The fund investment industry heavily relies on the expertise of fund managers, who bear the responsibility of managing portfolios on behalf of clients. With their investment knowledge and professional skills, fund managers gain a competitive advantage over the average investor in the market. Consequently, investors prefer entrusting their investments to fund managers rather than directly investing in funds. For these investors, the primary concern is selecting a suitable fund manager. While previous studies have employed quantitative or qualitative methods to analyze various aspects of fund managers, such as performance metrics, personal characteristics, and performance persistence, they often face challenges when dealing with a large candidate space. Moreover, distinguishing whether a fund manager's performance stems from skill or luck poses a challenge, making it difficult to align with investors' preferences in the selection process. To address these challenges, this study characterizes the requirements of investors in selecting suitable fund managers and proposes an interactive visual analytics system called FMLens. This system streamlines the fund manager selection process, allowing investors to efficiently assess and deconstruct fund managers' investment styles and abilities across multiple dimensions. Additionally, the system empowers investors to scrutinize and compare fund managers' performances. The effectiveness of the approach is demonstrated through two case studies and a qualitative user study. Feedback from domain experts indicates that the system excels in analyzing fund managers from diverse perspectives, enhancing the efficiency of fund manager evaluation and selection.

Financial cluster analysis allows investors to discover investment alternatives and avoid undertaking excessive risks. However, this analytical task faces substantial challenges arising from many pairwise comparisons, the dynamic correlations across time spans, and the ambiguity in deriving implications from business relational knowledge. We propose Prismatic, a visual analytics system that integrates quantitative analysis of historical performance and qualitative analysis of business relational knowledge to cluster correlated businesses interactively. Prismatic features three clustering processes: dynamic cluster generation, knowledge-based cluster exploration, and correlation-based cluster validation. Utilizing a multi-view clustering approach, it enriches data-driven clusters with knowledge-driven similarity, providing a nuanced understanding of business correlations. Through well-coordinated visual views, Prismatic facilitates a comprehensive interpretation of intertwined quantitative and qualitative features, demonstrating its usefulness and effectiveness via case studies on formulating concept stocks and extensive interviews with domain experts.

Mutual funds are one of the most important and popular investment ways for ordinary investors to maintain and increase the value of their assets. However, it is challenging for ordinary investors to select optimal mutual funds from thousands of fund choices managed by different managers. Various investors often have different personal investment preferences and it is difficult to characterize their preferences quickly. Also, mutual fund performance relies on various factors (e.g., the economic market and the management of fund managers), and most of these factors are dynamically changing, making it difficult to efficiently compare different mutual funds in detail. To address these challenges, we propose FundSelector, an interactive multi-view visual analytics system that quantifies user preferences to rank mutual funds and allows ordinary investors to explore mutual fund performance in terms of multiple factors and scales. Two novel visual designs are proposed to enable detailed comparisons of mutual funds. Rank-informed bipartite contribution bar chart provides interpretable fund ranking results by explicitly showing both positive and negative factors. Elastic trend chart allows investors to analyze and compare the temporal evolution of the mutual funds’ performances in a customizable way. We evaluated FundSelector through two case studies and interviews with eight ordinary investors. The results highlight its effectiveness and utility.

Abstract Experimental economics is an important branch of economics to study human behaviours in a controlled laboratory setting or out in the field. Scientific experiments are conducted in experimental economics to collect what decisions people make in specific circumstances and verify economic theories. As a significant couple of variables in the virtual experimental environment, decisions and outcomes change with the subjective factors of participants and objective circumstances, making it a difficult task to capture human behaviour patterns and establish correlations to verify economic theories. In this paper, we present a visual analytics system, EBPVis, which enables economists to visually explore human behaviour patterns and faithfully verify economic theories, e.g. the vicious cycle of poverty and poverty trap. We utilize a Doc2Vec model to transform the economic behaviours of participants into a vectorized space according to their sequential decisions, where frequent sequences can be easily perceived and extracted to represent human behaviour patterns. To explore the correlation between decisions and outcomes, an Outcome View is designed to display the outcome variables for behaviour patterns. We also provide a Comparison View to support an efficient comparison between multiple behaviour patterns by revealing their differences in terms of decision combinations and time‐varying profits. Moreover, an Individual View is designed to illustrate the outcome accumulation and behaviour patterns of subjects. Case studies, expert feedback and user studies based on a real‐world dataset have demonstrated the effectiveness and practicability of EBPVis in the representation of economic behaviour patterns and certification of economic theories.

With the growing popularity of Non-Fungible Tokens (NFT), a new type of digital assets, various fraudulent activities have appeared in NFT markets. Among them, wash trading has become one of the most common frauds in NFT markets, which attempts to mislead investors by creating fake trading volumes. Due to the sophisticated patterns of wash trading, only a subset of them can be detected by automatic algorithms, and manual inspection is usually required. We propose NFTDisk, a novel visualization for investors to identify wash trading activities in NFT markets, where two linked visualization modules are presented: a radial visualization module with a disk metaphor to overview NFT transactions and a flow-based visualization module to reveal detailed NFT flows at multiple levels. We conduct two case studies and an in-depth user interview with 14 NFT investors to evaluate NFTDisk. The results demonstrate its effectiveness in exploring wash trading activities in NFT markets.

Abstract The model‐based investing using financial factors is evolving as a principal method for quantitative investment. The main challenge lies in the selection of effective factors towards excess market returns. Existing approaches, either hand‐picking factors or applying feature selection algorithms, do not orchestrate both human knowledge and computational power. This paper presents iQUANT, an interactive quantitative investment system that assists equity traders to quickly spot promising financial factors from initial recommendations suggested by algorithmic models, and conduct a joint refinement of factors and stocks for investment portfolio composition. We work closely with professional traders to assemble empirical characteristics of “good” factors and propose effective visualization designs to illustrate the collective performance of financial factors, stock portfolios, and their interactions. We evaluate iQUANT through a formal user study, two case studies, and expert interviews, using a real stock market dataset consisting of 3000 stocks × 6000 days × 56 factors.

The research on massive open online courses (MOOCs) data analytics has mushroomed recently because of the rapid development of MOOCs. The MOOC data not only contains learner profiles and learning outcomes, but also sequential information about when and which type of learning activities each learner performs, such as reviewing a lecture video before undertaking an assignment. Learning sequence analytics could help understand the correlations between learning sequences and performances, which further characterize different learner groups. However, few works have explored the sequence of learning activities, which have mostly been considered aggregated events. A visual analytics system called ViSeq is introduced to resolve the loss of sequential information, to visualize the learning sequence of different learner groups, and to help better understand the reasons behind the learning behaviors. The system facilitates users in exploring learning sequences from multiple levels of granularity. ViSeq incorporates four linked views: the projection view to identify learner groups, the pattern view to exhibit overall sequential patterns within a selected group, the sequence view to illustrate the transitions between consecutive events, and the individual view with an augmented sequence chain to compare selected personal learning sequences. Case studies and expert interviews were conducted to evaluate the system.

Quantitative Investment, built on the solid foundation of robust financial theories, is at the center stage in investment industry today. The essence of quantitative investment is the multi-factor model, which explains the relationship between the risk and return of equities. However, the multi-factor model generates enormous quantities of factor data, through which even experienced portfolio managers find it difficult to navigate. This has led to portfolio analysis and factor research being limited by a lack of intuitive visual analytics tools. Previous portfolio visualization systems have mainly focused on the relationship between the portfolio return and stock holdings, which is insufficient for making actionable insights or understanding market trends. In this paper, we present s Portfolio, which, to the best of our knowledge, is the first visualization that attempts to explore the factor investment area. In particular, sPortfolio provides a holistic overview of the factor data and aims to facilitate the analysis at three different levels: a Risk-Factor level, for a general market situation analysis; a Multiple-Portfolio level, for understanding the portfolio strategies; and a Single-Portfolio level, for investigating detailed operations. The system's effectiveness and usability are demonstrated through three case studies. The system has passed its pilot study and is soon to be deployed in industry.

The emerging prosperity of cryptocurrencies, such as Bitcoin, has come into the spotlight during the past few years. Cryptocurrency exchanges, which act as the gateway to this world, now play a dominant role in the circulation of Bitcoin. Thus, delving into the analysis of the transaction patterns of exchanges can shed light on the evolution and trends in the Bitcoin market, and participants can gain hints for identifying credible exchanges as well. Not only Bitcoin practitioners but also researchers in the financial domains are interested in the business intelligence behind the curtain. However, the task of multiple exchanges exploration and comparisons has been limited owing to the lack of efficient tools. Previous methods of visualizing Bitcoin data have mainly concentrated on tracking suspicious transaction logs, but it is cumbersome to analyze exchanges and their relationships with existing tools and methods. In this paper, we present BitExTract, an interactive visual analytics system, which, to the best of our knowledge, is the first attempt to explore the evolutionary transaction patterns of Bitcoin exchanges from two perspectives, namely, exchange versus exchange and exchange versus client. In particular, BitExTract summarizes the evolution of the Bitcoin market by observing the transactions between exchanges over time via a massive sequence view. A node-link diagram with ego-centered views depicts the trading network of exchanges and their temporal transaction distribution. Moreover, BitExTract embeds multiple parallel bars on a timeline to examine and compare the evolution patterns of transactions between different exchanges. Three case studies with novel insights demonstrate the effectiveness and usability of our system.