute a score correlating with the tables' semantic similarity. To train and evaluate our method, we created a gold standard corpus consisting of 1500 table pairs extracted from biomedical articles and manually scored regarding their degree of similarity, and adopted two other corpora originally developed for a different yet similar task. Our evaluation shows that TabSim outperforms other table similarity measures on average by app. 7% pp F1-score in a binary similarity classification setting and by app. 1.5% pp in a ranking scenario.

Tables have gained significant attention in large language models (LLMs) and multimodal large language models (MLLMs) due to their complex and flexible structure. Unlike linear text inputs, tables are two-dimensional, encompassing formats that range from well-structured database tables to complex, multi-layered spreadsheets, each with different purposes. This diversity in format and purpose has led to the development of specialized methods and tasks, instead of universal approaches, making navigation of table understanding tasks challenging. To address these challenges, this paper introduces key concepts through a taxonomy of tabular input representations and an introduction of table understanding tasks. We highlight several critical gaps in the field that indicate the need for further research: (1) the predominance of retrieval-focused tasks that require minimal reasoning beyond mathematical and logical operations; (2) significant challenges faced by models when processing complex table structures, large-scale tables, length context, or multi-table scenarios; and (3) the limited generalization of models across different tabular representations and formats.

Important information that relates to a specific topic in a document is often organized in tabular format to assist readers with information retrieval and comparison, which may be difficult to provide in natural language. However, tabular data in unstructured digital documents, e.g., Portable Document Format (PDF) and images, are difficult to parse into structured machine-readable format, due to complexity and diversity in their structure and style. To facilitate image-based table recognition with deep learning, we develop the largest publicly available table recognition dataset PubTabNet (https://github.com/ibm-aur-nlp/PubTabNet), containing 568k table images with corresponding structured HTML representation. PubTabNet is automatically generated by matching the XML and PDF representations of the scientific articles in PubMed Central Open Access Subset (PMCOA). We also propose a novel attention-based encoder-dual-decoder (EDD) architecture that converts images of tables into HTML code. The model has a structure decoder which reconstructs the table structure and helps the cell decoder to recognize cell content. In addition, we propose a new Tree-Edit-Distance-based Similarity (TEDS) metric for table recognition, which more appropriately captures multi-hop cell misalignment and OCR errors than the pre-established metric. The experiments demonstrate that the EDD model can accurately recognize complex tables solely relying on the image representation, outperforming the state-of-the-art by 9.7% absolute TEDS score.

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

We present ModelTables, a benchmark of tables in Model Lakes that captures the structured semantics of performance and configuration tables often overlooked by text only retrieval. The corpus is built from Hugging Face model cards, GitHub READMEs, and referenced papers, linking each table to its surrounding model and publication context. Compared with open data lake tables, model tables are smaller yet exhibit denser inter table relationships, reflecting tightly coupled model and benchmark evolution. The current release covers over 60K models and 90K tables. To evaluate model and table relatedness, we construct a multi source ground truth using three complementary signals: (1) paper citation links, (2) explicit model card links and inheritance, and (3) shared training datasets. We present one extensive empirical use case for the benchmark which is table search. We compare canonical Data Lake search operators (unionable, joinable, keyword) and Information Retrieval baselines (dense, sparse, hybrid retrieval) on this benchmark. Union based semantic table retrieval attains 54.8 % P@1 overall (54.6 % on citation, 31.3 % on inheritance, 30.6 % on shared dataset signals); table based dense retrieval reaches 66.5 % P@1, and metadata hybrid retrieval achieves 54.1 %. This evaluation indicates clear room for developing better table search methods. By releasing ModelTables and its creation protocol, we provide the first large scale benchmark of structured data describing AI model. Our use case of table discovery in Model Lakes, provides intuition and evidence for developing more accurate semantic retrieval, structured comparison, and principled organization of structured model knowledge. Source code, data, and other artifacts have been made available at https://github.com/RJMillerLab/ModelTables.

We present a comprehensive evaluation of structured decoding for text-to-table generation with large language models (LLMs). While previous work has primarily focused on unconstrained generation of tables, the impact of enforcing structural constraints during generation remains underexplored. We systematically compare schema-guided (structured) decoding to standard one-shot prompting across three diverse benchmarks - E2E, Rotowire, and Livesum - using open-source LLMs of up to 32B parameters, assessing the performance of table generation approaches in resource-constrained settings. Our experiments cover a wide range of evaluation metrics at cell, row, and table levels. Results demonstrate that structured decoding significantly enhances the validity and alignment of generated tables, particularly in scenarios demanding precise numerical alignment (Rotowire), but may degrade performance in contexts involving densely packed textual information (E2E) or extensive aggregation over lengthy texts (Livesum). We further analyze the suitability of different evaluation metrics and discuss the influence of model size.

Tables organize valuable content in a concise and compact representation. This content is extremely valuable for systems such as search engines, Knowledge Graph's, etc, since they enhance their predictive capabilities. Unfortunately, tables come in a large variety of shapes and sizes. Furthermore, they can have complex column/row-header configurations, multiline rows, different variety of separation lines, missing entries, etc. As such, the correct identification of the table-structure from an image is a non-trivial task. In this paper, we present a new table-structure identification model. The latter improves the latest end-to-end deep learning model (i.e. encoder-dual-decoder from PubTabNet) in two significant ways. First, we introduce a new object detection decoder for table-cells. In this way, we can obtain the content of the table-cells from programmatic PDF's directly from the PDF source and avoid the training of the custom OCR decoders. This architectural change leads to more accurate table-content extraction and allows us to tackle non-english tables. Second, we replace the LSTM decoders with transformer based decoders. This upgrade improves significantly the previous state-of-the-art tree-editing-distance-score (TEDS) from 91% to 98.5% on simple tables and from 88.7% to 95% on complex tables.

Developing professional, structured reasoning on par with human financial analysts and traders remains a central challenge in AI for finance, where markets demand interpretability and trust. Traditional time-series models lack explainability, while LLMs face challenges in turning natural-language analysis into disciplined, executable trades. Although reasoning LLMs have advanced in step-by-step planning and verification, their application to risk-sensitive financial decisions is underexplored. We present Trading-R1, a financially-aware model that incorporates strategic thinking and planning for comprehensive thesis composition, facts-grounded analysis, and volatility-adjusted decision making. Trading-R1 aligns reasoning with trading principles through supervised fine-tuning and reinforcement learning with a three-stage easy-to-hard curriculum. Training uses Tauric-TR1-DB, a 100k-sample corpus spanning 18 months, 14 equities, and five heterogeneous financial data sources. Evaluated on six major equities and ETFs, Trading-R1 demonstrates improved risk-adjusted returns and lower drawdowns compared to both open-source and proprietary instruction-following models as well as reasoning models. The system generates structured, evidence-based investment theses that support disciplined and interpretable trading decisions. Trading-R1 Terminal will be released at https://github.com/TauricResearch/Trading-R1.

The financial domain poses unique challenges for knowledge graph (KG) construction at scale due to the complexity and regulatory nature of financial documents. Despite the critical importance of structured financial knowledge, the field lacks large-scale, open-source datasets capturing rich semantic relationships from corporate disclosures. We introduce an open-source, large-scale financial knowledge graph dataset built from the latest annual SEC 10-K filings of all S and P 100 companies - a comprehensive resource designed to catalyze research in financial AI. We propose a robust and generalizable knowledge graph (KG) construction framework that integrates intelligent document parsing, table-aware chunking, and schema-guided iterative extraction with a reflection-driven feedback loop. Our system incorporates a comprehensive evaluation pipeline, combining rule-based checks, statistical validation, and LLM-as-a-Judge assessments to holistically measure extraction quality. We support three extraction modes - single-pass, multi-pass, and reflection-agent-based - allowing flexible trade-offs between efficiency, accuracy, and reliability based on user requirements. Empirical evaluations demonstrate that the reflection-agent-based mode consistently achieves the best balance, attaining a 64.8 percent compliance score against all rule-based policies (CheckRules) and outperforming baseline methods (single-pass and multi-pass) across key metrics such as precision, comprehensiveness, and relevance in LLM-guided evaluations.

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.

We introduce FinCriticalED (Financial Critical Error Detection), a visual benchmark for evaluating OCR and vision language models on financial documents at the fact level. Financial documents contain visually dense and table heavy layouts where numerical and temporal information is tightly coupled with structure. In high stakes settings, small OCR mistakes such as sign inversion or shifted dates can lead to materially different interpretations, while traditional OCR metrics like ROUGE and edit distance capture only surface level text similarity. \ficriticaled provides 500 image-HTML pairs with expert annotated financial facts covering over seven hundred numerical and temporal facts. It introduces three key contributions. First, it establishes the first fact level evaluation benchmark for financial document understanding, shifting evaluation from lexical overlap to domain critical factual correctness. Second, all annotations are created and verified by financial experts with strict quality control over signs, magnitudes, and temporal expressions. Third, we develop an LLM-as-Judge evaluation pipeline that performs structured fact extraction and contextual verification for visually complex financial documents. We benchmark OCR systems, open source vision language models, and proprietary models on FinCriticalED. Results show that although the strongest proprietary models achieve the highest factual accuracy, substantial errors remain in visually intricate numerical and temporal contexts. Through quantitative evaluation and expert case studies, FinCriticalED provides a rigorous foundation for advancing visual factual precision in financial and other precision critical domains.

Tabular reasoning involves multi-step information extraction and logical inference over tabular data. While recent advances have leveraged large language models (LLMs) for reasoning over structured tables, such high-quality textual representations are often unavailable in real-world settings, where tables typically appear as images. In this paper, we tackle the task of tabular reasoning from table images, leveraging privileged structured information available during training to enhance multimodal large language models (MLLMs). The key challenges lie in the complexity of accurately aligning structured information with visual representations, and in effectively transferring structured reasoning skills to MLLMs despite the input modality gap. To address these, we introduce TabUlar Reasoning with Bridged infOrmation ({\sc Turbo}), a new framework for multimodal tabular reasoning with privileged structured tables. {\sc Turbo} benefits from a structure-aware reasoning trace generator based on DeepSeek-R1, contributing to high-quality modality-bridged data. On this basis, {\sc Turbo} repeatedly generates and selects the advantageous reasoning paths, further enhancing the model's tabular reasoning ability. Experimental results demonstrate that, with limited (9k) data, {\sc Turbo} achieves state-of-the-art performance (+7.2% vs. previous SOTA) across multiple datasets.

The output structure of database-like tables, consisting of values structured in horizontal rows and vertical columns identifiable by name, can cover a wide range of NLP tasks. Following this constatation, we propose a framework for text-to-table neural models applicable to problems such as extraction of line items, joint entity and relation extraction, or knowledge base population. The permutation-based decoder of our proposal is a generalized sequential method that comprehends information from all cells in the table. The training maximizes the expected log-likelihood for a table's content across all random permutations of the factorization order. During the content inference, we exploit the model's ability to generate cells in any order by searching over possible orderings to maximize the model's confidence and avoid substantial error accumulation, which other sequential models are prone to. Experiments demonstrate a high practical value of the framework, which establishes state-of-the-art results on several challenging datasets, outperforming previous solutions by up to 15%.

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.

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

In 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.

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.

Leveraging large language models in real-world settings often entails a need to utilize domain-specific data and tools in order to follow the complex regulations that need to be followed for acceptable use. Within financial sectors, modern enterprises increasingly rely on Retrieval-Augmented Generation (RAG) systems to address complex compliance requirements in financial document workflows. However, existing solutions struggle to account for the inherent heterogeneity of data (e.g., text, tables, diagrams) and evolving nature of regulatory standards used in financial filings, leading to compromised accuracy in critical information extraction. We propose the FinSage framework as a solution, utilizing a multi-aspect RAG framework tailored for regulatory compliance analysis in multi-modal financial documents. FinSage introduces three innovative components: (1) a multi-modal pre-processing pipeline that unifies diverse data formats and generates chunk-level metadata summaries, (2) a multi-path sparse-dense retrieval system augmented with query expansion (HyDE) and metadata-aware semantic search, and (3) a domain-specialized re-ranking module fine-tuned via Direct Preference Optimization (DPO) to prioritize compliance-critical content. Extensive experiments demonstrate that FinSage achieves an impressive recall of 92.51% on 75 expert-curated questions derived from surpasses the best baseline method on the FinanceBench question answering datasets by 24.06% in accuracy. Moreover, FinSage has been successfully deployed as financial question-answering agent in online meetings, where it has already served more than 1,200 people.

Recent advances in Large Language Models (LLMs) have demonstrated impressive capabilities in financial reasoning and market understanding. Multi-agent LLM frameworks such as TradingAgent and FINMEM augment these models to long-horizon investment tasks, leveraging fundamental and sentiment-based inputs for strategic decision-making. However, such systems are ill-suited for the high-speed, precision-critical demands of High-Frequency Trading (HFT). HFT requires rapid, risk-aware decisions based on structured, short-horizon signals, including technical indicators, chart patterns, and trend-based features, distinct from the long-term semantic reasoning typical of traditional financial LLM applications. To this end, we introduce QuantAgent, the first multi-agent LLM framework explicitly designed for high-frequency algorithmic trading. The system decomposes trading into four specialized agents, Indicator, Pattern, Trend, and Risk, each equipped with domain-specific tools and structured reasoning capabilities to capture distinct aspects of market dynamics over short temporal windows. In zero-shot evaluations across ten financial instruments, including Bitcoin and Nasdaq futures, QuantAgent demonstrates superior performance in both predictive accuracy and cumulative return over 4-hour trading intervals, outperforming strong neural and rule-based baselines. Our findings suggest that combining structured financial priors with language-native reasoning unlocks new potential for traceable, real-time decision systems in high-frequency financial markets.

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

Language models and specialized table embedding models have recently demonstrated strong performance on many tasks over tabular data. Researchers and practitioners are keen to leverage these models in many new application contexts; but limited understanding of the strengths and weaknesses of these models, and the table representations they generate, makes the process of finding a suitable model for a given task reliant on trial and error. There is an urgent need to gain a comprehensive understanding of these models to minimize inefficiency and failures in downstream usage. To address this need, we propose Observatory, a formal framework to systematically analyze embedding representations of relational tables. Motivated both by invariants of the relational data model and by statistical considerations regarding data distributions, we define eight primitive properties, and corresponding measures to quantitatively characterize table embeddings for these properties. Based on these properties, we define an extensible framework to evaluate language and table embedding models. We collect and synthesize a suite of datasets and use Observatory to analyze nine such models. Our analysis provides insights into the strengths and weaknesses of learned representations over tables. We find, for example, that some models are sensitive to table structure such as column order, that functional dependencies are rarely reflected in embeddings, and that specialized table embedding models have relatively lower sample fidelity. Such insights help researchers and practitioners better anticipate model behaviors and select appropriate models for their downstream tasks, while guiding researchers in the development of new models.

Tabular foundation models represent a growing paradigm in structured data learning, extending the benefits of large-scale pretraining to tabular domains. However, their adoption remains limited due to heterogeneous preprocessing pipelines, fragmented APIs, inconsistent fine-tuning procedures, and the absence of standardized evaluation for deployment-oriented metrics such as calibration and fairness. We present TabTune, a unified library that standardizes the complete workflow for tabular foundation models through a single interface. TabTune provides consistent access to seven state-of-the-art models supporting multiple adaptation strategies, including zero-shot inference, meta-learning, supervised fine-tuning (SFT), and parameter-efficient fine-tuning (PEFT). The framework automates model-aware preprocessing, manages architectural heterogeneity internally, and integrates evaluation modules for performance, calibration, and fairness. Designed for extensibility and reproducibility, TabTune enables consistent benchmarking of adaptation strategies of tabular foundation models. The library is open source and available at https://github.com/Lexsi-Labs/TabTune .

With the widespread use of mobile phones and scanners to photograph and upload documents, the need for extracting the information trapped in unstructured document images such as retail receipts, insurance claim forms and financial invoices is becoming more acute. A major hurdle to this objective is that these images often contain information in the form of tables and extracting data from tabular sub-images presents a unique set of challenges. This includes accurate detection of the tabular region within an image, and subsequently detecting and extracting information from the rows and columns of the detected table. While some progress has been made in table detection, extracting the table contents is still a challenge since this involves more fine grained table structure(rows & columns) recognition. Prior approaches have attempted to solve the table detection and structure recognition problems independently using two separate models. In this paper, we propose TableNet: a novel end-to-end deep learning model for both table detection and structure recognition. The model exploits the interdependence between the twin tasks of table detection and table structure recognition to segment out the table and column regions. This is followed by semantic rule-based row extraction from the identified tabular sub-regions. The proposed model and extraction approach was evaluated on the publicly available ICDAR 2013 and Marmot Table datasets obtaining state of the art results. Additionally, we demonstrate that feeding additional semantic features further improves model performance and that the model exhibits transfer learning across datasets. Another contribution of this paper is to provide additional table structure annotations for the Marmot data, which currently only has annotations for table detection.

The majority of data in businesses and industries is stored in tables, databases, and data warehouses. Reasoning with table-structured data poses significant challenges for large language models (LLMs) due to its hidden semantics, inherent complexity, and structured nature. One of these challenges is lacking an effective evaluation benchmark fairly reflecting the performances of LLMs on broad table reasoning abilities. In this paper, we fill in this gap, presenting a comprehensive table reasoning evolution benchmark, TReB, which measures both shallow table understanding abilities and deep table reasoning abilities, a total of 26 sub-tasks. We construct a high quality dataset through an iterative data processing procedure. We create an evaluation framework to robustly measure table reasoning capabilities with three distinct inference modes, TCoT, PoT and ICoT. Further, we benchmark over 20 state-of-the-art LLMs using this frame work and prove its effectiveness. Experimental results reveal that existing LLMs still have significant room for improvement in addressing the complex and real world Table related tasks. Both the dataset and evaluation framework are publicly available, with the dataset hosted on [HuggingFace] and the framework on [GitHub].

The success of deep learning has sparked interest in improving relational table tasks, like data preparation and search, with table representation models trained on large table corpora. Existing table corpora primarily contain tables extracted from HTML pages, limiting the capability to represent offline database tables. To train and evaluate high-capacity models for applications beyond the Web, we need resources with tables that resemble relational database tables. Here we introduce GitTables, a corpus of 1M relational tables extracted from GitHub. Our continuing curation aims at growing the corpus to at least 10M tables. Analyses of GitTables show that its structure, content, and topical coverage differ significantly from existing table corpora. We annotate table columns in GitTables with semantic types, hierarchical relations and descriptions from Schema.org and DBpedia. The evaluation of our annotation pipeline on the T2Dv2 benchmark illustrates that our approach provides results on par with human annotations. We present three applications of GitTables, demonstrating its value for learned semantic type detection models, schema completion methods, and benchmarks for table-to-KG matching, data search, and preparation. We make the corpus and code available at https://gittables.github.io.

Extracting tables and key-value pairs from financial documents is essential for business workflows such as auditing, data analytics, and automated invoice processing. In this work, we introduce Spatial ModernBERT-a transformer-based model augmented with spatial embeddings-to accurately detect and extract tabular data and key-value fields from complex financial documents. We cast the extraction task as token classification across three heads: (1) Label Head, classifying each token as a label (e.g., PO Number, PO Date, Item Description, Quantity, Base Cost, MRP, etc.); (2) Column Head, predicting column indices; (3) Row Head, distinguishing the start of item rows and header rows. The model is pretrained on the PubTables-1M dataset, then fine-tuned on a financial document dataset, achieving robust performance through cross-entropy loss on each classification head. We propose a post-processing method to merge tokens using B-I-IB tagging, reconstruct the tabular layout, and extract key-value pairs. Empirical evaluation shows that Spatial ModernBERT effectively leverages both textual and spatial cues, facilitating highly accurate table and key-value extraction in real-world financial documents.

Despite the power of Large Language Models (LLMs) like GPT-4, they still struggle with tasks that require generating complex, structured outputs. In this study, we assess the capability of Current LLMs in generating complex structured data and propose a structure-aware fine-tuning approach as a solution to improve this ability. To perform a comprehensive evaluation, we propose Struc-Bench, include five representative LLMs (i.e., GPT-NeoX 20B, GPT-3.5, GPT-4, and Vicuna) and evaluate them on our carefully constructed datasets spanning raw text, HTML, and LaTeX tables. Based on our analysis of current model performance, we identify specific common formatting errors and areas of potential improvement. To address complex formatting requirements, we utilize FormatCoT (Chain-of-Thought) to generate format instructions from target outputs. Our experiments show that our structure-aware fine-tuning method, when applied to LLaMA-7B, significantly improves adherence to natural language constraints, outperforming other evaluated LLMs. Based on these results, we present an ability map of model capabilities from six dimensions (i.e., coverage, formatting, reasoning, comprehension, pragmatics, and hallucination). This map highlights the weaknesses of LLMs in handling complex structured outputs and suggests promising directions for future work. Our code and models can be found at https://github.com/gersteinlab/Struc-Bench.

While most financial documents contain a combination of textual and tabular information, robust Retrieval-Augmented Generation (RAG) systems are essential for effectively accessing and reasoning over such content to perform complex numerical tasks. This paper introduces T^2-RAGBench, a benchmark comprising 32,908 question-context-answer triples, designed to evaluate RAG methods on real-world financial data. Unlike typical QA datasets that operate under Oracle-context settings, where the relevant context is explicitly provided, T^2-RAGBench challenges models to first retrieve the correct context before conducting numerical reasoning. Existing QA datasets involving text and tables typically contain context-dependent questions, which may yield multiple correct answers depending on the provided context. To address this, we transform these datasets into a context-independent format, enabling reliable RAG evaluation. We conduct a comprehensive evaluation of popular RAG methods. Our analysis identifies Hybrid BM25, a technique that combines dense and sparse vectors, as the most effective approach for text-and-table data. However, results demonstrate that T^2-RAGBench remains challenging even for SOTA LLMs and RAG methods. Further ablation studies examine the impact of embedding models and corpus size on retrieval performance. T^2-RAGBench provides a realistic and rigorous benchmark for existing RAG methods on text-and-table data. Code and dataset are available online.

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

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.

Integrating structured knowledge from tabular formats poses significant challenges within natural language processing (NLP), mainly when dealing with complex, semi-structured tables like those found in the FeTaQA dataset. These tables require advanced methods to interpret and generate meaningful responses accurately. Traditional approaches, such as SQL and SPARQL, often fail to fully capture the semantics of such data, especially in the presence of irregular table structures like web tables. This paper addresses these challenges by proposing a novel approach that extracts triples straightforward from tabular data and integrates it with a retrieval-augmented generation (RAG) model to enhance the accuracy, coherence, and contextual richness of responses generated by a fine-tuned GPT-3.5-turbo-0125 model. Our approach significantly outperforms existing baselines on the FeTaQA dataset, particularly excelling in Sacre-BLEU and ROUGE metrics. It effectively generates contextually accurate and detailed long-form answers from tables, showcasing its strength in complex data interpretation.

Retrieval-augmented generation (RAG) based large language models (LLMs) are widely used in finance for their excellent performance on knowledge-intensive tasks. However, standardized documents (e.g., SEC filing) share similar formats such as repetitive boilerplate texts, and similar table structures. This similarity forces traditional RAG methods to misidentify near-duplicate text, leading to duplicate retrieval that undermines accuracy and completeness. To address these issues, we propose the Hierarchical Retrieval with Evidence Curation (HiREC) framework. Our approach first performs hierarchical retrieval to reduce confusion among similar texts. It first retrieve related documents and then selects the most relevant passages from the documents. The evidence curation process removes irrelevant passages. When necessary, it automatically generates complementary queries to collect missing information. To evaluate our approach, we construct and release a Large-scale Open-domain Financial (LOFin) question answering benchmark that includes 145,897 SEC documents and 1,595 question-answer pairs. Our code and data are available at https://github.com/deep-over/LOFin-bench-HiREC.

Large language models (LLMs) have achieved remarkable performance on various NLP tasks, yet their potential in more challenging and domain-specific task, such as finance, has not been fully explored. In this paper, we present CFinBench: a meticulously crafted, the most comprehensive evaluation benchmark to date, for assessing the financial knowledge of LLMs under Chinese context. In practice, to better align with the career trajectory of Chinese financial practitioners, we build a systematic evaluation from 4 first-level categories: (1) Financial Subject: whether LLMs can memorize the necessary basic knowledge of financial subjects, such as economics, statistics and auditing. (2) Financial Qualification: whether LLMs can obtain the needed financial qualified certifications, such as certified public accountant, securities qualification and banking qualification. (3) Financial Practice: whether LLMs can fulfill the practical financial jobs, such as tax consultant, junior accountant and securities analyst. (4) Financial Law: whether LLMs can meet the requirement of financial laws and regulations, such as tax law, insurance law and economic law. CFinBench comprises 99,100 questions spanning 43 second-level categories with 3 question types: single-choice, multiple-choice and judgment. We conduct extensive experiments of 50 representative LLMs with various model size on CFinBench. The results show that GPT4 and some Chinese-oriented models lead the benchmark, with the highest average accuracy being 60.16%, highlighting the challenge presented by CFinBench. The dataset and evaluation code are available at https://cfinbench.github.io/.

Table structure recognition is an essential part for making machines understand tables. Its main task is to recognize the internal structure of a table. However, due to the complexity and diversity in their structure and style, it is very difficult to parse the tabular data into the structured format which machines can understand easily, especially for complex tables. In this paper, we introduce Split, Embed and Merge (SEM), an accurate table structure recognizer. Our model takes table images as input and can correctly recognize the structure of tables, whether they are simple or a complex tables. SEM is mainly composed of three parts, splitter, embedder and merger. In the first stage, we apply the splitter to predict the potential regions of the table row (column) separators, and obtain the fine grid structure of the table. In the second stage, by taking a full consideration of the textual information in the table, we fuse the output features for each table grid from both vision and language modalities. Moreover, we achieve a higher precision in our experiments through adding additional semantic features. Finally, we process the merging of these basic table grids in a self-regression manner. The correspondent merging results is learned through the attention mechanism. In our experiments, SEM achieves an average F1-Measure of 97.11% on the SciTSR dataset which outperforms other methods by a large margin. We also won the first place in the complex table and third place in all tables in ICDAR 2021 Competition on Scientific Literature Parsing, Task-B. Extensive experiments on other publicly available datasets demonstrate that our model achieves state-of-the-art.

In recent years, large language models (LLMs) have demonstrated significant potential in constructing passage retrieval datasets. However, existing methods still face limitations in expressing cross-doc query needs and controlling annotation quality. To address these issues, this paper proposes a bidirectional generation pipeline, which aims to generate 3-level hierarchical queries for both intra-doc and cross-doc scenarios and mine additional relevance labels on top of direct mapping annotation. The pipeline introduces two query generation methods: bottom-up from single-doc text and top-down from multi-doc titles. The bottom-up method uses LLMs to disassemble and generate structured queries at both sentence-level and passage-level simultaneously from intra-doc passages. The top-down approach incorporates three key financial elements--industry, topic, and time--to divide report titles into clusters and prompts LLMs to generate topic-level queries from each cluster. For relevance annotation, our pipeline not only relies on direct mapping annotation from the generation relationship but also implements an indirect positives mining method to enrich the relevant query-passage pairs. Using this pipeline, we constructed a Financial Passage Retrieval Generated dataset (FinCPRG) from almost 1.3k Chinese financial research reports, which includes hierarchical queries and rich relevance labels. Through evaluations of mined relevance labels, benchmarking and training experiments, we assessed the quality of FinCPRG and validated its effectiveness as a passage retrieval dataset for both training and benchmarking.

Risk management in finance involves recognizing, evaluating, and addressing financial risks to maintain stability and ensure regulatory compliance. Extracting relevant insights from extensive regulatory documents is a complex challenge requiring advanced retrieval and language models. This paper introduces RiskData, a dataset specifically curated for finetuning embedding models in risk management, and RiskEmbed, a finetuned embedding model designed to improve retrieval accuracy in financial question-answering systems. The dataset is derived from 94 regulatory guidelines published by the Office of the Superintendent of Financial Institutions (OSFI) from 1991 to 2024. We finetune a state-of-the-art sentence BERT embedding model to enhance domain-specific retrieval performance typically for Retrieval-Augmented Generation (RAG) systems. Experimental results demonstrate that RiskEmbed significantly outperforms general-purpose and financial embedding models, achieving substantial improvements in ranking metrics. By open-sourcing both the dataset and the model, we provide a valuable resource for financial institutions and researchers aiming to develop more accurate and efficient risk management AI solutions.

E-commerce search and recommendation usually operate on structured data such as product catalogs and taxonomies. However, creating better search and recommendation systems often requires a large variety of unstructured data including customer reviews and articles on the web. Traditionally, the solution has always been converting unstructured data into structured data through information extraction, and conducting search over the structured data. However, this is a costly approach that often has low quality. In this paper, we envision a solution that does entirely the opposite. Instead of converting unstructured data (web pages, customer reviews, etc) to structured data, we instead convert structured data (product inventory, catalogs, taxonomies, etc) into textual data, which can be easily integrated into the text corpus that trains LLMs. Then, search and recommendation can be performed through a Q/A mechanism through an LLM instead of using traditional information retrieval methods over structured data.

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.

This paper presents FinCoT, a structured chain-of-thought (CoT) prompting approach that incorporates insights from domain-specific expert financial reasoning to guide the reasoning traces of large language models. We investigate that there are three main prompting styles in FinNLP: (1) standard prompting--zero-shot prompting; (2) unstructured CoT--CoT prompting without an explicit reasoning structure, such as the use of tags; and (3) structured CoT prompting--CoT prompting with explicit instructions or examples that define structured reasoning steps. Previously, FinNLP has primarily focused on prompt engineering with either standard or unstructured CoT prompting. However, structured CoT prompting has received limited attention in prior work. Furthermore, the design of reasoning structures in structured CoT prompting is often based on heuristics from non-domain experts. In this study, we investigate each prompting approach in FinNLP. We evaluate the three main prompting styles and FinCoT on CFA-style questions spanning ten financial domains. We observe that FinCoT improves performance from 63.2% to 80.5% and Qwen-2.5-7B-Instruct from 69.7% to 74.2%, while reducing generated tokens eight-fold compared to structured CoT prompting. Our findings show that domain-aligned structured prompts not only improve performance and reduce inference costs but also yield more interpretable and expert-aligned reasoning traces.

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.

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.

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.

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

Financial institutions deploy Large Language Models (LLMs) for reconciliations, regulatory reporting, and client communications, but nondeterministic outputs (output drift) undermine auditability and trust. We quantify drift across five model architectures (7B-120B parameters) on regulated financial tasks, revealing a stark inverse relationship: smaller models (Granite-3-8B, Qwen2.5-7B) achieve 100% output consistency at T=0.0, while GPT-OSS-120B exhibits only 12.5% consistency (95% CI: 3.5-36.0%) regardless of configuration (p<0.0001, Fisher's exact test). This finding challenges conventional assumptions that larger models are universally superior for production deployment. Our contributions include: (i) a finance-calibrated deterministic test harness combining greedy decoding (T=0.0), fixed seeds, and SEC 10-K structure-aware retrieval ordering; (ii) task-specific invariant checking for RAG, JSON, and SQL outputs using finance-calibrated materiality thresholds (plus or minus 5%) and SEC citation validation; (iii) a three-tier model classification system enabling risk-appropriate deployment decisions; and (iv) an audit-ready attestation system with dual-provider validation. We evaluated five models (Qwen2.5-7B via Ollama, Granite-3-8B via IBM watsonx.ai, Llama-3.3-70B, Mistral-Medium-2505, and GPT-OSS-120B) across three regulated financial tasks. Across 480 runs (n=16 per condition), structured tasks (SQL) remain stable even at T=0.2, while RAG tasks show drift (25-75%), revealing task-dependent sensitivity. Cross-provider validation confirms deterministic behavior transfers between local and cloud deployments. We map our framework to Financial Stability Board (FSB), Bank for International Settlements (BIS), and Commodity Futures Trading Commission (CFTC) requirements, demonstrating practical pathways for compliance-ready AI deployments.

FinanceBench is a first-of-its-kind test suite for evaluating the performance of LLMs on open book financial question answering (QA). It comprises 10,231 questions about publicly traded companies, with corresponding answers and evidence strings. The questions in FinanceBench are ecologically valid and cover a diverse set of scenarios. They are intended to be clear-cut and straightforward to answer to serve as a minimum performance standard. We test 16 state of the art model configurations (including GPT-4-Turbo, Llama2 and Claude2, with vector stores and long context prompts) on a sample of 150 cases from FinanceBench, and manually review their answers (n=2,400). The cases are available open-source. We show that existing LLMs have clear limitations for financial QA. Notably, GPT-4-Turbo used with a retrieval system incorrectly answered or refused to answer 81% of questions. While augmentation techniques such as using longer context window to feed in relevant evidence improve performance, they are unrealistic for enterprise settings due to increased latency and cannot support larger financial documents. We find that all models examined exhibit weaknesses, such as hallucinations, that limit their suitability for use by enterprises.

Tables and table-based use cases play a crucial role in many important real-world applications, such as spreadsheets, databases, and computational notebooks, which traditionally require expert-level users like data engineers, data analysts, and database administrators to operate. Although LLMs have shown remarkable progress in working with tables (e.g., in spreadsheet and database copilot scenarios), comprehensive benchmarking of such capabilities remains limited. In contrast to an extensive and growing list of NLP benchmarks, evaluations of table-related tasks are scarce, and narrowly focus on tasks like NL-to-SQL and Table-QA, overlooking the broader spectrum of real-world tasks that professional users face. This gap limits our understanding and model progress in this important area. In this work, we introduce MMTU, a large-scale benchmark with over 30K questions across 25 real-world table tasks, designed to comprehensively evaluate models ability to understand, reason, and manipulate real tables at the expert-level. These tasks are drawn from decades' worth of computer science research on tabular data, with a focus on complex table tasks faced by professional users. We show that MMTU require a combination of skills -- including table understanding, reasoning, and coding -- that remain challenging for today's frontier models, where even frontier reasoning models like OpenAI o4-mini and DeepSeek R1 score only around 60%, suggesting significant room for improvement. We highlight key findings in our evaluation using MMTU and hope that this benchmark drives further advances in understanding and developing foundation models for structured data processing and analysis. Our code and data are available at https://github.com/MMTU-Benchmark/MMTU and https://huggingface.co/datasets/MMTU-benchmark/MMTU.

In the evolving field of corporate sustainability, analyzing unstructured Environmental, Social, and Governance (ESG) reports is a complex challenge due to their varied formats and intricate content. This study introduces an innovative methodology utilizing the "Unstructured Core Library", specifically tailored to address these challenges by transforming ESG reports into structured, analyzable formats. Our approach significantly advances the existing research by offering high-precision text cleaning, adept identification and extraction of text from images, and standardization of tables within these reports. Emphasizing its capability to handle diverse data types, including text, images, and tables, the method adeptly manages the nuances of differing page layouts and report styles across industries. This research marks a substantial contribution to the fields of industrial ecology and corporate sustainability assessment, paving the way for the application of advanced NLP technologies and large language models in the analysis of corporate governance and sustainability. Our code is available at https://github.com/linancn/TianGong-AI-Unstructure.git.

The data landscape is rich with structured data, often of high value to organizations, driving important applications in data analysis and machine learning. Recent progress in representation learning and generative models for such data has led to the development of natural language interfaces to structured data, including those leveraging text-to-SQL. Contextualizing interactions, either through conversational interfaces or agentic components, in structured data through retrieval-augmented generation can provide substantial benefits in the form of freshness, accuracy, and comprehensiveness of answers. The key question is: how do we retrieve the right table(s) for the analytical query or task at hand? To this end, we introduce TARGET: a benchmark for evaluating TAble Retrieval for GEnerative Tasks. With TARGET we analyze the retrieval performance of different retrievers in isolation, as well as their impact on downstream tasks. We find that dense embedding-based retrievers far outperform a BM25 baseline which is less effective than it is for retrieval over unstructured text. We also surface the sensitivity of retrievers across various metadata (e.g., missing table titles), and demonstrate a stark variation of retrieval performance across datasets and tasks. TARGET is available at https://target-benchmark.github.io.

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.

Semi-structured tables are ubiquitous. There has been a variety of tasks that aim to automatically interpret, augment, and query tables. Current methods often require pretraining on tables or special model architecture design, are restricted to specific table types, or have simplifying assumptions about tables and tasks. This paper makes the first step towards developing open-source large language models (LLMs) as generalists for a diversity of table-based tasks. Towards that end, we construct TableInstruct, a new dataset with a variety of realistic tables and tasks, for instruction tuning and evaluating LLMs. We further develop the first open-source generalist model for tables, TableLlama, by fine-tuning Llama 2 (7B) with LongLoRA to address the long context challenge. We experiment under both in-domain setting and out-of-domain setting. On 7 out of 8 in-domain tasks, TableLlama achieves comparable or better performance than the SOTA for each task, despite the latter often has task-specific design. On 6 out-of-domain datasets, it achieves 6-48 absolute point gains compared with the base model, showing that training on TableInstruct enhances the model's generalizability. We will open-source our dataset and trained model to boost future work on developing open generalist models for tables.

Retrieval-Augmented Generation (RAG) is becoming increasingly essential for Question Answering (QA) in the financial sector, where accurate and contextually grounded insights from complex public disclosures are crucial. However, existing financial RAG systems face two significant challenges: (1) they struggle to process heterogeneous data formats, such as text, tables, and figures; and (2) they encounter difficulties in balancing general-domain applicability with company-specific adaptation. To overcome these challenges, we present VeritasFi, an innovative hybrid RAG framework that incorporates a multi-modal preprocessing pipeline alongside a cutting-edge two-stage training strategy for its re-ranking component. VeritasFi enhances financial QA through three key innovations: (1) A multi-modal preprocessing pipeline that seamlessly transforms heterogeneous data into a coherent, machine-readable format. (2) A tripartite hybrid retrieval engine that operates in parallel, combining deep multi-path retrieval over a semantically indexed document corpus, real-time data acquisition through tool utilization, and an expert-curated memory bank for high-frequency questions, ensuring comprehensive scope, accuracy, and efficiency. (3) A two-stage training strategy for the document re-ranker, which initially constructs a general, domain-specific model using anonymized data, followed by rapid fine-tuning on company-specific data for targeted applications. By integrating our proposed designs, VeritasFi presents a groundbreaking framework that greatly enhances the adaptability and robustness of financial RAG systems, providing a scalable solution for both general-domain and company-specific QA tasks. Code accompanying this work is available at https://github.com/simplew4y/VeritasFi.git.

Tables stored in databases and tables which are present in web pages and articles account for a large part of semi-structured data that is available on the internet. It then becomes pertinent to develop a modeling approach with large language models (LLMs) that can be used to solve diverse table tasks such as semantic parsing, question answering as well as classification problems. Traditionally, there existed separate models specialized for each task individually. It raises the question of how far can we go to build a unified model that works well on some table tasks without significant degradation on others. To that end, we attempt at creating a shared modeling approach in the pretraining stage with encoder-decoder style LLMs that can cater to diverse tasks. We evaluate our approach that continually pretrains and finetunes different model families of T5 with data from tables and surrounding context, on these downstream tasks at different model scales. Through multiple ablation studies, we observe that our pretraining with self-supervised objectives can significantly boost the performance of the models on these tasks. As an example of one improvement, we observe that the instruction finetuned public models which come specialized on text question answering (QA) and have been trained on table data still have room for improvement when it comes to table specific QA. Our work is the first attempt at studying the advantages of a unified approach to table specific pretraining when scaled from 770M to 11B sequence to sequence models while also comparing the instruction finetuned variants of the models.

Large language models (LLMs) are becoming attractive as few-shot reasoners to solve Natural Language (NL)-related tasks. However, the understanding of their capability to process structured data like tables remains an under-explored area. While tables can be serialized as input for LLMs, there is a lack of comprehensive studies on whether LLMs genuinely comprehend this data. In this paper, we try to understand this by designing a benchmark to evaluate the structural understanding capabilities of LLMs through seven distinct tasks, e.g., cell lookup, row retrieval and size detection. Specially, we perform a series of evaluations on the recent most advanced LLM models, GPT-3.5 and GPT-4 and observe that performance varied with different input choices, including table input format, content order, role prompting, and partition marks. Drawing from the insights gained through the benchmark evaluations, we propose self-augmentation for effective structural prompting, such as critical value / range identification using internal knowledge of LLMs. When combined with carefully chosen input choices, these structural prompting methods lead to promising improvements in LLM performance on a variety of tabular tasks, e.g., TabFact(uparrow2.31%), HybridQA(uparrow2.13%), SQA(uparrow2.72%), Feverous(uparrow0.84%), and ToTTo(uparrow5.68%). We believe that our open source benchmark and proposed prompting methods can serve as a simple yet generic selection for future research. The code and data of this paper will be temporality released at https://anonymous.4open.science/r/StructuredLLM-76F3/README.md and will be replaced with an official one at https://github.com/microsoft/TableProvider later.

Often we wish to predict a large number of variables that depend on each other as well as on other observed variables. Structured prediction methods are essentially a combination of classification and graphical modeling, combining the ability of graphical models to compactly model multivariate data with the ability of classification methods to perform prediction using large sets of input features. This tutorial describes conditional random fields, a popular probabilistic method for structured prediction. CRFs have seen wide application in natural language processing, computer vision, and bioinformatics. We describe methods for inference and parameter estimation for CRFs, including practical issues for implementing large scale CRFs. We do not assume previous knowledge of graphical modeling, so this tutorial is intended to be useful to practitioners in a wide variety of fields.

Retrieval-Augmented Generation (RAG) has emerged as a promising framework to mitigate hallucinations in Large Language Models (LLMs), yet its overall performance is dependent on the underlying retrieval system. In the finance domain, documents such as 10-K reports pose distinct challenges due to domain-specific vocabulary and multi-hierarchical tabular data. In this work, we introduce an efficient, end-to-end RAG pipeline that enhances retrieval for financial documents through a three-phase approach: pre-retrieval, retrieval, and post-retrieval. In the pre-retrieval phase, various query and corpus preprocessing techniques are employed to enrich input data. During the retrieval phase, we fine-tuned state-of-the-art (SOTA) embedding models with domain-specific knowledge and implemented a hybrid retrieval strategy that combines dense and sparse representations. Finally, the post-retrieval phase leverages Direct Preference Optimization (DPO) training and document selection methods to further refine the results. Evaluations on seven financial question answering datasets-FinDER, FinQABench, FinanceBench, TATQA, FinQA, ConvFinQA, and MultiHiertt-demonstrate substantial improvements in retrieval performance, leading to more accurate and contextually appropriate generation. These findings highlight the critical role of tailored retrieval techniques in advancing the effectiveness of RAG systems for financial applications. A fully replicable pipeline is available on GitHub: https://github.com/seohyunwoo-0407/GAR.

In this paper, we explore the question of whether large language models can support cost-efficient information extraction from tables. We introduce schema-driven information extraction, a new task that transforms tabular data into structured records following a human-authored schema. To assess various LLM's capabilities on this task, we present a benchmark comprised of tables from four diverse domains: machine learning papers, chemistry literature, material science journals, and webpages. We use this collection of annotated tables to evaluate the ability of open-source and API-based language models to extract information from tables covering diverse domains and data formats. Our experiments demonstrate that surprisingly competitive performance can be achieved without requiring task-specific pipelines or labels, achieving F1 scores ranging from 74.2 to 96.1, while maintaining cost efficiency. Moreover, through detailed ablation studies and analyses, we investigate the factors contributing to model success and validate the practicality of distilling compact models to reduce API reliance.

Organizations increasingly rely on proprietary enterprise data, including HR records, structured reports, and tabular documents, for critical decision-making. While Large Language Models (LLMs) have strong generative capabilities, they are limited by static pretraining, short context windows, and challenges in processing heterogeneous data formats. Conventional Retrieval-Augmented Generation (RAG) frameworks address some of these gaps but often struggle with structured and semi-structured data. This work proposes an advanced RAG framework that combines hybrid retrieval strategies using dense embeddings (all-mpnet-base-v2) and BM25, enhanced by metadata-aware filtering with SpaCy NER and cross-encoder reranking. The framework applies semantic chunking to maintain textual coherence and retains tabular data structures to preserve row-column integrity. Quantized indexing optimizes retrieval efficiency, while human-in-the-loop feedback and conversation memory improve adaptability. Experiments on enterprise datasets show notable improvements: Precision@5 increased by 15 percent (90 versus 75), Recall@5 by 13 percent (87 versus 74), and Mean Reciprocal Rank by 16 percent (0.85 versus 0.69). Qualitative evaluations show higher scores in Faithfulness (4.6 versus 3.0), Completeness (4.2 versus 2.5), and Relevance (4.5 versus 3.2) on a 5-point Likert scale. These results demonstrate the framework's effectiveness in delivering accurate, comprehensive, and contextually relevant responses for enterprise tasks. Future work includes extending to multimodal data and integrating agent-based retrieval. The source code will be released at https://github.com/CheerlaChandana/Enterprise-Chatbot

Embedding models play a crucial role in representing and retrieving information across various NLP applications. Recent advancements in Large Language Models (LLMs) have further enhanced the performance of embedding models, which are trained on massive amounts of text covering almost every domain. These models are often benchmarked on general-purpose datasets like Massive Text Embedding Benchmark (MTEB), where they demonstrate superior performance. However, a critical question arises: Is the development of domain-specific embedding models necessary when general-purpose models are trained on vast corpora that already include specialized domain texts? In this paper, we empirically investigate this question, choosing the finance domain as an example. We introduce the Finance Massive Text Embedding Benchmark (FinMTEB), a counterpart to MTEB that consists of financial domain-specific text datasets. We evaluate the performance of seven state-of-the-art embedding models on FinMTEB and observe a significant performance drop compared to their performance on MTEB. To account for the possibility that this drop is driven by FinMTEB's higher complexity, we propose four measures to quantify dataset complexity and control for this factor in our analysis. Our analysis provides compelling evidence that state-of-the-art embedding models struggle to capture domain-specific linguistic and semantic patterns, even when trained on large general-purpose corpora. This study sheds light on the necessity of developing domain-specific embedding models in the LLM era, offering valuable insights for researchers and practitioners.

Tabular data, as a crucial form of data representation, exists in diverse formats on the Web. When confronted with complex and irregular tables, manual modification becomes a laborious task. This paper investigates the performance of Large Language Models (LLMs) in the context of table editing tasks. Existing research mainly focuses on regular-shaped tables, wherein instructions are used to generate code in SQL, Python, or Excel Office-script for manipulating the tables. Nevertheless, editing tables with irregular structures, particularly those containing merged cells spanning multiple rows, poses a challenge when using code. To address this, we introduce the WikiTableEdit dataset. Leveraging 26,531 tables from the WikiSQL dataset, we automatically generate natural language instructions for six distinct basic operations and the corresponding outcomes, resulting in over 200,000 instances. Subsequently, we evaluate several representative large language models on the WikiTableEdit dataset to demonstrate the challenge of this task. The dataset will be released to the community to promote related researches.

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

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.

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.

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.

The sheer volume of financial statements makes it difficult for humans to access and analyze a business's financials. Robust numerical reasoning likewise faces unique challenges in this domain. In this work, we focus on answering deep questions over financial data, aiming to automate the analysis of a large corpus of financial documents. In contrast to existing tasks on general domain, the finance domain includes complex numerical reasoning and understanding of heterogeneous representations. To facilitate analytical progress, we propose a new large-scale dataset, FinQA, with Question-Answering pairs over Financial reports, written by financial experts. We also annotate the gold reasoning programs to ensure full explainability. We further introduce baselines and conduct comprehensive experiments in our dataset. The results demonstrate that popular, large, pre-trained models fall far short of expert humans in acquiring finance knowledge and in complex multi-step numerical reasoning on that knowledge. Our dataset -- the first of its kind -- should therefore enable significant, new community research into complex application domains. The dataset and code are publicly availablehttps://github.com/czyssrs/FinQA.

Financial organizations collect a huge amount of data about clients that typically has a temporal (sequential) structure and is collected from various sources (modalities). Due to privacy issues, there are no large-scale open-source multimodal datasets of event sequences, which significantly limits the research in this area. In this paper, we present the industrial-scale publicly available multimodal banking dataset, MBD, that contains more than 1.5M corporate clients with several modalities: 950M bank transactions, 1B geo position events, 5M embeddings of dialogues with technical support and monthly aggregated purchases of four bank's products. All entries are properly anonymized from real proprietary bank data. Using this dataset, we introduce a novel benchmark with two business tasks: campaigning (purchase prediction in the next month) and matching of clients. We provide numerical results that demonstrate the superiority of our multi-modal baselines over single-modal techniques for each task. As a result, the proposed dataset can open new perspectives and facilitate the future development of practically important large-scale multimodal algorithms for event sequences. HuggingFace Link: https://huggingface.co/datasets/ai-lab/MBD Github Link: https://github.com/Dzhambo/MBD

Tabular datasets are ubiquitous in data science applications. Given their importance, it seems natural to apply state-of-the-art deep learning algorithms in order to fully unlock their potential. Here we propose neural network models that represent tabular time series that can optionally leverage their hierarchical structure. This results in two architectures for tabular time series: one for learning representations that is analogous to BERT and can be pre-trained end-to-end and used in downstream tasks, and one that is akin to GPT and can be used for generation of realistic synthetic tabular sequences. We demonstrate our models on two datasets: a synthetic credit card transaction dataset, where the learned representations are used for fraud detection and synthetic data generation, and on a real pollution dataset, where the learned encodings are used to predict atmospheric pollutant concentrations. Code and data are available at https://github.com/IBM/TabFormer.

LLMs have shown impressive progress in natural language processing. However, they still face significant challenges in TableQA, where real-world complexities such as diverse table structures, multilingual data, and domain-specific reasoning are crucial. Existing TableQA benchmarks are often limited by their focus on simple flat tables and suffer from data leakage. Furthermore, most benchmarks are monolingual and fail to capture the cross-lingual and cross-domain variability in practical applications. To address these limitations, we introduce TableEval, a new benchmark designed to evaluate LLMs on realistic TableQA tasks. Specifically, TableEval includes tables with various structures (such as concise, hierarchical, and nested tables) collected from four domains (including government, finance, academia, and industry reports). Besides, TableEval features cross-lingual scenarios with tables in Simplified Chinese, Traditional Chinese, and English. To minimize the risk of data leakage, we collect all data from recent real-world documents. Considering that existing TableQA metrics fail to capture semantic accuracy, we further propose SEAT, a new evaluation framework that assesses the alignment between model responses and reference answers at the sub-question level. Experimental results have shown that SEAT achieves high agreement with human judgment. Extensive experiments on TableEval reveal critical gaps in the ability of state-of-the-art LLMs to handle these complex, real-world TableQA tasks, offering insights for future improvements. We make our dataset available here: https://github.com/wenge-research/TableEval.

Tabular data is arguably one of the most commonly used data structures in various practical domains, including finance, healthcare and e-commerce. The inherent heterogeneity allows tabular data to store rich information. However, based on a recently published tabular benchmark, we can see deep neural networks still fall behind tree-based models on tabular datasets. In this paper, we propose Trompt--which stands for Tabular Prompt--a novel architecture inspired by prompt learning of language models. The essence of prompt learning is to adjust a large pre-trained model through a set of prompts outside the model without directly modifying the model. Based on this idea, Trompt separates the learning strategy of tabular data into two parts. The first part, analogous to pre-trained models, focus on learning the intrinsic information of a table. The second part, analogous to prompts, focus on learning the variations among samples. Trompt is evaluated with the benchmark mentioned above. The experimental results demonstrate that Trompt outperforms state-of-the-art deep neural networks and is comparable to tree-based models.

Recent years have witnessed the burgeoning of pretrained language models (LMs) for text-based natural language (NL) understanding tasks. Such models are typically trained on free-form NL text, hence may not be suitable for tasks like semantic parsing over structured data, which require reasoning over both free-form NL questions and structured tabular data (e.g., database tables). In this paper we present TaBERT, a pretrained LM that jointly learns representations for NL sentences and (semi-)structured tables. TaBERT is trained on a large corpus of 26 million tables and their English contexts. In experiments, neural semantic parsers using TaBERT as feature representation layers achieve new best results on the challenging weakly-supervised semantic parsing benchmark WikiTableQuestions, while performing competitively on the text-to-SQL dataset Spider. Implementation of the model will be available at http://fburl.com/TaBERT .

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.

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.

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.

Tabular data, ubiquitous and rich in informational value, is an increasing focus for deep representation learning, yet progress is hindered by studies centered on single tables or isolated databases, which limits model capabilities due to data scale. While collaborative learning approaches such as federated learning, transfer learning, split learning, and tabular foundation models aim to learn from multiple correlated databases, they are challenged by a scarcity of real-world interconnected tabular resources. Current data lakes and corpora largely consist of isolated databases lacking defined inter-database correlations. To overcome this, we introduce WikiDBGraph, a large-scale graph of 100,000 real-world tabular databases from WikiData, interconnected by 17 million edges and characterized by 13 node and 12 edge properties derived from its database schema and data distribution. WikiDBGraph's weighted edges identify both instance- and feature-overlapped databases. Experiments on these newly identified databases confirm that collaborative learning yields superior performance, thereby offering considerable promise for structured foundation model training while also exposing key challenges and future directions for learning from interconnected tabular data.

Large Language Models (LLMs) have shown to be capable of various tasks, yet their capability in interpreting and reasoning over tabular data remains an underexplored area. In this context, this study investigates from three core perspectives: the robustness of LLMs to structural perturbations in tables, the comparative analysis of textual and symbolic reasoning on tables, and the potential of boosting model performance through the aggregation of multiple reasoning pathways. We discover that structural variance of tables presenting the same content reveals a notable performance decline, particularly in symbolic reasoning tasks. This prompts the proposal of a method for table structure normalization. Moreover, textual reasoning slightly edges out symbolic reasoning, and a detailed error analysis reveals that each exhibits different strengths depending on the specific tasks. Notably, the aggregation of textual and symbolic reasoning pathways, bolstered by a mix self-consistency mechanism, resulted in achieving SOTA performance, with an accuracy of 73.6% on WIKITABLEQUESTIONS, representing a substantial advancement over previous existing table processing paradigms of LLMs.

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.

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

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.

Multimodal Foundation Models (MMFMs) have shown remarkable performance on various computer vision and natural language processing tasks. However, their performance on particular tasks such as document understanding is still limited. They also require more compute, time, and engineering resources to finetune and deploy compared to traditional, unimodal models. In this report, we present Multimodal Structured Generation, a general framework which constrains the output logits of frozen MMFMs to force them to reason before responding with structured outputs that downstream APIs can parse and use. We provide a detailed account of our approach, including the technical details, theoretical discussions, and final evaluation results in the 2nd Multimodal Foundation Models Challenge hosted by the Computer Vision and Pattern Recognition (CVPR) conference. Our approach achieved the second highest score in the hidden test set for Phase 2 and third highest overall. This shows the method's ability to generalize to unseen tasks. And that simple engineering can beat expensive & complicated modelling steps as we first discussed in our paper, Retrieval Augmented Structured Generation: Business Document Information Extraction as Tool Use. All of our scripts, deployment steps, and evaluation results can be accessed in https://github.com/leloykun/MMFM-Challenge

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.

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

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

Several large-scale datasets (e.g., WikiSQL, Spider) for developing natural language interfaces to databases have recently been proposed. These datasets cover a wide breadth of domains but fall short on some essential domains, such as finance and accounting. Given that accounting databases are used worldwide, particularly by non-technical people, there is an imminent need to develop models that could help extract information from accounting databases via natural language queries. In this resource paper, we aim to fill this gap by proposing a new large-scale Text-to-SQL dataset for the accounting and financial domain: BookSQL. The dataset consists of 100k natural language queries-SQL pairs, and accounting databases of 1 million records. We experiment with and analyze existing state-of-the-art models (including GPT-4) for the Text-to-SQL task on BookSQL. We find significant performance gaps, thus pointing towards developing more focused models for this domain.

Recent advancements in large language models (LLMs) have shown strong general reasoning abilities, yet their effectiveness in financial reasoning remains underexplored. In this study, we comprehensively evaluate 16 powerful reasoning and general LLMs on three complex financial tasks involving financial text, tabular data, and equations, assessing numerical reasoning, tabular interpretation, financial terminology comprehension, long-context processing, and equation-based problem solving. Our results show that while better datasets and pretraining improve financial reasoning, general enhancements like CoT fine-tuning do not always yield consistent gains. Moreover, all reasoning strategies face challenges in improving performance on long-context and multi-table tasks. To address these limitations, we develop a financial reasoning-enhanced model based on Llama-3.1-8B-Instruct, by CoT fine-tuning and reinforcement learning with domain-specific reasoning paths. Even with simple fine-tuning with one financial dataset, our model achieves a consistent 10% performance improvement across tasks, surpassing all 8B models and even Llama3-70B-Instruct and Llama3.1-70B-Instruct on average. Our results highlight the need for domain-specific adaptations in financial tasks, emphasizing future directions such as multi-table reasoning, long-context processing, and financial terminology comprehension. All our datasets, models, and codes are publicly available. Furthermore, we introduce a leaderboard for benchmarking future datasets and models.

Large language models (LLMs) excel at generating human-like responses but often struggle with interactive tasks that require access to real-time information. This limitation poses challenges in finance, where models must access up-to-date information, such as recent news or price movements, to support decision-making. To address this, we introduce Financial Agent, a knowledge-grounding approach for LLMs to handle financial queries using real-time text and tabular data. Our contributions are threefold: First, we develop a Financial Context Dataset of over 50,000 financial queries paired with the required context. Second, we train FinBloom 7B, a custom 7 billion parameter LLM, on 14 million financial news articles from Reuters and Deutsche Presse-Agentur, alongside 12 million Securities and Exchange Commission (SEC) filings. Third, we fine-tune FinBloom 7B using the Financial Context Dataset to serve as a Financial Agent. This agent generates relevant financial context, enabling efficient real-time data retrieval to answer user queries. By reducing latency and eliminating the need for users to manually provide accurate data, our approach significantly enhances the capability of LLMs to handle dynamic financial tasks. Our proposed approach makes real-time financial decisions, algorithmic trading and other related tasks streamlined, and is valuable in contexts with high-velocity data flows.

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).

Countless decisions shape our daily lives, and it is paramount to understand the how and why behind these choices. In this paper, we introduce a new LLM decision-making framework called STRUX, which enhances LLM decision-making by providing structured explanations. These include favorable and adverse facts related to the decision, along with their respective strengths. STRUX begins by distilling lengthy information into a concise table of key facts. It then employs a series of self-reflection steps to determine which of these facts are pivotal, categorizing them as either favorable or adverse in relation to a specific decision. Lastly, we fine-tune an LLM to identify and prioritize these key facts to optimize decision-making. STRUX has been evaluated on the challenging task of forecasting stock investment decisions based on earnings call transcripts and demonstrated superior performance against strong baselines. It enhances decision transparency by allowing users to understand the impact of different factors, representing a meaningful step towards practical decision-making with LLMs.

Recent advancements have underscored the potential of large language model (LLM)-based agents in financial decision-making. Despite this progress, the field currently encounters two main challenges: (1) the lack of a comprehensive LLM agent framework adaptable to a variety of financial tasks, and (2) the absence of standardized benchmarks and consistent datasets for assessing agent performance. To tackle these issues, we introduce InvestorBench, the first benchmark specifically designed for evaluating LLM-based agents in diverse financial decision-making contexts. InvestorBench enhances the versatility of LLM-enabled agents by providing a comprehensive suite of tasks applicable to different financial products, including single equities like stocks, cryptocurrencies and exchange-traded funds (ETFs). Additionally, we assess the reasoning and decision-making capabilities of our agent framework using thirteen different LLMs as backbone models, across various market environments and tasks. Furthermore, we have curated a diverse collection of open-source, multi-modal datasets and developed a comprehensive suite of environments for financial decision-making. This establishes a highly accessible platform for evaluating financial agents' performance across various scenarios.

Solving financial problems demands complex reasoning, multimodal data processing, and a broad technical understanding, presenting unique challenges for current large language models (LLMs). We introduce XFinBench, a novel benchmark with 4,235 examples designed to evaluate LLM's ability in solving complex, knowledge-intensive financial problems across diverse graduate-level finance topics with multi-modal context. We identify five core capabilities of LLMs using XFinBench, i.e, terminology understanding, temporal reasoning, future forecasting, scenario planning, and numerical modelling. Upon XFinBench, we conduct extensive experiments on 18 leading models. The result shows that o1 is the best-performing text-only model with an overall accuracy of 67.3%, but still lags significantly behind human experts with 12.5%, especially in temporal reasoning and scenario planning capabilities. We further construct a knowledge bank with 3,032 finance terms for knowledge augmentation analysis, and find that relevant knowledge to the question only brings consistent accuracy improvements to small open-source model. Additionally, our error analysis reveals that rounding errors during calculation and blindness to position and intersection of curves in the image are two primary issues leading to model's poor performance in calculating and visual-context questions, respectively. Code and dataset are accessible via GitHub: https://github.com/Zhihan72/XFinBench.

Understanding visually-rich business documents to extract structured data and automate business workflows has been receiving attention both in academia and industry. Although recent multi-modal language models have achieved impressive results, we find that existing benchmarks do not reflect the complexity of real documents seen in industry. In this work, we identify the desiderata for a more comprehensive benchmark and propose one we call Visually Rich Document Understanding (VRDU). VRDU contains two datasets that represent several challenges: rich schema including diverse data types as well as hierarchical entities, complex templates including tables and multi-column layouts, and diversity of different layouts (templates) within a single document type. We design few-shot and conventional experiment settings along with a carefully designed matching algorithm to evaluate extraction results. We report the performance of strong baselines and offer three observations: (1) generalizing to new document templates is still very challenging, (2) few-shot performance has a lot of headroom, and (3) models struggle with hierarchical fields such as line-items in an invoice. We plan to open source the benchmark and the evaluation toolkit. We hope this helps the community make progress on these challenging tasks in extracting structured data from visually rich documents.

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.

Tabular data -- structured, heterogeneous, spreadsheet-style data with rows and columns -- is widely used in practice across many domains. However, while recent foundation models have reduced the need for developing task-specific datasets and predictors in domains such as language modeling and computer vision, this transfer learning paradigm has not had similar impact in the tabular domain. In this work, we seek to narrow this gap and present TabuLa-8B, a language model for tabular prediction. We define a process for extracting a large, high-quality training dataset from the TabLib corpus, proposing methods for tabular data filtering and quality control. Using the resulting dataset, which comprises over 1.6B rows from 3.1M unique tables, we fine-tune a Llama 3-8B large language model (LLM) for tabular data prediction (classification and binned regression) using a novel packing and attention scheme for tabular prediction. Through evaluation across a test suite of 329 datasets, we find that TabuLa-8B has zero-shot accuracy on unseen tables that is over 15 percentage points (pp) higher than random guessing, a feat that is not possible with existing state-of-the-art tabular prediction models (e.g. XGBoost, TabPFN). In the few-shot setting (1-32 shots), without any fine-tuning on the target datasets, TabuLa-8B is 5-15 pp more accurate than XGBoost and TabPFN models that are explicitly trained on equal, or even up to 16x more data. We release our model, code, and data along with the publication of this paper.

Retrieval-Augmented Generation (RAG) plays a vital role in the financial domain, powering applications such as real-time market analysis, trend forecasting, and interest rate computation. However, most existing RAG research in finance focuses predominantly on textual data, overlooking the rich visual content in financial documents, resulting in the loss of key analytical insights. To bridge this gap, we present FinRAGBench-V, a comprehensive visual RAG benchmark tailored for finance which effectively integrates multimodal data and provides visual citation to ensure traceability. It includes a bilingual retrieval corpus with 60,780 Chinese and 51,219 English pages, along with a high-quality, human-annotated question-answering (QA) dataset spanning heterogeneous data types and seven question categories. Moreover, we introduce RGenCite, an RAG baseline that seamlessly integrates visual citation with generation. Furthermore, we propose an automatic citation evaluation method to systematically assess the visual citation capabilities of Multimodal Large Language Models (MLLMs). Extensive experiments on RGenCite underscore the challenging nature of FinRAGBench-V, providing valuable insights for the development of multimodal RAG systems in finance.

Currently, a substantial volume of document data exists in an unstructured format, encompassing Portable Document Format (PDF) files and images. Extracting information from these documents presents formidable challenges due to diverse table styles, complex forms, and the inclusion of different languages. Several open-source toolkits, such as Camelot, Plumb a PDF (pdfnumber), and Paddle Paddle Structure V2 (PP-StructureV2), have been developed to facilitate table extraction from PDFs or images. However, each toolkit has its limitations. Camelot and pdfnumber can solely extract tables from digital PDFs and cannot handle image-based PDFs and pictures. On the other hand, PP-StructureV2 can comprehensively extract image-based PDFs and tables from pictures. Nevertheless, it lacks the ability to differentiate between diverse application scenarios, such as wired tables and wireless tables, digital PDFs, and image-based PDFs. To address these issues, we have introduced the PDF table extraction (PdfTable) toolkit. This toolkit integrates numerous open-source models, including seven table recognition models, four Optical character recognition (OCR) recognition tools, and three layout analysis models. By refining the PDF table extraction process, PdfTable achieves adaptability across various application scenarios. We substantiate the efficacy of the PdfTable toolkit through verification on a self-labeled wired table dataset and the open-source wireless Publicly Table Reconition Dataset (PubTabNet). The PdfTable code will available on Github: https://github.com/CycloneBoy/pdf_table.

Large language models (LLMs) show promise for natural language tasks but struggle when applied directly to complex domains like finance. LLMs have difficulty reasoning about and integrating all relevant information. We propose a data-centric approach to enable LLMs to better handle financial tasks. Our key insight is that rather than overloading the LLM with everything at once, it is more effective to preprocess and pre-understand the data. We create a financial LLM (FLLM) using multitask prompt-based finetuning to achieve data pre-processing and pre-understanding. However, labeled data is scarce for each task. To overcome manual annotation costs, we employ abductive augmentation reasoning (AAR) to automatically generate training data by modifying the pseudo labels from FLLM's own outputs. Experiments show our data-centric FLLM with AAR substantially outperforms baseline financial LLMs designed for raw text, achieving state-of-the-art on financial analysis and interpretation tasks. We also open source a new benchmark for financial analysis and interpretation. Our methodology provides a promising path to unlock LLMs' potential for complex real-world domains.

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.

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.

Table Extraction (TE) consists in extracting tables from PDF documents, in a structured format which can be automatically processed. While numerous TE tools exist, the variety of methods and techniques makes it difficult for users to choose an appropriate one. We propose a novel benchmark for assessing end-to-end TE methods (from PDF to the final table). We contribute an analysis of TE evaluation metrics, and the design of a rigorous evaluation process, which allows scoring each TE sub-task as well as end-to-end TE, and captures model uncertainty. Along with a prior dataset, our benchmark comprises two new heterogeneous datasets of 37k samples. We run our benchmark on diverse models, including off-the-shelf libraries, software tools, large vision language models, and approaches based on computer vision. The results demonstrate that TE remains challenging: current methods suffer from a lack of generalizability when facing heterogeneous data, and from limitations in robustness and interpretability.

For large language models (LLMs) to be effective in the financial domain -- where each decision can have a significant impact -- it is necessary to investigate realistic tasks and data. Financial professionals often interact with documents that are hundreds of pages long, but most financial research datasets only deal with short excerpts from these documents. To address this, we introduce a long-document financial QA task. We augment 7,437 questions from the existing FinQA dataset with the full-document context, extending the average context length from under 700 words in FinQA to 123k words in DocFinQA. We conduct extensive experiments over retrieval-based QA pipelines and long-context language models. DocFinQA proves a significant challenge for even state-of-the-art systems. We also provide a case-study on the longest documents in DocFinQA and find that models particularly struggle on these documents. Addressing these challenges may have a wide reaching impact across applications where specificity and long-range contexts are critical, like gene sequences and legal document contract analysis.

Accurate information retrieval (IR) is critical in the financial domain, where investors must identify relevant information from large collections of documents. Traditional IR methods -- whether sparse or dense -- often fall short in retrieval accuracy, as it requires not only capturing semantic similarity but also performing fine-grained reasoning over document structure and domain-specific knowledge. Recent advances in large language models (LLMs) have opened up new opportunities for retrieval with multi-step reasoning, where the model ranks passages through iterative reasoning about which information is most relevant to a given query. However, there exists no benchmark to evaluate such capabilities in the financial domain. To address this gap, we introduce FinAgentBench, the first large-scale benchmark for evaluating retrieval with multi-step reasoning in finance -- a setting we term agentic retrieval. The benchmark consists of 26K expert-annotated examples on S&P-500 listed firms and assesses whether LLM agents can (1) identify the most relevant document type among candidates, and (2) pinpoint the key passage within the selected document. Our evaluation framework explicitly separates these two reasoning steps to address context limitations. This design enables to provide a quantitative basis for understanding retrieval-centric LLM behavior in finance. We evaluate a suite of state-of-the-art models and further demonstrated how targeted fine-tuning can significantly improve agentic retrieval performance. Our benchmark provides a foundation for studying retrieval-centric LLM behavior in complex, domain-specific tasks for finance.

Natural Language Processing (NLP) has transformed the financial industry, enabling advancements in areas such as textual analysis, risk management, and forecasting. Large language models (LLMs) like BloombergGPT and FinMA have set new benchmarks across various financial NLP tasks, including sentiment analysis, stock movement prediction, and credit risk assessment. Furthermore, FinMA-ES, a bilingual financial LLM, has also demonstrated strong performance using the FLARE and FLARE-ES benchmarks. However, the high computational demands of these models limit the accessibility of many organizations. To address this, we propose Layer-wise Adaptive Ensemble Tuning (LAET), a novel strategy that selectively fine-tunes the most effective layers of pre-trained LLMs by analyzing hidden state representations while freezing less critical layers. LAET significantly reduces computational overhead while enhancing task-specific performance. Our approach shows strong results in financial NLP tasks, outperforming existing benchmarks and state-of-the-art LLMs such as GPT-4, even with smaller LLMs (sim3B parameters). This work bridges cutting-edge financial NLP research and real-world deployment with efficient and scalable models for financial applications.

The task of condensing large chunks of textual information into concise and structured tables has gained attention recently due to the emergence of Large Language Models (LLMs) and their potential benefit for downstream tasks, such as text summarization and text mining. Previous approaches often generate tables that directly replicate information from the text, limiting their applicability in broader contexts, as text-to-table generation in real-life scenarios necessitates information extraction, reasoning, and integration. However, there is a lack of both datasets and methodologies towards this task. In this paper, we introduce LiveSum, a new benchmark dataset created for generating summary tables of competitions based on real-time commentary texts. We evaluate the performances of state-of-the-art LLMs on this task in both fine-tuning and zero-shot settings, and additionally propose a novel pipeline called T^3(Text-Tuple-Table) to improve their performances. Extensive experimental results demonstrate that LLMs still struggle with this task even after fine-tuning, while our approach can offer substantial performance gains without explicit training. Further analyses demonstrate that our method exhibits strong generalization abilities, surpassing previous approaches on several other text-to-table datasets. Our code and data can be found at https://github.com/HKUST-KnowComp/LiveSum-TTT.

Extracting tables from documents is a crucial task in any document conversion pipeline. Recently, transformer-based models have demonstrated that table-structure can be recognized with impressive accuracy using Image-to-Markup-Sequence (Im2Seq) approaches. Taking only the image of a table, such models predict a sequence of tokens (e.g. in HTML, LaTeX) which represent the structure of the table. Since the token representation of the table structure has a significant impact on the accuracy and run-time performance of any Im2Seq model, we investigate in this paper how table-structure representation can be optimised. We propose a new, optimised table-structure language (OTSL) with a minimized vocabulary and specific rules. The benefits of OTSL are that it reduces the number of tokens to 5 (HTML needs 28+) and shortens the sequence length to half of HTML on average. Consequently, model accuracy improves significantly, inference time is halved compared to HTML-based models, and the predicted table structures are always syntactically correct. This in turn eliminates most post-processing needs.

Tables are ubiquitous across various domains for concisely representing structured information. Empowering large language models (LLMs) to reason over tabular data represents an actively explored direction. However, since typical LLMs only support one-dimensional~(1D) inputs, existing methods often flatten the two-dimensional~(2D) table structure into a sequence of tokens, which can severely disrupt the spatial relationships and result in an inevitable loss of vital contextual information. In this paper, we first empirically demonstrate the detrimental impact of such flattening operations on the performance of LLMs in capturing the spatial information of tables through two elaborate proxy tasks. Subsequently, we introduce a simple yet effective positional encoding method, termed ``2D-TPE'' (Two-Dimensional Table Positional Encoding), to address this challenge. 2D-TPE enables each attention head to dynamically select a permutation order of tokens within the context for attending to them, where each permutation represents a distinct traversal mode for the table, such as column-wise or row-wise traversal. 2D-TPE effectively mitigates the risk of losing essential spatial information while preserving computational efficiency, thus better preserving the table structure. Extensive experiments across five benchmarks demonstrate that 2D-TPE outperforms strong baselines, underscoring the importance of preserving the table structure for accurate table comprehension. Comprehensive analysis further reveals the substantially better scalability of 2D-TPE to large tables than baselines.

Tabular data (or tables) are the most widely used data format in machine learning (ML). However, ML models often assume the table structure keeps fixed in training and testing. Before ML modeling, heavy data cleaning is required to merge disparate tables with different columns. This preprocessing often incurs significant data waste (e.g., removing unmatched columns and samples). How to learn ML models from multiple tables with partially overlapping columns? How to incrementally update ML models as more columns become available over time? Can we leverage model pretraining on multiple distinct tables? How to train an ML model which can predict on an unseen table? To answer all those questions, we propose to relax fixed table structures by introducing a Transferable Tabular Transformer (TransTab) for tables. The goal of TransTab is to convert each sample (a row in the table) to a generalizable embedding vector, and then apply stacked transformers for feature encoding. One methodology insight is combining column description and table cells as the raw input to a gated transformer model. The other insight is to introduce supervised and self-supervised pretraining to improve model performance. We compare TransTab with multiple baseline methods on diverse benchmark datasets and five oncology clinical trial datasets. Overall, TransTab ranks 1.00, 1.00, 1.78 out of 12 methods in supervised learning, feature incremental learning, and transfer learning scenarios, respectively; and the proposed pretraining leads to 2.3% AUC lift on average over the supervised learning.

Large language models (LLMs) have recently demonstrated strong capabilities as autonomous agents, showing promise in reasoning, tool use, and sequential decision-making. While prior benchmarks have evaluated LLM agents in domains such as software engineering and scientific discovery, the finance domain remains underexplored, despite its direct relevance to economic value and high-stakes decision-making. Existing financial benchmarks primarily test static knowledge through question answering, but they fall short of capturing the dynamic and iterative nature of trading. To address this gap, we introduce StockBench, a contamination-free benchmark designed to evaluate LLM agents in realistic, multi-month stock trading environments. Agents receive daily market signals -- including prices, fundamentals, and news -- and must make sequential buy, sell, or hold decisions. Performance is assessed using financial metrics such as cumulative return, maximum drawdown, and the Sortino ratio. Our evaluation of state-of-the-art proprietary (e.g., GPT-5, Claude-4) and open-weight (e.g., Qwen3, Kimi-K2, GLM-4.5) models shows that while most LLM agents struggle to outperform the simple buy-and-hold baseline, several models demonstrate the potential to deliver higher returns and manage risk more effectively. These findings highlight both the challenges and opportunities in developing LLM-powered financial agents, showing that excelling at static financial knowledge tasks does not necessarily translate into successful trading strategies. We release StockBench as an open-source resource to support reproducibility and advance future research in this domain.