China

Machine learning and artificial intelligence have been used widely within quantitative finance. However there is a scarcity of AI frameworks capable of autonomously performing complex tasks and quantitative analysis on structured data. This paper introduces a novel Multi-Agent framework tailored for such tasks which are routinely performed by portfolio managers and researchers within the asset management industry. Our framework facilitates mathematical modeling and data analytics by dynamically generating executable code. The framework&#39;s innovative multi-agent architecture includes specialized components and agents for reflection, summarization, and financial expertise which coordinate to enhance problem solving abilities. We present a comprehensive empirical evaluation on portfolio management-specific tasks, addressing a critical gap in current research. Our findings reveal that the proposed Multi-Agent framework vastly outperforms Single-Agent frameworks, demonstrating its practical utility across various task categories. By using dynamic code generation with the agent&#39;s multi-step reasoning capabilities, we broaden the range of tasks that can be successfully addressed.

EMNLP 2025

A Multi-Agent Framework for Quantitative Finance : An Application to Portfolio Management Analytics

quantitative finance

ai agents

llms

data analytics

portfolio management

multi-agent

code generation

We are pleased to announce the Fortieth AAAI Conference on Artificial Intelligence (AAAI-26), which will be held in Singapore EXPO from January 20 to January 27, 2026.

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AAAI 2026

We are pleased to announce the Fortieth AAAI Conference on Artificial Intelligence (AAAI-26), which will be held in Singapore EXPO from January 20 to January 27, 2026.

Machine learning and artificial intelligence have been used widely within quantitative finance. However there is a scarcity of AI frameworks capable of autonomously performing complex tasks and quantitative analysis on structured data. This paper introduces a novel Multi-Agent framework tailored for such tasks which are routinely performed by portfolio managers and researchers within the asset management industry. Our framework facilitates mathematical modeling and data analytics by dynamically generating executable code. The framework's innovative multi-agent architecture includes specialized components and agents for reflection, summarization, and financial expertise which coordinate to enhance problem solving abilities. We present a comprehensive empirical evaluation on portfolio management-specific tasks, addressing a critical gap in current research. Our findings reveal that the proposed Multi-Agent framework vastly outperforms Single-Agent frameworks, demonstrating its practical utility across various task categories. By using dynamic code generation with the agent's multi-step reasoning capabilities, we broaden the range of tasks that can be successfully addressed.

technical paper

## Welcome!
"I am excited to welcome you to this year’s edition of the Conference on Empirical Methods in Natural Language Processing! Importantly, it marks the 30th edition of EMNLP. With over 8,000 submissions, more than 3,000 accepted papers, and thousands of attendees, we have come a long way from that first
workshop, which had 14 accepted papers. As the field looks ahead, Suzhou is the fitting location for celebrating this milestone: rooted in a long literary tradition, yet modern and forward-looking, and home to a large share of the NLP community." 

*Message from the General Chair, Dirk Hovy*

Celebrate 30 Years of EMNLP! 
EMNLP 2025 will be held in Suzhou, China from November 5th to November 9th, 2025.

Multimodal large language models (MLLMs) demonstrate excellent abilities for understanding visual information, while the hallucination remains. Albeit image tokens constitute the majority of the MLLMs input, the relation between image tokens and hallucinations is still unexplored. In this paper, we analyze the attention score distribution of image tokens across layers and attention heads in models, revealing an intriguing but common phenomenon: most hallucinations are closely linked to the attention sink patterns of image tokens attention matrix, where shallow layers exhibit dense sinks and deep layers exhibit the sparse. We further explore the attention heads of different layers, finding: heads with high-density attention sink of the image part act positively in mitigating hallucinations. Inspired by these findings, we propose a training-free approach called Enhancing Vision Attention Sinks (EVAS) to facilitate the convergence of the image token attention sink within shallow layers. Specifically, EVAS identifies the attention heads that emerge as the densest visual sink in shallow layers and extracts its attention matrix, which is then broadcast to other heads of the same layer, thereby strengthing the layer's focus on the image itself. Extensive empirical results of various MLLMs illustrate the superior performance of the proposed EVAS, demonstrating its effectiveness and generality.

Shallow Focus, Deep Fixes: Enhancing Shallow Layers Vision Attention Sinks to Alleviate Hallucination in LVLMs

Mechanistic interpretability of large language models (LLMs) aims to uncover the internal processes of information propagation and reasoning. Sparse autoencoders (SAEs) have demonstrated promise in this domain by extracting interpretable and monosemantic features. However, prior works primarily focus on feature extraction from a single layer, failing to effectively capture activations that span multiple layers. In this paper, we introduce Route Sparse Autoencoder (RouteSAE), a new framework that integrates a routing mechanism with a shared SAE to efficiently extract features from multiple layers. It dynamically assigns weights to activations from different layers, incurring minimal parameter overhead while achieving high interpretability and flexibility for targeted feature manipulation. We evaluate RouteSAE through extensive experiments on Llama-3.2-1B-Instruct. Specifically, under the same sparsity constraint of 64, RouteSAE extracts 22.5% more features than baseline SAEs while achieving a 22.3% higher interpretability score. These results underscore the potential of RouteSAE as a scalable and effective method for LLM interpretability, with applications in feature discovery and model intervention. Our codes are available at \url{https://anonymous.4open.science/r/RouteSAE-E29F/}.

Route Sparse Autoencoder to Interpret Large Language Models

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

From Unaligned to Aligned: Scaling Multilingual LLMs with Multi-Way Parallel Corpora

Understanding user intents from UI interaction trajectories remains a challenging, yet crucial, frontier in intelligent agent development. While massive, datacenter-based, multi-modal large language models (MLLMs) possess greater capacity to handle the complexities of such sequences, smaller models which can run on-device to provide a privacy-preserving, low-cost, and low-latency user experience, struggle with accurate intent inference. We address these limitations by introducing a novel decomposed approach: first, we perform structured interaction summarization, capturing key information from each user action. Second, we perform intent extraction using a fine-tuned model operating on the aggregated summaries. This method improves intent understanding in resource-constrained models, even surpassing the base performance of large MLLMs.

Small Models, Big Results: Achieving Superior Intent Extraction through Decomposition

In-context learning (ICL) performance is highly sensitive to prompt design, yet the impact of class label options (e.g. lexicon or order) in zero-shot classification remains underexplored. This study proposes LOADS (Label set Optimization via Activation Distribution kurtosiS), a post-hoc method for selecting optimal label sets in zero-shot ICL with large language models (LLMs). LOADS is built upon the observations in our empirical analysis, the first to systematically examine how label option design (i.e., lexical choice, order, and elaboration) impacts classification performance. This analysis shows that the lexical choice of the labels in the prompt (such as agree vs. support in stance classification) plays an important role in both model performance and model's sensitivity to the label order. A further investigation demonstrates that optimal label words tend to activate fewer outlier neurons in LLMs' feed-forward networks. LOADS then leverages kurtosis to measure the neuron activation distribution for label selection, requiring only a single forward pass without gradient propagation or labelled data. The LOADS-selected label words consistently demonstrate effectiveness for zero-shot ICL across classification tasks, datasets, models and languages, achieving maximum performance gain from 0.54 to 0.76 compared to the conventional approach of using original dataset label words.

Label Set Optimization via Activation Distribution Kurtosis for Zero-Shot Classification with Generative Models

Structured representation of product information is a major bottleneck for the efficiency of e-commerce platforms, especially in second-hand ecommerce platforms. Currently, most product information are organized based on manually curated product categories and attributes, which often fail to adequately cover long-tail products and do not align well with buyer preference. To address these problems, we propose \textbf{G}enerative \textbf{S}emantic \textbf{I}n\textbf{D}exings (GSID), a data-driven approach to generate product structured representations. GSID consists of two key components: (1) Pre-training on unstructured product metadata to learn in-domain semantic embeddings, and (2) Generating more effective semantic codes tailored for downstream product-centric applications. Extensive experiments are conducted to validate the effectiveness of GSID, and it has been successfully deployed on the real-world e-commerce platform, achieving promising results on product understanding and other downstream tasks.

GSID: Generative Semantic Indexing for E-Commerce Product Understanding

In decision making, generating alternative solutions is crucial for solving a problem. However, cognitive biases can impede this process by constraining individual decision makers' creativity. To address this issue, we introduce a new task for automatically generating alternatives, inspired by the process of human "brainstorming". We define alternative options based on atomic action components and present a dataset of 106 annotated Reddit r/Advice posts containing unique alternative options extracted from users' replies. We also introduce new metrics to assess the quality of generated components, including distinctiveness, creativity, upvote-weighted, crowd intersection, and final commit intersection scores. As a baseline, we evaluated the large language models (LLMs) LLaMa3:8b, LLaMa3.1:8b, and Gemma 2:9b on the alternative component generation task. On the one hand, models demonstrated high creativity (ability to generate options beyond what Reddit users suggested) and performed well at proposing distinct alternatives. A subset of generated components was manually evaluated and found overall useful. This indicates that LLMs might be used to extend lists of alternative options, helping decision makers consider a problem from different perspectives. On the other hand, LLMs' outputs often failed to align with human suggestions, implying that they still tend to miss important components.

Automating Alternative Generation in Decision-Making

Language models (LMs) have exhibited impressive abilities in generating code from natural language requirements. In this work, we highlight the diversity of code generated by LMs as a critical criterion for evaluating their code generation capabilities. There is a lack of studies focused on assessing the diversity of generated code, which overlooks its importance in code LMs. Therefore, we propose a systematic approach to evaluate code diversity, introducing various metrics with inter-code similarity. Specifically, we introduce code clustering methods that leverages LMs' capabilities in code understanding and reasoning, resulting in a set of metrics that represent the number of algorithms in model-generated solutions. We extensively investigate the property of model-generated solutions by contrasting them with human-written ones and quantifying the impact of various factors on code diversity: model size, temperature, instruction tuning, and problem complexity. Our analysis demonstrates that model-generated solutions exhibit low algorithmic diversity, which was neglected by the research community. Moreover, we explore methods to increase code diversity by combining solutions from different models and increasing sampling temperatures. Our findings highlight that code diversity can be enhanced with the help of heterogeneous models and setting temperature beyond 1.0 that has not been fully explored due to the functional correctness degradation. To facilitate our research direction, we publicly share our code and datasets through open-source repositories.

How Diversely Can Language Models Solve Problems? Exploring the Algorithmic Diversity of Model-Generated Code

Large language models (LLMs) achieve remarkable advancements by leveraging tools to interact with environments, a critical step toward generalized AI. However, the standard supervised fine-tuning (SFT) approach, which relies on large-scale datasets, often overlooks task-specific characteristics in tool use, leading to performance bottlenecks. To address this issue, we analyze three existing LLMs and uncover key insights: training data can inadvertently impede tool-use behavior, token importance is distributed unevenly, and errors in tool calls fall into a small set of categories. Building on these findings, we propose \textit{TL-Training}, a task-feature-based framework that mitigates the effects of suboptimal training data, dynamically adjusts token weights to prioritize key tokens during SFT, and incorporates a robust reward mechanism tailored to error categories, optimized through proximal policy optimization. We validate TL-Training by training CodeLLaMA-2-7B and evaluating it on four open-source test sets. Our results demonstrate that the LLM trained by our method matches or surpasses both open- and closed-source LLMs in tool-use performance using only 1,217 training data points. Additionally, our method enhances robustness in noisy environments and improves general task performance, offering a scalable and efficient paradigm for tool-use training in LLMs.

TL-Training: A Task-Feature-Based Framework for Training Large Language Models in Tool Use

Intelligent cockpit systems represent a unique challenge for API Agents due to their interconnected, state-dependent subsystems that exceed the complexity of typical task environments. Traditional function calling approaches operate statelessly, requiring multiple exploratory calls to build environmental awareness before execution, leading to inefficiency and limited error recovery. We introduce VehicleWorld, the first comprehensive environment for the automotive domain that provides real-time state information during agent execution and enables precise evaluation of vehicle agent behaviors. Based on VehicleWorld, we construct a series of challenging scenarios and problems to benchmark agent performance. Through our analysis, we observe that directly predicting environment states is more effective than predicting function calls to change the environment. Building on this insight, we propose State-based Function Calling (SFC), which explicitly maintains system state awareness and implements direct state transitions to achieve target conditions. Our experimental results demonstrate that SFC serves as a strong baseline that significantly outperforms traditional function calling approaches across multiple metrics, including execution accuracy and latency reduction. By providing comprehensive state information, SFC enables models to better interpret user intentions while substantially reducing erroneous and redundant calls, advancing more reliable agent-vehicle interactions in intelligent cockpit environment.

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Shallow Focus, Deep Fixes: Enhancing Shallow Layers Vision Attention Sinks to Alleviate Hallucination in LVLMs

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A Multi-Agent Framework for Portfolio Management Analytics in Quantitative Finance