Anomaly detection in dynamic graphs is a critical area of research that focuses on identifying abnormal components within evolving graph structures that deviate significantly from typical patterns. Despite advancements in traditional temporal pattern mining and deep learning techniques, a comprehensive benchmarking framework for Dynamic Graph Anomaly Detection (DyGAD) has been lacking. To address this gap, we introduce BAG, the first comprehensive benchmark specifically designed for anomaly detection on dynamic graphs. BAG enables extensive evaluation of 25 leading DyGAD models, covering both classical approaches and advanced Dynamic Graph Neural Networks (DGNNs), across 10 diverse real-world datasets that include both synthetic and naturally occurring anomalies. The framework supports evaluations at both the edge and node levels, offering a robust tool to advance DyGAD research. Our main finding is that Continuous-time Dynamic Graph (CTDG) models demonstrate superior performance and potential in detecting anomalies in dynamic graph edges, compared to Discrete-time Dynamic Graph (DTDG) models. Furthermore, the results reveal that existing methods are less effective at detecting organic anomalies, primarily due to the presence of temporal anomalies and highly imbalanced samples. The proposed BAG benchmark significantly enhances the evaluation of DyGAD methods by improving dataset selection, metric application, and model training. Moreover, BAG supports reproducibility and further exploration in this field by integrating all models, datasets, and evaluation protocols into an open-source repository.

While stock prediction task traditionally relies on volume-price and fundamental data to predict the return ratio or price movement trend, sentiment factors derived from social media platforms such as StockTwits offer a complementary and useful source of real-time market information. However, we find that most social media posts, along with the public sentiment they reflect, provide limited value for trading predictions due to their noisy nature. To tackle this, we propose a novel dynamic expert tracing algorithm that filters out non-informative posts and identifies both true and inverse experts whose consistent predictions can serve as valuable trading signals. Our approach achieves significant improvements over existing expert identification methods in stock trend prediction. However, when using binary expert predictions to predict the return ratio, similar to all other expert identification methods, our approach faces a common challenge of signal sparsity with expert signals cover only about 4% of all stock-day combinations in our dataset. To address this challenge, we propose a dual graph attention neural network that effectively propagates expert signals across related stocks, enabling accurate prediction of return ratios and significantly increasing signal coverage. Empirical results show that our propagated expert-based signals not only exhibit strong predictive power independently but also work synergistically with traditional financial features. These combined signals significantly outperform representative baseline models in all quant-related metrics including predictive accuracy, return metrics, and correlation metrics, resulting in more robust investment strategies. We hope this work inspires further research into leveraging social media data for enhancing quantitative investment strategies. The code can be seen inhttps://github.com/wanyunzh/DualGAT.

Inductive knowledge graph completion (KGC) aims to predict missing triples with unseen entities. Recent works focus on modeling reasoning paths between the head and tail entity as direct supporting evidence. However, these methods depend heavily on the existence and quality of reasoning paths, which limits their general applicability in different scenarios. In addition, we observe that latent type constraints and neighboring facts inherent in KGs are also vital in inferring missing triples. To effectively utilize all useful information in KGs, we introduce CATS, a novel context-aware inductive KGC solution. With sufficient guidance from proper prompts and supervised fine-tuning, CATS activates the strong semantic understanding and reasoning capabilities of large language models to assess the existence of query triples, which consist of two modules. First, the type-aware reasoning module evaluates whether the candidate entity matches the latent entity type as required by the query relation. Then, the subgraph reasoning module selects relevant reasoning paths and neighboring facts, and evaluates their correlation to the query triple. Experiment results on three widely used datasets demonstrate that CATS significantly outperforms state-of-the-art methods in 16 out of 18 transductive, inductive, and few-shot settings with an average absolute MRR improvement of 7.2%.

Retrieval-augmented generation (RAG) has improved large language models (LLMs) by using knowledge retrieval to overcome knowledge deficiencies. However, current RAG methods often fall short of ensuring the depth and completeness of retrieved information, which is necessary for complex reasoning tasks. In this work, we introduce Think-on-Graph 2.0 (ToG-2), a hybrid RAG framework that iteratively retrieves information from both unstructured and structured knowledge sources in a tight-coupling manner. Specifically, ToG-2 leverages knowledge graphs (KGs) to link documents via entities, facilitating deep and knowledge-guided context retrieval. Simultaneously, it utilizes documents as entity contexts to achieve precise and efficient graph retrieval. ToG-2 alternates between graph retrieval and context retrieval to search for in-depth clues relevant to the question, enabling LLMs to generate answers. We conduct a series of well-designed experiments to highlight the following advantages of ToG-2: 1) ToG-2 tightly couples the processes of context retrieval and graph retrieval, deepening context retrieval via the KG while enabling reliable graph retrieval based on contexts; 2) it achieves deep and faithful reasoning in LLMs through an iterative knowledge retrieval process of collaboration between contexts and the KG; and 3) ToG-2 is training-free and plug-and-play compatible with various LLMs. Extensive experiments demonstrate that ToG-2 achieves overall state-of-the-art (SOTA) performance on 6 out of 7 knowledge-intensive datasets with GPT-3.5, and can elevate the performance of smaller models (e.g., LLAMA-2-13B) to the level of GPT-3.5’s direct reasoning. The source code is available on https://anonymous.4open.science/r/ToG2.

Muzhi Li, Cehao Yang, Chengjin Xu, Xuhui Jiang, Yiyan Qi, Jian Guo, Ho-fung Leung, Irwin King. Proceedings of the 2025 Conference of the Nations of the Americas Chapter of the Association for Computational Linguistics: Human Language Technologies (Volume 1: Long Papers). 2025.

Natural Language to SQL (NL2SQL) enables intuitive interactions with databases by transforming natural language queries into structured SQL statements. Despite recent advancements in enhancing human-computer interaction within database applications, significant challenges persist, particularly regarding the inference performance in complex scenarios involving multi-table joins and nested queries. Current methodologies primarily utilize supervised fine-tuning (SFT) to train the NL2SQL model, which may limit adaptability and interpretability in new environments (e.g., finance and healthcare). In order to enhance the reasoning performance of the NL2SQL model in the above complex situations, we introduce SQL-R1, a novel NL2SQL reasoning model trained by the reinforcement learning (RL) algorithms. We design a specialized RL-based reward function tailored for NL2SQL tasks and discussed the impact of cold start and synthetic data on the effectiveness of intensive training. In addition, we achieve competitive accuracy using only a tiny amount of synthetic NL2SQL data for augmented training and further explore data engineering for RL. In existing experiments, SQL-R1 achieves execution accuracy of 88.6\% and 67.1\% on the benchmark Spider and BIRD, respectively. The code is available at https://github.com/IDEA-FinAI/SQL-R1.

Abstract Traditional quantitative investment research is encountering diminishing returns alongside rising labor and time costs. To overcome these challenges, we introduce the large investment model (LIM), a novel research paradigm designed to enhance both performance and efficiency at scale. LIM employs end-to-end learning and universal modeling to create an upstream foundation model, which is capable of autonomously learning comprehensive signal patterns from diverse financial data spanning multiple exchanges, instruments, and frequencies. These “global patterns” are subsequently transferred to downstream strategy modeling, optimizing performance for specific tasks. We detail the system architecture design of LIM, address the technical challenges inherent in this approach, and outline potential directions for future research.

The field of artificial intelligence (AI) in quantitative investment has seen significant advancements, yet it lacks a standardized benchmark aligned with industry practices. This gap hinders research progress and limits the practical application of academic innovations. We present QuantBench, an industrial-grade benchmark platform designed to address this critical need. QuantBench offers three key strengths: (1) standardization that aligns with quantitative investment industry practices; (2) flexibility to integrate various AI algorithms; (3) full-pipeline coverage of the entire quantitative investment process. Our empirical studies using QuantBench reveal some critical research directions, including the need for continual learning to address distribution shifts, improved methods for modeling relational financial data, and more robust approaches to mitigate overfitting in low signal-to-noise environments. By providing a common ground for evaluation and fostering collaboration between researchers and practitioners, QuantBench aims to accelerate progress in AI for quantitative investment, similar to the impact of benchmark platforms in computer vision and natural language processing. The code is open-sourced on GitHub at https://github.com/SaizhuoWang/quantbench .

Xuhui Jiang, Yinghan Shen, Zhichao Shi, Chengjin Xu, Wei Li, Zixuan Li, Jian Guo, Huawei Shen, Yuanzhuo Wang. Proceedings of the 62nd Annual Meeting of the Association for Computational Linguistics (Volume 1: Long Papers). 2024.

Long-form numerical reasoning aims to generate a reasoning program to calculate the answer for a given question. Previous work followed a retriever-generator framework, where the retriever selects key facts from a long-form document, and the generator generates a reasoning program based on the retrieved facts. However, they treated all facts equally without considering the different contributions of facts with and without numerical information. Furthermore, they ignored program consistency, leading to the wrong punishment of programs that differed from the ground truth. In order to address these issues, we proposed APOLLO (An optimized training aPproach fOr Long-form numericaL reasOning), to improve long-form numerical reasoning. APOLLO includes a number-aware negative sampling strategy for the retriever to discriminate key numerical facts, and a consistency-based reinforcement learning with target program augmentation for the generator to ultimately increase the execution accuracy. Experimental results on the FinQA and ConvFinQA leaderboards verify the effectiveness of our proposed methods, achieving the new state-of-the-art.

In recent years, multilingual pre-trained language models (mPLMs) have achieved significant progress in cross-lingual dense retrieval. However, most mPLMs neglect the importance of knowledge. Knowledge always conveys similar semantic concepts in a language-agnostic manner, while query-passage pairs in cross-lingual retrieval also share common factual information. Motivated by this observation, we introduce KEPT, a novel mPLM that effectively leverages knowledge to learn language-agnostic semantic representations. To achieve this, we construct a multilingual knowledge base using hyperlinks and cross-language page alignment data annotated by Wiki. From this knowledge base, we mine intra- and cross-language pairs by extracting symmetrically linked segments and multilingual entity descriptions. Subsequently, we adopt contrastive learning with the mined pairs to pre-train KEPT. We evaluate KEPT on three widely-used benchmarks, considering both zero-shot cross-lingual transfer and supervised multilingual fine-tuning scenarios. Extensive experimental results demonstrate that KEPT achieves strong multilingual and cross-lingual retrieval performance with significant improvements over existing mPLMs.

Although large language models (LLMs) have achieved significant success in various tasks, they often struggle with hallucination problems, especially in scenarios requiring deep and responsible reasoning. These issues could be partially addressed by introducing external knowledge graphs (KG) in LLM reasoning. In this paper, we propose a new LLM-KG integrating paradigm ``$\hbox{LLM}\otimes\hbox{KG}$'' which treats the LLM as an agent to interactively explore related entities and relations on KGs and perform reasoning based on the retrieved knowledge. We further implement this paradigm by introducing a new approach called Think-on-Graph (ToG), in which the LLM agent iteratively executes beam search on KG, discovers the most promising reasoning paths, and returns the most likely reasoning results. We use a number of well-designed experiments to examine and illustrate the following advantages of ToG: 1) compared with LLMs, ToG has better deep reasoning power; 2) ToG has the ability of knowledge traceability and knowledge correctability by leveraging LLMs reasoning and expert feedback; 3) ToG provides a flexible plug-and-play framework for different LLMs, KGs and prompting strategies without any additional training cost; 4) the performance of ToG with small LLM models could exceed large LLM such as GPT-4 in certain scenarios and this reduces the cost of LLM deployment and application. As a training-free method with lower computational cost and better generality, ToG achieves overall SOTA in 6 out of 9 datasets where most previous SOTAs rely on additional training.

Continuous-Time Dynamic Graph (CTDG) precisely models evolving real-world relationships, drawing heightened interest in dynamic graph learning across academia and industry. However, existing CTDG models encounter challenges stemming from noise and limited historical data. Graph Data Augmentation (GDA) emerges as a critical solution, yet current approaches primarily focus on static graphs and struggle to effectively address the dynamics inherent in CTDGs. Moreover, these methods often demand substantial domain expertise for parameter tuning and lack theoretical guarantees for augmentation efficacy. To address these issues, we propose Conda, a novel latent diffusion-based GDA method tailored for CTDGs. Conda features a sandwich-like architecture, incorporating a Variational Auto-Encoder (VAE) and a conditional diffusion model, aimed at generating enhanced historical neighbor embeddings for target nodes. Unlike conventional diffusion models trained on entire graphs via pre-training, Conda requires historical neighbor sequence embeddings of target nodes for training, thus facilitating more targeted augmentation. We integrate Conda into the CTDG model and adopt an alternating training strategy to optimize performance. Extensive experimentation across six widely used real-world datasets showcases the consistent performance improvement of our approach, particularly in scenarios with limited historical data.

Yi Luo, Zhenghao Lin, YuHao Zhang, Jiashuo Sun, Chen Lin, Chengjin Xu, Xiangdong Su, Yelong Shen, Jian Guo, Yeyun Gong. Proceedings of the 2024 Conference of the North American Chapter of the Association for Computational Linguistics: Human Language Technologies (Volume 1: Long Papers). 2024.

The flourishing of knowledge graph (KG) applications has driven the need for entity alignment (EA) across KGs. However, the heterogeneity of practical KGs, characterized by differing scales, structures, and limited overlapping entities, greatly surpasses that of existing EA datasets. This discrepancy highlights an oversimplified heterogeneity in current EA datasets, which obstructs the exploration of the EA application. In this paper, we study the performance of EA methods on the alignment of highly heterogeneous KGs (HHKGs). Firstly, we address the oversimplified heterogeneity settings of current datasets and propose two new HHKG datasets that closely mimic practical EA scenarios. Then, based on these datasets, we conduct extensive experiments to evaluate previous representative EA methods. Our findings reveal that, in aligning HHKGs, valuable structure information can hardly be exploited, which leads to inferior performance of existing EA methods, especially those based on GNNs. These findings shed light on the potential problems associated with the conventional application of GNN-based methods as a panacea for all EA datasets. Consequently, to elucidate what EA methodology is genuinely beneficial in practical scenarios, we undertake an in-depth analysis by implementing a simple but effective approach: Simple-HHEA. Our experiment results conclude that the key to the future EA model design in practice lies in their adaptability and efficiency to varying information quality conditions, as well as their capability to capture patterns across HHKGs. The datasets and source code are available at https://github.com/IDEA-FinAI/Simple-HHEA.

Quantitative investment (abbreviated as “quant” in this paper) is an interdisciplinary field combining financial engineering, computer science, mathematics, statistics, etc. Quant has become one of the mainstream investment methodologies over the past decades, and has experienced three generations: quant 1.0, trading by mathematical modeling to discover mis-priced assets in markets; quant 2.0, shifting the quant research pipeline from small “strategy workshops” to large “alpha factories”; quant 3.0, applying deep learning techniques to discover complex nonlinear pricing rules. Despite its advantage in prediction, deep learning relies on extremely large data volume and labor-intensive tuning of “black-box” neural network models. To address these limitations, in this paper, we introduce quant 4.0 and provide an engineering perspective for next-generation quant. Quant 4.0 has three key differentiating components. First, automated artificial intelligence (AI) changes the quant pipeline from traditional hand-crafted modeling to state-of-the-art automated modeling and employs the philosophy of “algorithm produces algorithm, model builds model, and eventually AI creates AI.” Second, explainable AI develops new techniques to better understand and interpret investment decisions made by machine learning black boxes, and explains complicated and hidden risk exposures. Third, knowledge-driven AI supplements data-driven AI such as deep learning and incorporates prior knowledge into modeling to improve investment decisions, in particular for quantitative value investing. Putting all these together, we discuss how to build a system that practices the quant 4.0 concept. We also discuss the application of large language models in quantitative finance. Finally, we propose 10 challenging research problems for quant technology, and discuss potential solutions, research directions, and future trends.

We present in this paper a novel denoising training method to speed up DETR (DEtection TRansformer) training and offer a deepened understanding of the slow convergence issue of DETR-like methods. We show that the slow convergence results from the instability of bipartite graph matching which causes inconsistent optimization goals in early training stages. To address this issue, except for the Hungarian loss, our method additionally feeds GT bounding boxes with noises into the Transformer decoder and trains the model to reconstruct the original boxes, which effectively reduces the bipartite graph matching difficulty and leads to faster convergence. Our method is universal and can be easily plugged into any DETR-like method by adding dozens of lines of code to achieve a remarkable improvement. As a result, our DN-DETR results in a remarkable improvement ( +1.9AP) under the same setting and achieves 46.0 AP and 49.5 AP trained for 12 and 50 epochs with the ResNet-50 backbone. Compared with the baseline under the same setting, DN-DETR achieves comparable performance with 50% training epochs. We also demonstrate the effectiveness of denoising training in CNN-based detectors (Faster R-CNN), segmentation models (Mask2Former, Mask DINO), and more DETR-based models (DETR, Anchor DETR, Deformable DETR).

Diffusion models have gained significant attention in the realm of image generation due to their exceptional performance. Their success has been recently expanded to text generation via generating all tokens within a sequence concurrently. However, natural language exhibits a far more pronounced sequential dependency in comparison to images, and the majority of existing language models are trained with a left-to-right auto-regressive approach. To account for the inherent sequential characteristic of natural language, we introduce Auto-Regressive Diffusion (AR-Diffusion). AR-Diffusion ensures that the generation of tokens on the right depends on the generated ones on the left, a mechanism achieved through employing a dynamic number of denoising steps that vary based on token position. This results in tokens on the left undergoing fewer denoising steps than those on the right, thereby enabling them to generate earlier and subsequently influence the generation of tokens on the right. In a series of experiments on various text generation tasks, including text summarization, machine translation, and common sense generation, AR-Diffusion clearly demonstrated its superiority over existing diffusion language models and that it can be $100\times\sim600\times$ faster when achieving comparable results. Our code is available at https://github.com/microsoft/ProphetNet/tree/master/AR-diffusion.

We present in this paper a novel denoising training method to speedup DETR (DEtection TRansformer) training and offer a deepened understanding of the slow convergence issue of DETR-like methods. We show that the slow convergence results from the instability of bipartite graph matching which causes inconsistent optimization goals in early training stages. To address this issue, except for the Hungarian loss, our method additionally feeds ground-truth bounding boxes with noises into Transformer decoder and trains the model to reconstruct the original boxes, which effectively reduces the bipartite graph matching difficulty and leads to a faster convergence. Our method is universal and can be easily plugged into any DETR-like methods by adding dozens of lines of code to achieve a remarkable improvement. As a result, our DN-DETR results in a remarkable improvement (+1.9AP) under the same setting and achieves the best result (AP 43.4 and 48.6 with 12 and 50 epochs of training respectively) among DETR-like methods with ResNet-50 backbone. Compared with the baseline under the same setting, DN-DETR achieves comparable performance with 50% training epochs. Code is available at https://github.com/FengLi-ust/DN-DETR.

Most existing pre-trained language representation models (PLMs) are sub-optimal in sentiment analysis tasks, as they capture the sentiment information from word-level while underconsidering sentence-level information.In this paper, we propose SentiWSP, a novel Sentiment-aware pre-trained language model with combined Word-level and Sentence-level Pre-training tasks.The word level pre-training task detects replaced sentiment words, via a generator-discriminator framework, to enhance the PLM's knowledge about sentiment words.The sentence level pre-training task further strengthens the discriminator via a contrastive learning framework, with similar sentences as negative samples, to encode sentiments in a sentence.Extensive experimental results show that SentiWSP achieves new state-of-the-art performance on various sentence-level and aspectlevel sentiment classification benchmarks.We have made our code and model publicly available at https://github.com/XMUDM/SentiWSP.