Daily Papers

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.

The complexity and interconnectivity of entities involved in money laundering demand investigative reasoning over graph-structured data. This paper explores the use of large language models (LLMs) as reasoning engines over localized subgraphs extracted from a financial knowledge graph. We propose a lightweight pipeline that retrieves k-hop neighborhoods around entities of interest, serializes them into structured text, and prompts an LLM via few-shot in-context learning to assess suspiciousness and generate justifications. Using synthetic anti-money laundering (AML) scenarios that reflect common laundering behaviors, we show that LLMs can emulate analyst-style logic, highlight red flags, and provide coherent explanations. While this study is exploratory, it illustrates the potential of LLM-based graph reasoning in AML and lays groundwork for explainable, language-driven financial crime analytics.

Event extraction is a classic task in natural language processing with wide use in handling large amount of yet rapidly growing financial, legal, medical, and government documents which often contain multiple events with their elements scattered and mixed across the documents, making the problem much more difficult. Though the underlying relations between event elements to be extracted provide helpful contextual information, they are somehow overlooked in prior studies. We showcase the enhancement to this task brought by utilizing the knowledge graph that captures entity relations and their attributes. We propose a first event extraction framework that embeds a knowledge graph through a Graph Neural Network and integrates the embedding with regular features, all at document-level. Specifically, for extracting events from Chinese financial announcements, our method outperforms the state-of-the-art method by 5.3% in F1-score.

Dynamic knowledge graphs (DKGs) are popular structures to express different types of connections between objects over time. They can also serve as an efficient mathematical tool to represent information extracted from complex unstructured data sources, such as text or images. Within financial applications, DKGs could be used to detect trends for strategic thematic investing, based on information obtained from financial news articles. In this work, we explore the properties of large language models (LLMs) as dynamic knowledge graph generators, proposing a novel open-source fine-tuned LLM for this purpose, called the Integrated Contextual Knowledge Graph Generator (ICKG). We use ICKG to produce a novel open-source DKG from a corpus of financial news articles, called FinDKG, and we propose an attention-based GNN architecture for analysing it, called KGTransformer. We test the performance of the proposed model on benchmark datasets and FinDKG, demonstrating superior performance on link prediction tasks. Additionally, we evaluate the performance of the KGTransformer on FinDKG for thematic investing, showing it can outperform existing thematic ETFs.

Multi-hop reasoning over financial disclosures is often a retrieval problem before it becomes a reasoning or generation problem: relevant facts are dispersed across sections, filings, companies, and years, and LLMs often expend excessive tokens navigating noisy context. Without precise Knowledge Graph (KG)-guided selection of relevant context, even strong reasoning models either fail to answer or consume excessive tokens, whereas KG-linked evidence enables models to focus their reasoning on composing already retrieved facts. We present FinReflectKG - MultiHop, a benchmark built on FinReflectKG, a temporally indexed financial KG that links audited triples to source chunks from S&P 100 filings (2022-2024). Mining frequent 2-3 hop subgraph patterns across sectors (via GICS taxonomy), we generate financial analyst style questions with exact supporting evidence from the KG. A two-phase pipeline first creates QA pairs via pattern-specific prompts, followed by a multi-criteria quality control evaluation to ensure QA validity. We then evaluate three controlled retrieval scenarios: (S1) precise KG-linked paths; (S2) text-only page windows centered on relevant text spans; and (S3) relevant page windows with randomizations and distractors. Across both reasoning and non-reasoning models, KG-guided precise retrieval yields substantial gains on the FinReflectKG - MultiHop QA benchmark dataset, boosting correctness scores by approximately 24 percent while reducing token utilization by approximately 84.5 percent compared to the page window setting, which reflects the traditional vector retrieval paradigm. Spanning intra-document, inter-year, and cross-company scopes, our work underscores the pivotal role of knowledge graphs in efficiently connecting evidence for multi-hop financial QA. We also release a curated subset of the benchmark (555 QA Pairs) to catalyze further research.

Extraction and interpretation of intricate information from unstructured text data arising in financial applications, such as earnings call transcripts, present substantial challenges to large language models (LLMs) even using the current best practices to use Retrieval Augmented Generation (RAG) (referred to as VectorRAG techniques which utilize vector databases for information retrieval) due to challenges such as domain specific terminology and complex formats of the documents. We introduce a novel approach based on a combination, called HybridRAG, of the Knowledge Graphs (KGs) based RAG techniques (called GraphRAG) and VectorRAG techniques to enhance question-answer (Q&A) systems for information extraction from financial documents that is shown to be capable of generating accurate and contextually relevant answers. Using experiments on a set of financial earning call transcripts documents which come in the form of Q&A format, and hence provide a natural set of pairs of ground-truth Q&As, we show that HybridRAG which retrieves context from both vector database and KG outperforms both traditional VectorRAG and GraphRAG individually when evaluated at both the retrieval and generation stages in terms of retrieval accuracy and answer generation. The proposed technique has applications beyond the financial domain

The increasing context length of modern language models has created a need for evaluating their ability to retrieve and process information across extensive documents. While existing benchmarks test long-context capabilities, they often lack a structured way to systematically vary question complexity. We introduce KG-QAGen (Knowledge-Graph-based Question-Answer Generation), a framework that (1) extracts QA pairs at multiple complexity levels (2) by leveraging structured representations of financial agreements (3) along three key dimensions -- multi-hop retrieval, set operations, and answer plurality -- enabling fine-grained assessment of model performance across controlled difficulty levels. Using this framework, we construct a dataset of 20,139 QA pairs (the largest number among the long-context benchmarks) and open-source a part of it. We evaluate 13 proprietary and open-source LLMs and observe that even the best-performing models are struggling with set-based comparisons and multi-hop logical inference. Our analysis reveals systematic failure modes tied to semantic misinterpretation and inability to handle implicit relations.

Besides entity-centric knowledge, usually organized as Knowledge Graph (KG), events are also an essential kind of knowledge in the world, which trigger the spring up of event-centric knowledge representation form like Event KG (EKG). It plays an increasingly important role in many downstream applications, such as search, question-answering, recommendation, financial quantitative investments, and text generation. This paper provides a comprehensive survey of EKG from history, ontology, instance, and application views. Specifically, to characterize EKG thoroughly, we focus on its history, definition, schema induction, acquisition, related representative graphs/systems, and applications. The development processes and trends are studied therein. We further summarize prospective directions to facilitate future research on EKG.

Structured memory representations such as knowledge graphs are central to autonomous agents and other long-lived systems. However, most existing approaches model time as discrete metadata, either sorting by recency (burying old-yet-permanent knowledge), simply overwriting outdated facts, or requiring an expensive LLM call at every ingestion step, leaving them unable to distinguish persistent facts from evolving ones. To address this, we introduce RoMem, a drop-in temporal knowledge graph module for structured memory systems, applicable to agentic memory and beyond. A pretrained Semantic Speed Gate maps each relation's text embedding to a volatility score, learning from data that evolving relations (e.g., "president of") should rotate fast while persistent ones (e.g., "born in") should remain stable. Combined with continuous phase rotation, this enables geometric shadowing: obsolete facts are rotated out of phase in complex vector space, so temporally correct facts naturally outrank contradictions without deletion. On temporal knowledge graph completion, RoMem achieves state-of-the-art results on ICEWS05-15 (72.6 MRR). Applied to agentic memory, it delivers 2-3x MRR and answer accuracy on temporal reasoning (MultiTQ), dominates hybrid benchmark (LoCoMo), preserves static memory with zero degradation (DMR-MSC), and generalises zero-shot to unseen financial domains (FinTMMBench).

We propose two new methods for multi-document financial question answering. First, a method that uses semantic tagging, and then, queries the index to get the context (RAG_SEM). And second, a Knowledge Graph (KG_RAG) based method that uses semantic tagging, and, retrieves knowledge graph triples from a graph database, as context. KG_RAG uses knowledge graphs constructed using a small model that is fine-tuned using knowledge distillation using a large teacher model. The data consists of 18 10K reports of Apple, Microsoft, Alphabet, NVIDIA, Amazon and Tesla for the years 2021, 2022 and 2023. The list of questions in the data consists of 111 complex questions including many esoteric questions that are difficult to answer and the answers are not completely obvious. As evaluation metrics, we use overall scores as well as segmented scores for measurement including the faithfulness, relevance, correctness, similarity, an LLM based overall score and the rouge scores as well as a similarity of embeddings. We find that both methods outperform plain RAG significantly. KG_RAG outperforms RAG_SEM in four out of nine metrics.

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.

Anti-money laundering (AML) regulations play a critical role in safeguarding financial systems, but bear high costs for institutions and drive financial exclusion for those on the socioeconomic and international margins. The advent of cryptocurrency has introduced an intriguing paradox: pseudonymity allows criminals to hide in plain sight, but open data gives more power to investigators and enables the crowdsourcing of forensic analysis. Meanwhile advances in learning algorithms show great promise for the AML toolkit. In this workshop tutorial, we motivate the opportunity to reconcile the cause of safety with that of financial inclusion. We contribute the Elliptic Data Set, a time series graph of over 200K Bitcoin transactions (nodes), 234K directed payment flows (edges), and 166 node features, including ones based on non-public data; to our knowledge, this is the largest labelled transaction data set publicly available in any cryptocurrency. We share results from a binary classification task predicting illicit transactions using variations of Logistic Regression (LR), Random Forest (RF), Multilayer Perceptrons (MLP), and Graph Convolutional Networks (GCN), with GCN being of special interest as an emergent new method for capturing relational information. The results show the superiority of Random Forest (RF), but also invite algorithmic work to combine the respective powers of RF and graph methods. Lastly, we consider visualization for analysis and explainability, which is difficult given the size and dynamism of real-world transaction graphs, and we offer a simple prototype capable of navigating the graph and observing model performance on illicit activity over time. With this tutorial and data set, we hope to a) invite feedback in support of our ongoing inquiry, and b) inspire others to work on this societally important challenge.

Credit exposure in Decentralized Finance (DeFi) is often implicit and token-mediated, creating a dense web of inter-protocol dependencies. Thus, a shock to one token may result in significant and uncontrolled contagion effects. As the DeFi ecosystem becomes increasingly linked with traditional financial infrastructure through instruments, such as stablecoins, the risk posed by this dynamic demands more powerful quantification tools. We introduce DeXposure-FM, the first time-series, graph foundation model for measuring and forecasting inter-protocol credit exposure on DeFi networks, to the best of our knowledge. Employing a graph-tabular encoder, with pre-trained weight initialization, and multiple task-specific heads, DeXposure-FM is trained on the DeXposure dataset that has 43.7 million data entries, across 4,300+ protocols on 602 blockchains, covering 24,300+ unique tokens. The training is operationalized for credit-exposure forecasting, predicting the joint dynamics of (1) protocol-level flows, and (2) the topology and weights of credit-exposure links. The DeXposure-FM is empirically validated on two machine learning benchmarks; it consistently outperforms the state-of-the-art approaches, including a graph foundation model and temporal graph neural networks. DeXposure-FM further produces financial economics tools that support macroprudential monitoring and scenario-based DeFi stress testing, by enabling protocol-level systemic-importance scores, sector-level spillover and concentration measures via a forecast-then-measure pipeline. Empirical verification fully supports our financial economics tools. The model and code have been publicly available. Model: https://huggingface.co/EVIEHub/DeXposure-FM. Code: https://github.com/EVIEHub/DeXposure-FM.

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.

Artificial intelligence is making significant strides in the finance industry, revolutionizing how data is processed and interpreted. Among these technologies, large language models (LLMs) have demonstrated substantial potential to transform financial services by automating complex tasks, enhancing customer service, and providing detailed financial analysis. Firstly, we introduce IDEA-FinBench, an evaluation benchmark specifically tailored for assessing financial knowledge in large language models (LLMs). This benchmark utilizes questions from two globally respected and authoritative financial professional exams, aimimg to comprehensively evaluate the capability of LLMs to directly address exam questions pertinent to the finance sector. Secondly, we propose IDEA-FinKER, a Financial Knowledge Enhancement framework designed to facilitate the rapid adaptation of general LLMs to the financial domain, introducing a retrieval-based few-shot learning method for real-time context-level knowledge injection, and a set of high-quality financial knowledge instructions for fine-tuning any general LLM. Finally, we present IDEA-FinQA, a financial question-answering system powered by LLMs. This system is structured around a scheme of real-time knowledge injection and factual enhancement using external knowledge. IDEA-FinQA is comprised of three main modules: the data collector, the data querying module, and LLM-based agents tasked with specific functions.

Knowledge Graphs (KG) provide us with a structured, flexible, transparent, cross-system, and collaborative way of organizing our knowledge and data across various domains in society and industrial as well as scientific disciplines. KGs surpass any other form of representation in terms of effectiveness. However, Knowledge Graph Engineering (KGE) requires in-depth experiences of graph structures, web technologies, existing models and vocabularies, rule sets, logic, as well as best practices. It also demands a significant amount of work. Considering the advancements in large language models (LLMs) and their interfaces and applications in recent years, we have conducted comprehensive experiments with ChatGPT to explore its potential in supporting KGE. In this paper, we present a selection of these experiments and their results to demonstrate how ChatGPT can assist us in the development and management of KGs.

Human knowledge provides a formal understanding of the world. Knowledge graphs that represent structural relations between entities have become an increasingly popular research direction towards cognition and human-level intelligence. In this survey, we provide a comprehensive review of knowledge graph covering overall research topics about 1) knowledge graph representation learning, 2) knowledge acquisition and completion, 3) temporal knowledge graph, and 4) knowledge-aware applications, and summarize recent breakthroughs and perspective directions to facilitate future research. We propose a full-view categorization and new taxonomies on these topics. Knowledge graph embedding is organized from four aspects of representation space, scoring function, encoding models, and auxiliary information. For knowledge acquisition, especially knowledge graph completion, embedding methods, path inference, and logical rule reasoning, are reviewed. We further explore several emerging topics, including meta relational learning, commonsense reasoning, and temporal knowledge graphs. To facilitate future research on knowledge graphs, we also provide a curated collection of datasets and open-source libraries on different tasks. In the end, we have a thorough outlook on several promising research directions.

Knowledge Graphs (KGs) have been used to support a wide range of applications, from web search to personal assistant. In this paper, we describe three generations of knowledge graphs: entity-based KGs, which have been supporting general search and question answering (e.g., at Google and Bing); text-rich KGs, which have been supporting search and recommendations for products, bio-informatics, etc. (e.g., at Amazon and Alibaba); and the emerging integration of KGs and LLMs, which we call dual neural KGs. We describe the characteristics of each generation of KGs, the crazy ideas behind the scenes in constructing such KGs, and the techniques developed over time to enable industry impact. In addition, we use KGs as examples to demonstrate a recipe to evolve research ideas from innovations to production practice, and then to the next level of innovations, to advance both science and business.

Knowledge Graphs (KGs) play a pivotal role in advancing various AI applications, with the semantic web community's exploration into multi-modal dimensions unlocking new avenues for innovation. In this survey, we carefully review over 300 articles, focusing on KG-aware research in two principal aspects: KG-driven Multi-Modal (KG4MM) learning, where KGs support multi-modal tasks, and Multi-Modal Knowledge Graph (MM4KG), which extends KG studies into the MMKG realm. We begin by defining KGs and MMKGs, then explore their construction progress. Our review includes two primary task categories: KG-aware multi-modal learning tasks, such as Image Classification and Visual Question Answering, and intrinsic MMKG tasks like Multi-modal Knowledge Graph Completion and Entity Alignment, highlighting specific research trajectories. For most of these tasks, we provide definitions, evaluation benchmarks, and additionally outline essential insights for conducting relevant research. Finally, we discuss current challenges and identify emerging trends, such as progress in Large Language Modeling and Multi-modal Pre-training strategies. This survey aims to serve as a comprehensive reference for researchers already involved in or considering delving into KG and multi-modal learning research, offering insights into the evolving landscape of MMKG research and supporting future work.

Recent advances in large language models (LLMs) hold great promise for financial applications but introduce critical accuracy and compliance challenges in Digital Regulatory Reporting (DRR). To address these issues, we propose RKEFino1, a regulation knowledge-enhanced financial reasoning model built upon Fino1, fine-tuned with domain knowledge from XBRL, CDM, and MOF. We formulate two QA tasks-knowledge-based and mathematical reasoning-and introduce a novel Numerical NER task covering financial entities in both sentences and tables. Experimental results demonstrate the effectiveness and generalization capacity of RKEFino1 in compliance-critical financial tasks. We have released our model on Hugging Face.

Knowledge graph reasoning (KGR), aiming to deduce new facts from existing facts based on mined logic rules underlying knowledge graphs (KGs), has become a fast-growing research direction. It has been proven to significantly benefit the usage of KGs in many AI applications, such as question answering, recommendation systems, and etc. According to the graph types, existing KGR models can be roughly divided into three categories, i.e., static models, temporal models, and multi-modal models. Early works in this domain mainly focus on static KGR, and recent works try to leverage the temporal and multi-modal information, which are more practical and closer to real-world. However, no survey papers and open-source repositories comprehensively summarize and discuss models in this important direction. To fill the gap, we conduct a first survey for knowledge graph reasoning tracing from static to temporal and then to multi-modal KGs. Concretely, the models are reviewed based on bi-level taxonomy, i.e., top-level (graph types) and base-level (techniques and scenarios). Besides, the performances, as well as datasets, are summarized and presented. Moreover, we point out the challenges and potential opportunities to enlighten the readers. The corresponding open-source repository is shared on GitHub https://github.com/LIANGKE23/Awesome-Knowledge-Graph-Reasoning.

Enterprise applications of Large Language Models (LLMs) hold promise for question answering on enterprise SQL databases. However, the extent to which LLMs can accurately respond to enterprise questions in such databases remains unclear, given the absence of suitable Text-to-SQL benchmarks tailored to enterprise settings. Additionally, the potential of Knowledge Graphs (KGs) to enhance LLM-based question answering by providing business context is not well understood. This study aims to evaluate the accuracy of LLM-powered question answering systems in the context of enterprise questions and SQL databases, while also exploring the role of knowledge graphs in improving accuracy. To achieve this, we introduce a benchmark comprising an enterprise SQL schema in the insurance domain, a range of enterprise queries encompassing reporting to metrics, and a contextual layer incorporating an ontology and mappings that define a knowledge graph. Our primary finding reveals that question answering using GPT-4, with zero-shot prompts directly on SQL databases, achieves an accuracy of 16%. Notably, this accuracy increases to 54% when questions are posed over a Knowledge Graph representation of the enterprise SQL database. Therefore, investing in Knowledge Graph provides higher accuracy for LLM powered question answering systems.

We introduce KnowledgeMath, a novel benchmark designed to evaluate LLMs' capabilities in applying financial knowledge to solve complex math word problems. Compared to prior works, this study features three core advancements. First, KnowledgeMath includes 1,259 problems with a hybrid of textual and tabular content and require college-level knowledge in the finance domain for effective resolution. Second, we provide expert-annotated, detailed solution references in Python program format, ensuring a high-quality benchmark for LLM assessment. Finally, we evaluate a wide spectrum of 14 LLMs with different prompting strategies like Chain-of-Thoughts and Program-of-Thoughts. The current best-performing system (i.e., GPT-4 with Program-of-Thoughts) achieves only 45.4% accuracy, leaving substantial room for improvement. While knowledge-augmented LLMs can improve the performance (e.g., from 23.9% to 32.0% for GPT-3.5), it is still significantly lower the estimated human expert performance of 94%. We believe that KnowledgeMath can facilitate future research on domain-specific knowledge retrieval and augmentation into the math word problem-solving process. We will release the benchmark and code at https://github.com/yale-nlp/KnowledgeMath.

Knowledge graph is generally incorporated into recommender systems to improve overall performance. Due to the generalization and scale of the knowledge graph, most knowledge relationships are not helpful for a target user-item prediction. To exploit the knowledge graph to capture target-specific knowledge relationships in recommender systems, we need to distill the knowledge graph to reserve the useful information and refine the knowledge to capture the users' preferences. To address the issues, we propose Knowledge-aware Conditional Attention Networks (KCAN), which is an end-to-end model to incorporate knowledge graph into a recommender system. Specifically, we use a knowledge-aware attention propagation manner to obtain the node representation first, which captures the global semantic similarity on the user-item network and the knowledge graph. Then given a target, i.e., a user-item pair, we automatically distill the knowledge graph into the target-specific subgraph based on the knowledge-aware attention. Afterward, by applying a conditional attention aggregation on the subgraph, we refine the knowledge graph to obtain target-specific node representations. Therefore, we can gain both representability and personalization to achieve overall performance. Experimental results on real-world datasets demonstrate the effectiveness of our framework over the state-of-the-art algorithms.

Knowledge Graph Foundation Models (KGFMs) are at the frontier for deep learning on knowledge graphs (KGs), as they can generalize to completely novel knowledge graphs with different relational vocabularies. Despite their empirical success, our theoretical understanding of KGFMs remains very limited. In this paper, we conduct a rigorous study of the expressive power of KGFMs. Specifically, we show that the expressive power of KGFMs directly depends on the motifs that are used to learn the relation representations. We then observe that the most typical motifs used in the existing literature are binary, as the representations are learned based on how pairs of relations interact, which limits the model's expressiveness. As part of our study, we design more expressive KGFMs using richer motifs, which necessitate learning relation representations based on, e.g., how triples of relations interact with each other. Finally, we empirically validate our theoretical findings, showing that the use of richer motifs results in better performance on a wide range of datasets drawn from different domains.

Recent years have witnessed the resurgence of knowledge engineering which is featured by the fast growth of knowledge graphs. However, most of existing knowledge graphs are represented with pure symbols, which hurts the machine's capability to understand the real world. The multi-modalization of knowledge graphs is an inevitable key step towards the realization of human-level machine intelligence. The results of this endeavor are Multi-modal Knowledge Graphs (MMKGs). In this survey on MMKGs constructed by texts and images, we first give definitions of MMKGs, followed with the preliminaries on multi-modal tasks and techniques. We then systematically review the challenges, progresses and opportunities on the construction and application of MMKGs respectively, with detailed analyses of the strength and weakness of different solutions. We finalize this survey with open research problems relevant to MMKGs.

Foundation models in language and vision have the ability to run inference on any textual and visual inputs thanks to the transferable representations such as a vocabulary of tokens in language. Knowledge graphs (KGs) have different entity and relation vocabularies that generally do not overlap. The key challenge of designing foundation models on KGs is to learn such transferable representations that enable inference on any graph with arbitrary entity and relation vocabularies. In this work, we make a step towards such foundation models and present ULTRA, an approach for learning universal and transferable graph representations. ULTRA builds relational representations as a function conditioned on their interactions. Such a conditioning strategy allows a pre-trained ULTRA model to inductively generalize to any unseen KG with any relation vocabulary and to be fine-tuned on any graph. Conducting link prediction experiments on 57 different KGs, we find that the zero-shot inductive inference performance of a single pre-trained ULTRA model on unseen graphs of various sizes is often on par or better than strong baselines trained on specific graphs. Fine-tuning further boosts the performance.

Knowledge Graphs (KGs) are valuable tools for representing relationships between entities in a structured format. Traditionally, these knowledge bases are queried to extract specific information. However, question-answering (QA) over such KGs poses a challenge due to the intrinsic complexity of natural language compared to the structured format and the size of these graphs. Despite these challenges, the structured nature of KGs can provide a solid foundation for grounding the outputs of Large Language Models (LLMs), offering organizations increased reliability and control. Recent advancements in LLMs have introduced reasoning methods at inference time to improve their performance and maximize their capabilities. In this work, we propose integrating these reasoning strategies with KGs to anchor every step or "thought" of the reasoning chains in KG data. Specifically, we evaluate both agentic and automated search methods across several reasoning strategies, including Chain-of-Thought (CoT), Tree-of-Thought (ToT), and Graph-of-Thought (GoT), using GRBench, a benchmark dataset for graph reasoning with domain-specific graphs. Our experiments demonstrate that this approach consistently outperforms baseline models, highlighting the benefits of grounding LLM reasoning processes in structured KG data.

Previous works on knowledge-to-text generation take as input a few RDF triples or key-value pairs conveying the knowledge of some entities to generate a natural language description. Existing datasets, such as WIKIBIO, WebNLG, and E2E, basically have a good alignment between an input triple/pair set and its output text. However, in practice, the input knowledge could be more than enough, since the output description may only cover the most significant knowledge. In this paper, we introduce a large-scale and challenging dataset to facilitate the study of such a practical scenario in KG-to-text. Our dataset involves retrieving abundant knowledge of various types of main entities from a large knowledge graph (KG), which makes the current graph-to-sequence models severely suffer from the problems of information loss and parameter explosion while generating the descriptions. We address these challenges by proposing a multi-graph structure that is able to represent the original graph information more comprehensively. Furthermore, we also incorporate aggregation methods that learn to extract the rich graph information. Extensive experiments demonstrate the effectiveness of our model architecture.

Knowledge Graphs (KGs) are structured knowledge repositories containing entities and relations between them. In this paper, we investigate the problem of automatically updating KGs over time with respect to the evolution of knowledge in unstructured textual sources. This problem requires identifying a wide range of update operations based on the state of an existing KG at a specific point in time. This contrasts with traditional information extraction pipelines, which extract knowledge from text independently of the current state of a KG. To address this challenge, we propose a method for lifelong construction of a dataset consisting of Wikidata KG snapshots over time and Wikipedia passages paired with the corresponding edit operations that they induce in a particular KG snapshot. The resulting dataset comprises 376K Wikipedia passages aligned with a total of 1.25M KG edits over 10 different snapshots of Wikidata from 2019 to 2025. Our experimental results highlight challenges in updating KG snapshots based on emerging textual knowledge, positioning the dataset as a valuable benchmark for future research. We will publicly release our dataset and model implementations.

Background. In the last decades, several life science resources have structured data using the same framework and made these accessible using the same query language to facilitate interoperability. Knowledge graphs have seen increased adoption in bioinformatics due to their advantages for representing data in a generic graph format. For example, yummydata.org catalogs more than 60 knowledge graphs accessible through SPARQL, a technical query language. Although SPARQL allows powerful, expressive queries, even across physically distributed knowledge graphs, formulating such queries is a challenge for most users. Therefore, to guide users in retrieving the relevant data, many of these resources provide representative examples. These examples can also be an important source of information for machine learning, if a sufficiently large number of examples are provided and published in a common, machine-readable and standardized format across different resources. Findings. We introduce a large collection of human-written natural language questions and their corresponding SPARQL queries over federated bioinformatics knowledge graphs (KGs) collected for several years across different research groups at the SIB Swiss Institute of Bioinformatics. The collection comprises more than 1000 example questions and queries, including 65 federated queries. We propose a methodology to uniformly represent the examples with minimal metadata, based on existing standards. Furthermore, we introduce an extensive set of open-source applications, including query graph visualizations and smart query editors, easily reusable by KG maintainers who adopt the proposed methodology. Conclusions. We encourage the community to adopt and extend the proposed methodology, towards richer KG metadata and improved Semantic Web services.

We introduce FIRE, a comprehensive benchmark designed to evaluate both the theoretical financial knowledge of LLMs and their ability to handle practical business scenarios. For theoretical assessment, we curate a diverse set of examination questions drawn from widely recognized financial qualification exams, enabling evaluation of LLMs deep understanding and application of financial knowledge. In addition, to assess the practical value of LLMs in real-world financial tasks, we propose a systematic evaluation matrix that categorizes complex financial domains and ensures coverage of essential subdomains and business activities. Based on this evaluation matrix, we collect 3,000 financial scenario questions, consisting of closed-form decision questions with reference answers and open-ended questions evaluated by predefined rubrics. We conduct comprehensive evaluations of state-of-the-art LLMs on the FIRE benchmark, including XuanYuan 4.0, our latest financial-domain model, as a strong in-domain baseline. These results enable a systematic analysis of the capability boundaries of current LLMs in financial applications. We publicly release the benchmark questions and evaluation code to facilitate future research.

Knowledge Graphs (KGs) are symbolically structured storages of facts. The KG embedding contains concise data used in NLP tasks requiring implicit information about the real world. Furthermore, the size of KGs that may be useful in actual NLP assignments is enormous, and creating embedding over it has memory cost issues. We represent KG as a 3rd-order binary tensor and move beyond the standard CP decomposition by using a data-specific generalized version of it. The generalization of the standard CP-ALS algorithm allows obtaining optimization gradients without a backpropagation mechanism. It reduces the memory needed in training while providing computational benefits. We propose a MEKER, a memory-efficient KG embedding model, which yields SOTA-comparable performance on link prediction tasks and KG-based Question Answering.

In pace with developments in the research field of artificial intelligence, knowledge graphs (KGs) have attracted a surge of interest from both academia and industry. As a representation of semantic relations between entities, KGs have proven to be particularly relevant for natural language processing (NLP), experiencing a rapid spread and wide adoption within recent years. Given the increasing amount of research work in this area, several KG-related approaches have been surveyed in the NLP research community. However, a comprehensive study that categorizes established topics and reviews the maturity of individual research streams remains absent to this day. Contributing to closing this gap, we systematically analyzed 507 papers from the literature on KGs in NLP. Our survey encompasses a multifaceted review of tasks, research types, and contributions. As a result, we present a structured overview of the research landscape, provide a taxonomy of tasks, summarize our findings, and highlight directions for future work.

Knowledge Graphs (KGs) have emerged as invaluable resources for enriching recommendation systems by providing a wealth of factual information and capturing semantic relationships among items. Leveraging KGs can significantly enhance recommendation performance. However, not all relations within a KG are equally relevant or beneficial for the target recommendation task. In fact, certain item-entity connections may introduce noise or lack informative value, thus potentially misleading our understanding of user preferences. To bridge this research gap, we propose a novel knowledge graph diffusion model for recommendation, referred to as DiffKG. Our framework integrates a generative diffusion model with a data augmentation paradigm, enabling robust knowledge graph representation learning. This integration facilitates a better alignment between knowledge-aware item semantics and collaborative relation modeling. Moreover, we introduce a collaborative knowledge graph convolution mechanism that incorporates collaborative signals reflecting user-item interaction patterns, guiding the knowledge graph diffusion process. We conduct extensive experiments on three publicly available datasets, consistently demonstrating the superiority of our DiffKG compared to various competitive baselines. We provide the source code repository of our proposed DiffKG model at the following link: https://github.com/HKUDS/DiffKG.

Knowledge graphs are useful tools to organize, recommend and sort data. Hierarchies in knowledge graphs provide significant benefit in improving understanding and compartmentalization of the data within a knowledge graph. This work leverages large language models to generate and augment hierarchies in an existing knowledge graph. For small (<100,000 node) domain-specific KGs, we find that a combination of few-shot prompting with one-shot generation works well, while larger KG may require cyclical generation. We present techniques for augmenting hierarchies, which led to coverage increase by 98% for intents and 99% for colors in our knowledge graph.

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.

Knowledge Graphs (KGs) are crucial in the field of artificial intelligence and are widely used in downstream tasks, such as question-answering (QA). The construction of KGs typically requires significant effort from domain experts. Large Language Models (LLMs) have recently been used for Knowledge Graph Construction (KGC). However, most existing approaches focus on a local perspective, extracting knowledge triplets from individual sentences or documents, missing a fusion process to combine the knowledge in a global KG. This work introduces Graphusion, a zero-shot KGC framework from free text. It contains three steps: in Step 1, we extract a list of seed entities using topic modeling to guide the final KG includes the most relevant entities; in Step 2, we conduct candidate triplet extraction using LLMs; in Step 3, we design the novel fusion module that provides a global view of the extracted knowledge, incorporating entity merging, conflict resolution, and novel triplet discovery. Results show that Graphusion achieves scores of 2.92 and 2.37 out of 3 for entity extraction and relation recognition, respectively. Moreover, we showcase how Graphusion could be applied to the Natural Language Processing (NLP) domain and validate it in an educational scenario. Specifically, we introduce TutorQA, a new expert-verified benchmark for QA, comprising six tasks and a total of 1,200 QA pairs. Using the Graphusion-constructed KG, we achieve a significant improvement on the benchmark, for example, a 9.2% accuracy improvement on sub-graph completion.

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.

Knowledge graph (KG) link prediction aims to infer new facts based on existing facts in the KG. Recent studies have shown that using the graph neighborhood of a node via graph neural networks (GNNs) provides more useful information compared to just using the query information. Conventional GNNs for KG link prediction follow the standard message-passing paradigm on the entire KG, which leads to superfluous computation, over-smoothing of node representations, and also limits their expressive power. On a large scale, it becomes computationally expensive to aggregate useful information from the entire KG for inference. To address the limitations of existing KG link prediction frameworks, we propose a novel retrieve-and-read framework, which first retrieves a relevant subgraph context for the query and then jointly reasons over the context and the query with a high-capacity reader. As part of our exemplar instantiation for the new framework, we propose a novel Transformer-based GNN as the reader, which incorporates graph-based attention structure and cross-attention between query and context for deep fusion. This simple yet effective design enables the model to focus on salient context information relevant to the query. Empirical results on two standard KG link prediction datasets demonstrate the competitive performance of the proposed method. Furthermore, our analysis yields valuable insights for designing improved retrievers within the framework.

Knowledge graph embedding refers to projecting entities and relations in knowledge graph into continuous vector spaces. State-of-the-art methods, such as TransE, TransH, and TransR build embeddings by treating relation as translation from head entity to tail entity. However, previous models can not deal with reflexive/one-to-many/many-to-one/many-to-many relations properly, or lack of scalability and efficiency. Thus, we propose a novel method, flexible translation, named TransF, to address the above issues. TransF regards relation as translation between head entity vector and tail entity vector with flexible magnitude. To evaluate the proposed model, we conduct link prediction and triple classification on benchmark datasets. Experimental results show that our method remarkably improve the performance compared with several state-of-the-art baselines.

Knowledge graphs (KGs) consist of links that describe relationships between entities. Due to the difficulty of manually enumerating all relationships between entities, automatically completing them is essential for KGs. Knowledge Graph Completion (KGC) is a task that infers unseen relationships between entities in a KG. Traditional embedding-based KGC methods, such as RESCAL, TransE, DistMult, ComplEx, RotatE, HAKE, HousE, etc., infer missing links using only the knowledge from training data. In contrast, the recent Pre-trained Language Model (PLM)-based KGC utilizes knowledge obtained during pre-training. Therefore, PLM-based KGC can estimate missing links between entities by reusing memorized knowledge from pre-training without inference. This approach is problematic because building KGC models aims to infer unseen links between entities. However, conventional evaluations in KGC do not consider inference and memorization abilities separately. Thus, a PLM-based KGC method, which achieves high performance in current KGC evaluations, may be ineffective in practical applications. To address this issue, we analyze whether PLM-based KGC methods make inferences or merely access memorized knowledge. For this purpose, we propose a method for constructing synthetic datasets specified in this analysis and conclude that PLMs acquire the inference abilities required for KGC through pre-training, even though the performance improvements mostly come from textual information of entities and relations.

The construction of Generalized Knowledge Graph (GKG), including knowledge graph, event knowledge graph and commonsense knowledge graph, is fundamental for various natural language processing tasks. Current studies typically construct these types of graph separately, overlooking holistic insights and potential unification that could be beneficial in computing resources and usage perspectives. However, a key challenge in developing a unified framework for GKG is obstacles arising from task-specific differences. In this study, we propose a unified framework for constructing generalized knowledge graphs to address this challenge. First, we collect data from 15 sub-tasks in 29 datasets across the three types of graphs, categorizing them into in-sample, counter-task, and out-of-distribution (OOD) data. Then, we propose a three-stage curriculum learning fine-tuning framework, by iteratively injecting knowledge from the three types of graphs into the Large Language Models. Extensive experiments show that our proposed model improves the construction of all three graph types across in-domain, OOD and counter-task data.

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.

Knowledge graph (KG) learning offers a powerful framework for generating new knowledge and making inferences. Training KG embedding can take a significantly long time, especially for larger datasets. Our analysis shows that the gradient computation of embedding is one of the dominant functions in the translation-based KG embedding training loop. We address this issue by replacing the core embedding computation with SpMM (Sparse-Dense Matrix Multiplication) kernels. This allows us to unify multiple scatter (and gather) operations as a single operation, reducing training time and memory usage. We create a general framework for training KG models using sparse kernels and implement four models, namely TransE, TransR, TransH, and TorusE. Our sparse implementations exhibit up to 5.3x speedup on the CPU and up to 4.2x speedup on the GPU with a significantly low GPU memory footprint. The speedups are consistent across large and small datasets for a given model. Our proposed sparse approach can be extended to accelerate other translation-based (such as TransC, TransM, etc.) and non-translational (such as DistMult, ComplEx, RotatE, etc.) models as well. An implementation of the SpTransX framework is publicly available as a Python package in https://github.com/HipGraph/SpTransX.

The rapid expansion of medical literature presents growing challenges for structuring and integrating domain knowledge at scale. Knowledge Graphs (KGs) offer a promising solution by enabling efficient retrieval, automated reasoning, and knowledge discovery. However, current KG construction methods often rely on supervised pipelines with limited generalizability or naively aggregate outputs from Large Language Models (LLMs), treating biomedical corpora as static and ignoring the temporal dynamics and contextual uncertainty of evolving knowledge. To address these limitations, we introduce MedKGent, a LLM agent framework for constructing temporally evolving medical KGs. Leveraging over 10 million PubMed abstracts published between 1975 and 2023, we simulate the emergence of biomedical knowledge via a fine-grained daily time series. MedKGent incrementally builds the KG in a day-by-day manner using two specialized agents powered by the Qwen2.5-32B-Instruct model. The Extractor Agent identifies knowledge triples and assigns confidence scores via sampling-based estimation, which are used to filter low-confidence extractions and inform downstream processing. The Constructor Agent incrementally integrates the retained triples into a temporally evolving graph, guided by confidence scores and timestamps to reinforce recurring knowledge and resolve conflicts. The resulting KG contains 156,275 entities and 2,971,384 relational triples. Quality assessments by two SOTA LLMs and three domain experts demonstrate an accuracy approaching 90%, with strong inter-rater agreement. To evaluate downstream utility, we conduct RAG across seven medical question answering benchmarks using five leading LLMs, consistently observing significant improvements over non-augmented baselines. Case studies further demonstrate the KG's value in literature-based drug repurposing via confidence-aware causal inference.

Large Language Models~(LLMs) have demonstrated capabilities across various applications but face challenges such as hallucination, limited reasoning abilities, and factual inconsistencies, especially when tackling complex, domain-specific tasks like question answering~(QA). While Knowledge Graphs~(KGs) have been shown to help mitigate these issues, research on the integration of LLMs with background KGs remains limited. In particular, user accessibility and the flexibility of the underlying KG have not been thoroughly explored. We introduce AGENTiGraph (Adaptive Generative ENgine for Task-based Interaction and Graphical Representation), a platform for knowledge management through natural language interaction. It integrates knowledge extraction, integration, and real-time visualization. AGENTiGraph employs a multi-agent architecture to dynamically interpret user intents, manage tasks, and integrate new knowledge, ensuring adaptability to evolving user requirements and data contexts. Our approach demonstrates superior performance in knowledge graph interactions, particularly for complex domain-specific tasks. Experimental results on a dataset of 3,500 test cases show AGENTiGraph significantly outperforms state-of-the-art zero-shot baselines, achieving 95.12\% accuracy in task classification and 90.45\% success rate in task execution. User studies corroborate its effectiveness in real-world scenarios. To showcase versatility, we extended AGENTiGraph to legislation and healthcare domains, constructing specialized KGs capable of answering complex queries in legal and medical contexts.

Large Language Models (LLMs) demonstrate significant potential but face challenges in complex financial reasoning tasks requiring both domain knowledge and sophisticated reasoning. Current evaluation benchmarks often fall short by not decoupling these capabilities indicators from single task performance and lack root cause analysis for task failure. To address this, we introduce FinEval-KR, a novel evaluation framework for decoupling and quantifying LLMs' knowledge and reasoning abilities independently, proposing distinct knowledge score and reasoning score metrics. Inspired by cognitive science, we further propose a cognitive score based on Bloom's taxonomy to analyze capabilities in reasoning tasks across different cognitive levels. We also release a new open-source Chinese financial reasoning dataset covering 22 subfields to support reproducible research and further advancements in financial reasoning. Our experimental results reveal that LLM reasoning ability and higher-order cognitive ability are the core factors influencing reasoning accuracy. We also specifically find that even top models still face a bottleneck with knowledge application. Furthermore, our analysis shows that specialized financial LLMs generally lag behind the top general large models across multiple metrics.

Knowledge graphs (KGs) are crucial in the field of artificial intelligence and are widely applied in downstream tasks, such as enhancing Question Answering (QA) systems. The construction of KGs typically requires significant effort from domain experts. Recently, Large Language Models (LLMs) have been used for knowledge graph construction (KGC), however, most existing approaches focus on a local perspective, extracting knowledge triplets from individual sentences or documents. In this work, we introduce Graphusion, a zero-shot KGC framework from free text. The core fusion module provides a global view of triplets, incorporating entity merging, conflict resolution, and novel triplet discovery. We showcase how Graphusion could be applied to the natural language processing (NLP) domain and validate it in the educational scenario. Specifically, we introduce TutorQA, a new expert-verified benchmark for graph reasoning and QA, comprising six tasks and a total of 1,200 QA pairs. Our evaluation demonstrates that Graphusion surpasses supervised baselines by up to 10% in accuracy on link prediction. Additionally, it achieves average scores of 2.92 and 2.37 out of 3 in human evaluations for concept entity extraction and relation recognition, respectively.

Knowledge Graph Embedding (KGE) models are used to learn continuous representations of entities and relations. A key task in the literature is predicting missing links between entities. However, Knowledge Graphs are not just sets of links but also have semantics underlying their structure. Semantics is crucial in several downstream tasks, such as query answering or reasoning. We introduce the subgraph inference task, where a model has to generate likely and semantically valid subgraphs. We propose IntelliGraphs, a set of five new Knowledge Graph datasets. The IntelliGraphs datasets contain subgraphs with semantics expressed in logical rules for evaluating subgraph inference. We also present the dataset generator that produced the synthetic datasets. We designed four novel baseline models, which include three models based on traditional KGEs. We evaluate their expressiveness and show that these models cannot capture the semantics. We believe this benchmark will encourage the development of machine learning models that emphasize semantic understanding.

A legal knowledge graph constructed from court cases, judgments, laws and other legal documents can enable a number of applications like question answering, document similarity, and search. While the use of knowledge graphs for distant supervision in NLP tasks is well researched, using knowledge graphs for downstream graph tasks like node similarity presents challenges in selecting node types and their features. In this demo, we describe our solution for predicting similar nodes in a case graph derived from our legal knowledge graph.

Generative Knowledge Graph Construction (KGC) refers to those methods that leverage the sequence-to-sequence framework for building knowledge graphs, which is flexible and can be adapted to widespread tasks. In this study, we summarize the recent compelling progress in generative knowledge graph construction. We present the advantages and weaknesses of each paradigm in terms of different generation targets and provide theoretical insight and empirical analysis. Based on the review, we suggest promising research directions for the future. Our contributions are threefold: (1) We present a detailed, complete taxonomy for the generative KGC methods; (2) We provide a theoretical and empirical analysis of the generative KGC methods; (3) We propose several research directions that can be developed in the future.

Large language models (LLMs), such as ChatGPT and GPT4, are making new waves in the field of natural language processing and artificial intelligence, due to their emergent ability and generalizability. However, LLMs are black-box models, which often fall short of capturing and accessing factual knowledge. In contrast, Knowledge Graphs (KGs), Wikipedia and Huapu for example, are structured knowledge models that explicitly store rich factual knowledge. KGs can enhance LLMs by providing external knowledge for inference and interpretability. Meanwhile, KGs are difficult to construct and evolving by nature, which challenges the existing methods in KGs to generate new facts and represent unseen knowledge. Therefore, it is complementary to unify LLMs and KGs together and simultaneously leverage their advantages. In this article, we present a forward-looking roadmap for the unification of LLMs and KGs. Our roadmap consists of three general frameworks, namely, 1) KG-enhanced LLMs, which incorporate KGs during the pre-training and inference phases of LLMs, or for the purpose of enhancing understanding of the knowledge learned by LLMs; 2) LLM-augmented KGs, that leverage LLMs for different KG tasks such as embedding, completion, construction, graph-to-text generation, and question answering; and 3) Synergized LLMs + KGs, in which LLMs and KGs play equal roles and work in a mutually beneficial way to enhance both LLMs and KGs for bidirectional reasoning driven by both data and knowledge. We review and summarize existing efforts within these three frameworks in our roadmap and pinpoint their future research directions.

Biomedical research is growing at such an exponential pace that scientists, researchers, and practitioners are no more able to cope with the amount of published literature in the domain. The knowledge presented in the literature needs to be systematized in such a way that claims and hypotheses can be easily found, accessed, and validated. Knowledge graphs can provide such a framework for semantic knowledge representation from literature. However, in order to build a knowledge graph, it is necessary to extract knowledge as relationships between biomedical entities and normalize both entities and relationship types. In this paper, we present and compare few rule-based and machine learning-based (Naive Bayes, Random Forests as examples of traditional machine learning methods and DistilBERT, PubMedBERT, T5 and SciFive-based models as examples of modern deep learning transformers) methods for scalable relationship extraction from biomedical literature, and for the integration into the knowledge graphs. We examine how resilient are these various methods to unbalanced and fairly small datasets. Our experiments show that transformer-based models handle well both small (due to pre-training on a large dataset) and unbalanced datasets. The best performing model was the PubMedBERT-based model fine-tuned on balanced data, with a reported F1-score of 0.92. DistilBERT-based model followed with F1-score of 0.89, performing faster and with lower resource requirements. BERT-based models performed better then T5-based generative models.

Conversational agents are increasingly deployed in knowledge-intensive settings, where correct behavior depends on retrieving and applying domain-specific knowledge from large, proprietary, and unstructured corpora during live interactions with users. Yet most existing benchmarks evaluate retrieval or tool use independently of each other, creating a gap in realistic, fully agentic evaluation over unstructured data in long-horizon interactions. We introduce τ-Knowledge, an extension of τ-Bench for evaluating agents in environments where success depends on coordinating external, natural-language knowledge with tool outputs to produce verifiable, policy-compliant state changes. Our new domain, τ-Banking, models realistic fintech customer support workflows in which agents must navigate roughly 700 interconnected knowledge documents while executing tool-mediated account updates. Across embedding-based retrieval and terminal-based search, even frontier models with high reasoning budgets achieve only sim25.5% pass^1, with reliability degrading sharply over repeated trials. Agents struggle to retrieve the correct documents from densely interlinked knowledge bases and to reason accurately over complex internal policies. Overall, τ-Knowledge provides a realistic testbed for developing agents that integrate unstructured knowledge in human-facing deployments.

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.

Knowledge Graphs (KGs) represent human-crafted factual knowledge in the form of triplets (head, relation, tail), which collectively form a graph. Question Answering over KGs (KGQA) is the task of answering natural questions grounding the reasoning to the information provided by the KG. Large Language Models (LLMs) are the state-of-the-art models for QA tasks due to their remarkable ability to understand natural language. On the other hand, Graph Neural Networks (GNNs) have been widely used for KGQA as they can handle the complex graph information stored in the KG. In this work, we introduce GNN-RAG, a novel method for combining language understanding abilities of LLMs with the reasoning abilities of GNNs in a retrieval-augmented generation (RAG) style. First, a GNN reasons over a dense KG subgraph to retrieve answer candidates for a given question. Second, the shortest paths in the KG that connect question entities and answer candidates are extracted to represent KG reasoning paths. The extracted paths are verbalized and given as input for LLM reasoning with RAG. In our GNN-RAG framework, the GNN acts as a dense subgraph reasoner to extract useful graph information, while the LLM leverages its natural language processing ability for ultimate KGQA. Furthermore, we develop a retrieval augmentation (RA) technique to further boost KGQA performance with GNN-RAG. Experimental results show that GNN-RAG achieves state-of-the-art performance in two widely used KGQA benchmarks (WebQSP and CWQ), outperforming or matching GPT-4 performance with a 7B tuned LLM. In addition, GNN-RAG excels on multi-hop and multi-entity questions outperforming competing approaches by 8.9--15.5% points at answer F1.

Knowledge graph embedding involves learning representations of entities -- the vertices of the graph -- and relations -- the edges of the graph -- such that the resulting representations encode the known factual information represented by the knowledge graph and can be used in the inference of new relations. We show that knowledge graph embedding is naturally expressed in the topological and categorical language of cellular sheaves: a knowledge graph embedding can be described as an approximate global section of an appropriate knowledge sheaf over the graph, with consistency constraints induced by the knowledge graph's schema. This approach provides a generalized framework for reasoning about knowledge graph embedding models and allows for the expression of a wide range of prior constraints on embeddings. Further, the resulting embeddings can be easily adapted for reasoning over composite relations without special training. We implement these ideas to highlight the benefits of the extensions inspired by this new perspective.

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.

Even for a conservative estimate, 80% of enterprise data reside in unstructured files, stored in data lakes that accommodate heterogeneous formats. Classical search engines can no longer meet information seeking needs, especially when the task is to browse and explore for insight formulation. In other words, there are no obvious search keywords to use. Knowledge graphs, due to their natural visual appeals that reduce the human cognitive load, become the winning candidate for heterogeneous data integration and knowledge representation. In this paper, we introduce Docs2KG, a novel framework designed to extract multimodal information from diverse and heterogeneous unstructured documents, including emails, web pages, PDF files, and Excel files. Dynamically generates a unified knowledge graph that represents the extracted key information, Docs2KG enables efficient querying and exploration of document data lakes. Unlike existing approaches that focus on domain-specific data sources or pre-designed schemas, Docs2KG offers a flexible and extensible solution that can adapt to various document structures and content types. The proposed framework unifies data processing supporting a multitude of downstream tasks with improved domain interpretability. Docs2KG is publicly accessible at https://docs2kg.ai4wa.com, and a demonstration video is available at https://docs2kg.ai4wa.com/Video.

Knowledge Graphs (KGs) store structured factual knowledge by linking entities through relationships, crucial for many applications. These applications depend on the KG's factual accuracy, so verifying facts is essential, yet challenging. Expert manual verification is ideal but impractical on a large scale. Automated methods show promise but are not ready for real-world KGs. Large Language Models (LLMs) offer potential with their semantic understanding and knowledge access, yet their suitability and effectiveness for KG fact validation remain largely unexplored. In this paper, we introduce FactCheck, a benchmark designed to evaluate LLMs for KG fact validation across three key dimensions: (1) LLMs internal knowledge; (2) external evidence via Retrieval-Augmented Generation (RAG); and (3) aggregated knowledge employing a multi-model consensus strategy. We evaluated open-source and commercial LLMs on three diverse real-world KGs. FactCheck also includes a RAG dataset with 2+ million documents tailored for KG fact validation. Additionally, we offer an interactive exploration platform for analyzing verification decisions. The experimental analyses demonstrate that while LLMs yield promising results, they are still not sufficiently stable and reliable to be used in real-world KG validation scenarios. Integrating external evidence through RAG methods yields fluctuating performance, providing inconsistent improvements over more streamlined approaches -- at higher computational costs. Similarly, strategies based on multi-model consensus do not consistently outperform individual models, underscoring the lack of a one-fits-all solution. These findings further emphasize the need for a benchmark like FactCheck to systematically evaluate and drive progress on this difficult yet crucial task.

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

Large language models have been extensively studied as neural knowledge bases for their knowledge access, editability, reasoning, and explainability. However, few works focus on the structural patterns of their knowledge. Motivated by this gap, we investigate these structural patterns from a graph perspective. We quantify the knowledge of LLMs at both the triplet and entity levels, and analyze how it relates to graph structural properties such as node degree. Furthermore, we uncover the knowledge homophily, where topologically close entities exhibit similar levels of knowledgeability, which further motivates us to develop graph machine learning models to estimate entity knowledge based on its local neighbors. This model further enables valuable knowledge checking by selecting triplets less known to LLMs. Empirical results show that using selected triplets for fine-tuning leads to superior performance.

Knowledge graphs (KGs) have the advantage of providing fine-grained detail for question-answering systems. Unfortunately, building a reliable KG is time-consuming and expensive as it requires human intervention. To overcome this issue, we propose a novel framework to automatically construct a KG from unstructured documents that does not require external alignment. We first extract surface-form knowledge tuples from unstructured documents and encode them with contextual information. Entities with similar context semantics are then linked through internal alignment to form a graph structure. This allows us to extract the desired information from multiple documents by traversing the generated KG without a manual process. We examine its performance in retrieval based QA systems by reformulating the WikiMovies and MetaQA datasets into a tuple-level retrieval task. The experimental results show that our method outperforms traditional retrieval methods by a large margin.

Knowledge graph (KG) embeddings learn low-dimensional representations of entities and relations to predict missing facts. KGs often exhibit hierarchical and logical patterns which must be preserved in the embedding space. For hierarchical data, hyperbolic embedding methods have shown promise for high-fidelity and parsimonious representations. However, existing hyperbolic embedding methods do not account for the rich logical patterns in KGs. In this work, we introduce a class of hyperbolic KG embedding models that simultaneously capture hierarchical and logical patterns. Our approach combines hyperbolic reflections and rotations with attention to model complex relational patterns. Experimental results on standard KG benchmarks show that our method improves over previous Euclidean- and hyperbolic-based efforts by up to 6.1% in mean reciprocal rank (MRR) in low dimensions. Furthermore, we observe that different geometric transformations capture different types of relations while attention-based transformations generalize to multiple relations. In high dimensions, our approach yields new state-of-the-art MRRs of 49.6% on WN18RR and 57.7% on YAGO3-10.

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.

Motivation: Biomedical knowledge graphs (KGs) are crucial for drug discovery and disease understanding, yet their completion and reasoning are challenging. Knowledge Embedding (KE) methods capture global semantics but struggle with dynamic structural integration, while Graph Neural Networks (GNNs) excel locally but often lack semantic understanding. Even ensemble approaches, including those leveraging language models, often fail to achieve a deep, adaptive, and synergistic co-evolution between semantic comprehension and structural learning. Addressing this critical gap in fostering continuous, reciprocal refinement between these two aspects in complex biomedical KGs is paramount. Results: We introduce BioGraphFusion, a novel framework for deeply synergistic semantic and structural learning. BioGraphFusion establishes a global semantic foundation via tensor decomposition, guiding an LSTM-driven mechanism to dynamically refine relation embeddings during graph propagation. This fosters adaptive interplay between semantic understanding and structural learning, further enhanced by query-guided subgraph construction and a hybrid scoring mechanism. Experiments across three key biomedical tasks demonstrate BioGraphFusion's superior performance over state-of-the-art KE, GNN, and ensemble models. A case study on Cutaneous Malignant Melanoma 1 (CMM1) highlights its ability to unveil biologically meaningful pathways. Availability and Implementation: Source code and all training data are freely available for download at https://github.com/Y-TARL/BioGraphFusion. Supplementary information: Supplementary data are available at Bioinformatics online.

Large language models (LLMs) have demonstrated remarkable capabilities in various complex tasks, yet they still suffer from hallucinations. Introducing external knowledge, such as knowledge graph, can enhance the LLMs' ability to provide factual answers. LLMs have the ability to interactively explore knowledge graphs. However, most approaches have been affected by insufficient internal knowledge excavation in LLMs, limited generation of trustworthy knowledge reasoning paths, and a vague integration between internal and external knowledge. Therefore, we propose KnowPath, a knowledge-enhanced large model framework driven by the collaboration of internal and external knowledge. It relies on the internal knowledge of the LLM to guide the exploration of interpretable directed subgraphs in external knowledge graphs, better integrating the two knowledge sources for more accurate reasoning. Extensive experiments on multiple real-world datasets confirm the superiority of KnowPath.

Existing commonsense knowledge bases often organize tuples in an isolated manner, which is deficient for commonsense conversational models to plan the next steps. To fill the gap, we curate a large-scale multi-turn human-written conversation corpus, and create the first Chinese commonsense conversation knowledge graph which incorporates both social commonsense knowledge and dialog flow information. To show the potential of our graph, we develop a graph-conversation matching approach, and benchmark two graph-grounded conversational tasks.

Recent advancements in large language models (LLMs) have demonstrated remarkable general reasoning capabilities, holding significant potential for applications in the financial domain, a field that requires robust and reliable reasoning. It has been demonstrated that distilling high-quality chain-of-thought (CoT) rationales from advanced general reasoning models offers a promising and efficient path to the financial reasoning model. However, existing CoT synthesis methods suffer from shallow CoT sampling, leaving the question of how to construct a well-designed knowledge space for finance reasoning unexplored. In this paper, we present Agentar-DeepFinance-100K, a large-scale financial reasoning dataset characterized by its systematic CoT synthesis optimization. We first introduce a comprehensive CoT synthesis pipeline featuring Multi-perspective Knowledge Extraction (MKE) and Self-Corrective Rewriting (SCR) to generate exhaustive and deep financial reasoning trajectories. Furthermore, a systematic investigation, termed CoT Cube, is conducted to analyze critical factors that influence CoT effectiveness, such as necessity, length and synthesizer, yielding valuable insights for high-quality financial CoT construction. Experiments demonstrate that models trained on our Agentar-DeepFinance-100K achieve significant improvements on financial benchmarks. We publicly release Agentar-DeepFinance-100K , hoping to advance the research in financial reasoning models.

The integration of Large Language Models (LLMs) into the financial domain is driving a paradigm shift from passive information retrieval to dynamic, agentic interaction. While general-purpose tool learning has witnessed a surge in benchmarks, the financial sector, characterized by high stakes, strict compliance, and rapid data volatility, remains critically underserved. Existing financial evaluations predominantly focus on static textual analysis or document-based QA, ignoring the complex reality of tool execution. Conversely, general tool benchmarks lack the domain-specific rigor required for finance, often relying on toy environments or a negligible number of financial APIs. To bridge this gap, we introduce FinToolBench, the first real-world, runnable benchmark dedicated to evaluating financial tool learning agents. Unlike prior works limited to a handful of mock tools, FinToolBench establishes a realistic ecosystem coupling 760 executable financial tools with 295 rigorous, tool-required queries. We propose a novel evaluation framework that goes beyond binary execution success, assessing agents on finance-critical dimensions: timeliness, intent type, and regulatory domain alignment. Furthermore, we present FATR, a finance-aware tool retrieval and reasoning baseline that enhances stability and compliance. By providing the first testbed for auditable, agentic financial execution, FinToolBench sets a new standard for trustworthy AI in finance. The tool manifest, execution environment, and evaluation code will be open-sourced to facilitate future research.

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

Knowledge Graphs (KG) are of vital importance for multiple applications on the web, including information retrieval, recommender systems, and metadata annotation. Regardless of whether they are built manually by domain experts or with automatic pipelines, KGs are often incomplete. Recent work has begun to explore the use of textual descriptions available in knowledge graphs to learn vector representations of entities in order to preform link prediction. However, the extent to which these representations learned for link prediction generalize to other tasks is unclear. This is important given the cost of learning such representations. Ideally, we would prefer representations that do not need to be trained again when transferring to a different task, while retaining reasonable performance. In this work, we propose a holistic evaluation protocol for entity representations learned via a link prediction objective. We consider the inductive link prediction and entity classification tasks, which involve entities not seen during training. We also consider an information retrieval task for entity-oriented search. We evaluate an architecture based on a pretrained language model, that exhibits strong generalization to entities not observed during training, and outperforms related state-of-the-art methods (22% MRR improvement in link prediction on average). We further provide evidence that the learned representations transfer well to other tasks without fine-tuning. In the entity classification task we obtain an average improvement of 16% in accuracy compared with baselines that also employ pre-trained models. In the information retrieval task, we obtain significant improvements of up to 8.8% in NDCG@10 for natural language queries. We thus show that the learned representations are not limited KG-specific tasks, and have greater generalization properties than evaluated in previous work.

Most knowledge graph completion (KGC) methods learn latent representations of entities and relations of a given graph by mapping them into a vector space. Although the majority of these methods focus on static knowledge graphs, a large number of publicly available KGs contain temporal information stating the time instant/period over which a certain fact has been true. Such graphs are often known as temporal knowledge graphs. Furthermore, knowledge graphs may also contain textual descriptions of entities and relations. Both temporal information and textual descriptions are not taken into account during representation learning by static KGC methods, and only structural information of the graph is leveraged. Recently, some studies have used temporal information to improve link prediction, yet they do not exploit textual descriptions and do not support inductive inference (prediction on entities that have not been seen in training). We propose a novel framework called TEMT that exploits the power of pre-trained language models (PLMs) for text-enhanced temporal knowledge graph completion. The knowledge stored in the parameters of a PLM allows TEMT to produce rich semantic representations of facts and to generalize on previously unseen entities. TEMT leverages textual and temporal information available in a KG, treats them separately, and fuses them to get plausibility scores of facts. Unlike previous approaches, TEMT effectively captures dependencies across different time points and enables predictions on unseen entities. To assess the performance of TEMT, we carried out several experiments including time interval prediction, both in transductive and inductive settings, and triple classification. The experimental results show that TEMT is competitive with the state-of-the-art.

In real world applications, knowledge graphs (KG) are widely used in various domains (e.g. medical applications and dialogue agents). However, for fact verification, KGs have not been adequately utilized as a knowledge source. KGs can be a valuable knowledge source in fact verification due to their reliability and broad applicability. A KG consists of nodes and edges which makes it clear how concepts are linked together, allowing machines to reason over chains of topics. However, there are many challenges in understanding how these machine-readable concepts map to information in text. To enable the community to better use KGs, we introduce a new dataset, FactKG: Fact Verification via Reasoning on Knowledge Graphs. It consists of 108k natural language claims with five types of reasoning: One-hop, Conjunction, Existence, Multi-hop, and Negation. Furthermore, FactKG contains various linguistic patterns, including colloquial style claims as well as written style claims to increase practicality. Lastly, we develop a baseline approach and analyze FactKG over these reasoning types. We believe FactKG can advance both reliability and practicality in KG-based fact verification.

Advancements in reasoning for large language models (LLMs) have lead to significant performance improvements for LLMs in various fields such as mathematics and programming. However, research applying these advances to the financial domain, where considerable domain-specific knowledge is necessary to complete tasks, remains limited. To address this gap, we introduce FEVO (Financial Evolution), a multi-stage enhancement framework developed to enhance LLM performance in the financial domain. FEVO systemically enhances LLM performance by using continued pre-training (CPT) to expand financial domain knowledge, supervised fine-tuning (SFT) to instill structured, elaborate reasoning patterns, and reinforcement learning (RL) to further integrate the expanded financial domain knowledge with the learned structured reasoning. To ensure effective and efficient training, we leverage frontier reasoning models and rule-based filtering to curate FEVO-Train, high-quality datasets specifically designed for the different post-training phases. Using our framework, we train the FEVO series of models - C32B, S32B, R32B - from Qwen2.5-32B and evaluate them on seven benchmarks to assess financial and general capabilities, with results showing that FEVO-R32B achieves state-of-the-art performance on five financial benchmarks against much larger models as well as specialist models. More significantly, FEVO-R32B demonstrates markedly better performance than FEVO-R32B-0 (trained from Qwen2.5-32B-Instruct using only RL), thus validating the effectiveness of financial domain knowledge expansion and structured, logical reasoning distillation

A research division plays an important role of driving innovation in an organization. Drawing insights, following trends, keeping abreast of new research, and formulating strategies are increasingly becoming more challenging for both researchers and executives as the amount of information grows in both velocity and volume. In this paper we present a use case of how a corporate research community, IBM Research, utilizes Semantic Web technologies to induce a unified Knowledge Graph from both structured and textual data obtained by integrating various applications used by the community related to research projects, academic papers, datasets, achievements and recognition. In order to make the Knowledge Graph more accessible to application developers, we identified a set of common patterns for exploiting the induced knowledge and exposed them as APIs. Those patterns were born out of user research which identified the most valuable use cases or user pain points to be alleviated. We outline two distinct scenarios: recommendation and analytics for business use. We will discuss these scenarios in detail and provide an empirical evaluation on entity recommendation specifically. The methodology used and the lessons learned from this work can be applied to other organizations facing similar challenges.

The emergence of Large Language Models (LLMs), such as ChatGPT, has revolutionized general natural language preprocessing (NLP) tasks. However, their expertise in the financial domain lacks a comprehensive evaluation. To assess the ability of LLMs to solve financial NLP tasks, we present FinLMEval, a framework for Financial Language Model Evaluation, comprising nine datasets designed to evaluate the performance of language models. This study compares the performance of encoder-only language models and the decoder-only language models. Our findings reveal that while some decoder-only LLMs demonstrate notable performance across most financial tasks via zero-shot prompting, they generally lag behind the fine-tuned expert models, especially when dealing with proprietary datasets. We hope this study provides foundation evaluations for continuing efforts to build more advanced LLMs in the financial domain.

Search has emerged as core infrastructure for LLM-based agents and is widely viewed as critical on the path toward more general intelligence. Finance is a particularly demanding proving ground: analysts routinely conduct complex, multi-step searches over time-sensitive, domain-specific data, making it ideal for assessing both search proficiency and knowledge-grounded reasoning. Yet no existing open financial datasets evaluate data searching capability of end-to-end agents, largely because constructing realistic, complicated tasks requires deep financial expertise and time-sensitive data is hard to evaluate. We present FinSearchComp, the first fully open-source agent benchmark for realistic, open-domain financial search and reasoning. FinSearchComp comprises three tasks -- Time-Sensitive Data Fetching, Simple Historical Lookup, and Complex Historical Investigation -- closely reproduce real-world financial analyst workflows. To ensure difficulty and reliability, we engage 70 professional financial experts for annotation and implement a rigorous multi-stage quality-assurance pipeline. The benchmark includes 635 questions spanning global and Greater China markets, and we evaluate 21 models (products) on it. Grok 4 (web) tops the global subset, approaching expert-level accuracy. DouBao (web) leads on the Greater China subset. Experimental analyses show that equipping agents with web search and financial plugins substantially improves results on FinSearchComp, and the country origin of models and tools impact performance significantly.By aligning with realistic analyst tasks and providing end-to-end evaluation, FinSearchComp offers a professional, high-difficulty testbed for complex financial search and reasoning.

The financial market is a particularly challenging playground for deep reinforcement learning due to its unique feature of dynamic datasets. Building high-quality market environments for training financial reinforcement learning (FinRL) agents is difficult due to major factors such as the low signal-to-noise ratio of financial data, survivorship bias of historical data, and model overfitting. In this paper, we present FinRL-Meta, a data-centric and openly accessible library that processes dynamic datasets from real-world markets into gym-style market environments and has been actively maintained by the AI4Finance community. First, following a DataOps paradigm, we provide hundreds of market environments through an automatic data curation pipeline. Second, we provide homegrown examples and reproduce popular research papers as stepping stones for users to design new trading strategies. We also deploy the library on cloud platforms so that users can visualize their own results and assess the relative performance via community-wise competitions. Third, we provide dozens of Jupyter/Python demos organized into a curriculum and a documentation website to serve the rapidly growing community. The open-source codes for the data curation pipeline are available at https://github.com/AI4Finance-Foundation/FinRL-Meta

Large Language Models (LLMs) have shown remarkable capabilities across a wide variety of Natural Language Processing (NLP) tasks and have attracted attention from multiple domains, including financial services. Despite the extensive research into general-domain LLMs, and their immense potential in finance, Financial LLM (FinLLM) research remains limited. This survey provides a comprehensive overview of FinLLMs, including their history, techniques, performance, and opportunities and challenges. Firstly, we present a chronological overview of general-domain Pre-trained Language Models (PLMs) through to current FinLLMs, including the GPT-series, selected open-source LLMs, and financial LMs. Secondly, we compare five techniques used across financial PLMs and FinLLMs, including training methods, training data, and fine-tuning methods. Thirdly, we summarize the performance evaluations of six benchmark tasks and datasets. In addition, we provide eight advanced financial NLP tasks and datasets for developing more sophisticated FinLLMs. Finally, we discuss the opportunities and the challenges facing FinLLMs, such as hallucination, privacy, and efficiency. To support AI research in finance, we compile a collection of accessible datasets and evaluation benchmarks on GitHub.

It is crucial to automatically construct knowledge graphs (KGs) of diverse new relations to support knowledge discovery and broad applications. Previous KG construction methods, based on either crowdsourcing or text mining, are often limited to a small predefined set of relations due to manual cost or restrictions in text corpus. Recent research proposed to use pretrained language models (LMs) as implicit knowledge bases that accept knowledge queries with prompts. Yet, the implicit knowledge lacks many desirable properties of a full-scale symbolic KG, such as easy access, navigation, editing, and quality assurance. In this paper, we propose a new approach of harvesting massive KGs of arbitrary relations from pretrained LMs. With minimal input of a relation definition (a prompt and a few shot of example entity pairs), the approach efficiently searches in the vast entity pair space to extract diverse accurate knowledge of the desired relation. We develop an effective search-and-rescore mechanism for improved efficiency and accuracy. We deploy the approach to harvest KGs of over 400 new relations from different LMs. Extensive human and automatic evaluations show our approach manages to extract diverse accurate knowledge, including tuples of complex relations (e.g., "A is capable of but not good at B"). The resulting KGs as a symbolic interpretation of the source LMs also reveal new insights into the LMs' knowledge capacities.

LLMs have transformed NLP and shown promise in various fields, yet their potential in finance is underexplored due to a lack of thorough evaluations and the complexity of financial tasks. This along with the rapid development of LLMs, highlights the urgent need for a systematic financial evaluation benchmark for LLMs. In this paper, we introduce FinBen, the first comprehensive open-sourced evaluation benchmark, specifically designed to thoroughly assess the capabilities of LLMs in the financial domain. FinBen encompasses 35 datasets across 23 financial tasks, organized into three spectrums of difficulty inspired by the Cattell-Horn-Carroll theory, to evaluate LLMs' cognitive abilities in inductive reasoning, associative memory, quantitative reasoning, crystallized intelligence, and more. Our evaluation of 15 representative LLMs, including GPT-4, ChatGPT, and the latest Gemini, reveals insights into their strengths and limitations within the financial domain. The findings indicate that GPT-4 leads in quantification, extraction, numerical reasoning, and stock trading, while Gemini shines in generation and forecasting; however, both struggle with complex extraction and forecasting, showing a clear need for targeted enhancements. Instruction tuning boosts simple task performance but falls short in improving complex reasoning and forecasting abilities. FinBen seeks to continuously evaluate LLMs in finance, fostering AI development with regular updates of tasks and models.

Knowledge Graphs (KGs) can serve as reliable knowledge sources for question answering (QA) due to their structured representation of knowledge. Existing research on the utilization of KG for large language models (LLMs) prevalently relies on subgraph retriever or iterative prompting, overlooking the potential synergy of LLMs' step-wise reasoning capabilities and KGs' structural nature. In this paper, we present DoG (Decoding on Graphs), a novel framework that facilitates a deep synergy between LLMs and KGs. We first define a concept, well-formed chain, which consists of a sequence of interrelated fact triplets on the KGs, starting from question entities and leading to answers. We argue that this concept can serve as a principle for making faithful and sound reasoning for KGQA. To enable LLMs to generate well-formed chains, we propose graph-aware constrained decoding, in which a constraint derived from the topology of the KG regulates the decoding process of the LLMs. This constrained decoding method ensures the generation of well-formed chains while making full use of the step-wise reasoning capabilities of LLMs. Based on the above, DoG, a training-free approach, is able to provide faithful and sound reasoning trajectories grounded on the KGs. Experiments across various KGQA tasks with different background KGs demonstrate that DoG achieves superior and robust performance. DoG also shows general applicability with various open-source LLMs.

External knowledge (a.k.a. side information) plays a critical role in zero-shot learning (ZSL) which aims to predict with unseen classes that have never appeared in training data. Several kinds of external knowledge, such as text and attribute, have been widely investigated, but they alone are limited with incomplete semantics. Some very recent studies thus propose to use Knowledge Graph (KG) due to its high expressivity and compatibility for representing kinds of knowledge. However, the ZSL community is still in short of standard benchmarks for studying and comparing different external knowledge settings and different KG-based ZSL methods. In this paper, we proposed six resources covering three tasks, i.e., zero-shot image classification (ZS-IMGC), zero-shot relation extraction (ZS-RE), and zero-shot KG completion (ZS-KGC). Each resource has a normal ZSL benchmark and a KG containing semantics ranging from text to attribute, from relational knowledge to logical expressions. We have clearly presented these resources including their construction, statistics, data formats and usage cases w.r.t. different ZSL methods. More importantly, we have conducted a comprehensive benchmarking study, with two general and state-of-the-art methods, two setting-specific methods and one interpretable method. We discussed and compared different ZSL paradigms w.r.t. different external knowledge settings, and found that our resources have great potential for developing more advanced ZSL methods and more solutions for applying KGs for augmenting machine learning. All the resources are available at https://github.com/China-UK-ZSL/Resources_for_KZSL.

Knowledge graph embedding (KGE) is an increasingly popular technique that aims to represent entities and relations of knowledge graphs into low-dimensional semantic spaces for a wide spectrum of applications such as link prediction, knowledge reasoning and knowledge completion. In this paper, we provide a systematic review of existing KGE techniques based on representation spaces. Particularly, we build a fine-grained classification to categorise the models based on three mathematical perspectives of the representation spaces: (1) Algebraic perspective, (2) Geometric perspective, and (3) Analytical perspective. We introduce the rigorous definitions of fundamental mathematical spaces before diving into KGE models and their mathematical properties. We further discuss different KGE methods over the three categories, as well as summarise how spatial advantages work over different embedding needs. By collating the experimental results from downstream tasks, we also explore the advantages of mathematical space in different scenarios and the reasons behind them. We further state some promising research directions from a representation space perspective, with which we hope to inspire researchers to design their KGE models as well as their related applications with more consideration of their mathematical space properties.

This paper presents FinCoT, a structured chain-of-thought (CoT) prompting framework that embeds domain-specific expert financial reasoning blueprints to guide large language models' behaviors. We identify three main prompting styles in financial NLP (FinNLP): (1) standard prompting (zero-shot), (2) unstructured CoT (free-form reasoning), and (3) structured CoT (with explicitly structured reasoning steps). Prior work has mainly focused on the first two, while structured CoT remains underexplored and lacks domain expertise incorporation. Therefore, we evaluate all three prompting approaches across ten CFA-style financial domains and introduce FinCoT as the first structured finance-specific prompting approach incorporating blueprints from domain experts. FinCoT improves the accuracy of a general-purpose model, Qwen3-8B-Base, from 63.2% to 80.5%, and boosts Fin-R1 (7B), a finance-specific model, from 65.7% to 75.7%, while reducing output length by up to 8.9x and 1.16x compared to structured CoT methods, respectively. We find that FinCoT proves most effective for models lacking financial post-training. Our findings show that FinCoT does not only improve performance and reduce inference costs but also yields more interpretable and expert-aligned reasoning traces.

Knowledge Graph (KG) reasoning, which aims to infer new facts from structured knowledge repositories, plays a vital role in Natural Language Processing (NLP) systems. Its effectiveness critically depends on constructing informative and contextually relevant reasoning paths. However, existing graph neural networks (GNNs) often adopt rigid, query-agnostic path-exploration strategies, limiting their ability to adapt to diverse linguistic contexts and semantic nuances. To address these limitations, we propose MoKGR, a mixture-of-experts framework that personalizes path exploration through two complementary components: (1) a mixture of length experts that adaptively selects and weights candidate path lengths according to query complexity, providing query-specific reasoning depth; and (2) a mixture of pruning experts that evaluates candidate paths from a complementary perspective, retaining the most informative paths for each query. Through comprehensive experiments on diverse benchmark, MoKGR demonstrates superior performance in both transductive and inductive settings, validating the effectiveness of personalized path exploration in KGs reasoning.

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.

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.

Knowledge graph embedding (KGE) aims to learn continuous vectors of relations and entities in knowledge graph. Recently, transition-based KGE methods have achieved promising performance, where the single relation vector learns to translate head entity to tail entity. However, this scoring pattern is not suitable for complex scenarios where the same entity pair has different relations. Previous models usually focus on the improvement of entity representation for 1-to-N, N-to-1 and N-to-N relations, but ignore the single relation vector. In this paper, we propose a novel transition-based method, TranS, for knowledge graph embedding. The single relation vector in traditional scoring patterns is replaced with synthetic relation representation, which can solve these issues effectively and efficiently. Experiments on a large knowledge graph dataset, ogbl-wikikg2, show that our model achieves state-of-the-art results.

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.

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.

Text-to-SQL, the task of translating natural language questions into SQL queries, has long been a central challenge in NLP. While progress has been significant, applying it to the financial domain remains especially difficult due to complex schema, domain-specific terminology, and high stakes of error. Despite this, there is no dedicated large-scale financial dataset to advance research, creating a critical gap. To address this, we introduce a curated financial dataset (FINCH) comprising 292 tables and 75,725 natural language-SQL pairs, enabling both fine-tuning and rigorous evaluation. Building on this resource, we benchmark reasoning models and language models of varying scales, providing a systematic analysis of their strengths and limitations in financial Text-to-SQL tasks. Finally, we propose a finance-oriented evaluation metric (FINCH Score) that captures nuances overlooked by existing measures, offering a more faithful assessment of model performance.

Recent interest in building foundation models for KGs has highlighted a fundamental challenge: knowledge-graph data is relatively scarce. The best-known KGs are primarily human-labeled, created by pattern-matching, or extracted using early NLP techniques. While human-generated KGs are in short supply, automatically extracted KGs are of questionable quality. We present a solution to this data scarcity problem in the form of a text-to-KG generator (KGGen), a package that uses language models to create high-quality graphs from plaintext. Unlike other KG extractors, KGGen clusters related entities to reduce sparsity in extracted KGs. KGGen is available as a Python library (pip install kg-gen), making it accessible to everyone. Along with KGGen, we release the first benchmark, Measure of of Information in Nodes and Edges (MINE), that tests an extractor's ability to produce a useful KG from plain text. We benchmark our new tool against existing extractors and demonstrate far superior performance.

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.

Knowledge graphs (KGs) have been successfully applied to the analysis of complex scientific and technological domains, with automatic KG generation methods typically building upon relation extraction models capturing fine-grained relations between domain entities in text. While these relations are fully applicable across scientific areas, existing models are trained on few domain-specific datasets such as SciERC and do not perform well on new target domains. In this paper, we experiment with leveraging in-context learning capabilities of Large Language Models to perform schema-constrained data annotation, collecting in-domain training instances for a Transformer-based relation extraction model deployed on titles and abstracts of research papers in the Architecture, Construction, Engineering and Operations (AECO) domain. By assessing the performance gain with respect to a baseline Deep Learning architecture trained on off-domain data, we show that by using a few-shot learning strategy with structured prompts and only minimal expert annotation the presented approach can potentially support domain adaptation of a science KG generation model.

Open Information Extraction (OIE) methods extract facts from natural language text in the form of ("subject"; "relation"; "object") triples. These facts are, however, merely surface forms, the ambiguity of which impedes their downstream usage; e.g., the surface phrase "Michael Jordan" may refer to either the former basketball player or the university professor. Knowledge Graphs (KGs), on the other hand, contain facts in a canonical (i.e., unambiguous) form, but their coverage is limited by a static schema (i.e., a fixed set of entities and predicates). To bridge this gap, we need the best of both worlds: (i) high coverage of free-text OIEs, and (ii) semantic precision (i.e., monosemy) of KGs. In order to achieve this goal, we propose a new benchmark with novel evaluation protocols that can, for example, measure fact linking performance on a granular triple slot level, while also measuring if a system has the ability to recognize that a surface form has no match in the existing KG. Our extensive evaluation of several baselines show that detection of out-of-KG entities and predicates is more difficult than accurate linking to existing ones, thus calling for more research efforts on this difficult task. We publicly release all resources (data, benchmark and code) on https://github.com/nec-research/fact-linking.

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.

Extensive knowledge graphs (KGs) have been constructed to facilitate knowledge-driven tasks across various scenarios. However, existing work usually develops separate reasoning models for different KGs, lacking the ability to generalize and transfer knowledge across diverse KGs and reasoning settings. In this paper, we propose a prompt-based KG foundation model via in-context learning, namely KG-ICL, to achieve a universal reasoning ability. Specifically, we introduce a prompt graph centered with a query-related example fact as context to understand the query relation. To encode prompt graphs with the generalization ability to unseen entities and relations in queries, we first propose a unified tokenizer that maps entities and relations in prompt graphs to predefined tokens. Then, we propose two message passing neural networks to perform prompt encoding and KG reasoning, respectively. We conduct evaluation on 43 different KGs in both transductive and inductive settings. Results indicate that the proposed KG-ICL outperforms baselines on most datasets, showcasing its outstanding generalization and universal reasoning capabilities. The source code is accessible on GitHub: https://github.com/nju-websoft/KG-ICL.

Large Language Models (LLMs) may suffer from hallucinations in real-world applications due to the lack of relevant knowledge. In contrast, knowledge graphs encompass extensive, multi-relational structures that store a vast array of symbolic facts. Consequently, integrating LLMs with knowledge graphs has been extensively explored, with Knowledge Graph Question Answering (KGQA) serving as a critical touchstone for the integration. This task requires LLMs to answer natural language questions by retrieving relevant triples from knowledge graphs. However, existing methods face two significant challenges: excessively long reasoning paths distracting from the answer generation, and false-positive relations hindering the path refinement. In this paper, we propose an iterative interactive KGQA framework that leverages the interactive learning capabilities of LLMs to perform reasoning and Debating over Graphs (DoG). Specifically, DoG employs a subgraph-focusing mechanism, allowing LLMs to perform answer trying after each reasoning step, thereby mitigating the impact of lengthy reasoning paths. On the other hand, DoG utilizes a multi-role debate team to gradually simplify complex questions, reducing the influence of false-positive relations. This debate mechanism ensures the reliability of the reasoning process. Experimental results on five public datasets demonstrate the effectiveness and superiority of our architecture. Notably, DoG outperforms the state-of-the-art method ToG by 23.7\% and 9.1\% in accuracy on WebQuestions and GrailQA, respectively. Furthermore, the integration experiments with various LLMs on the mentioned datasets highlight the flexibility of DoG. Code is available at https://github.com/reml-group/DoG.

Large language models (LLMs), while exhibiting exceptional performance, suffer from hallucinations, especially on knowledge-intensive tasks. Existing works propose to augment LLMs with individual text units retrieved from external knowledge corpora to alleviate the issue. However, in many domains, texts are interconnected (e.g., academic papers in a bibliographic graph are linked by citations and co-authorships) which form a (text-attributed) graph. The knowledge in such graphs is encoded not only in single texts/nodes but also in their associated connections. To facilitate the research of augmenting LLMs with graphs, we manually construct a Graph Reasoning Benchmark dataset called GRBench, containing 1,740 questions that can be answered with the knowledge from 10 domain graphs. Then, we propose a simple and effective framework called Graph Chain-of-thought (Graph-CoT) to augment LLMs with graphs by encouraging LLMs to reason on the graph iteratively. Each Graph-CoT iteration consists of three sub-steps: LLM reasoning, LLM-graph interaction, and graph execution. We conduct systematic experiments with three LLM backbones on GRBench, where Graph-CoT outperforms the baselines consistently. The code is available at https://github.com/PeterGriffinJin/Graph-CoT.

Graphs are a powerful tool for representing and analyzing complex relationships in real-world applications such as social networks, recommender systems, and computational finance. Reasoning on graphs is essential for drawing inferences about the relationships between entities in a complex system, and to identify hidden patterns and trends. Despite the remarkable progress in automated reasoning with natural text, reasoning on graphs with large language models (LLMs) remains an understudied problem. In this work, we perform the first comprehensive study of encoding graph-structured data as text for consumption by LLMs. We show that LLM performance on graph reasoning tasks varies on three fundamental levels: (1) the graph encoding method, (2) the nature of the graph task itself, and (3) interestingly, the very structure of the graph considered. These novel results provide valuable insight on strategies for encoding graphs as text. Using these insights we illustrate how the correct choice of encoders can boost performance on graph reasoning tasks inside LLMs by 4.8% to 61.8%, depending on the task.

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

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.

A number of datasets for Relation Extraction (RE) have been created to aide downstream tasks such as information retrieval, semantic search, question answering and textual entailment. However, these datasets fail to capture financial-domain specific challenges since most of these datasets are compiled using general knowledge sources such as Wikipedia, web-based text and news articles, hindering real-life progress and adoption within the financial world. To address this limitation, we propose REFinD, the first large-scale annotated dataset of relations, with sim29K instances and 22 relations amongst 8 types of entity pairs, generated entirely over financial documents. We also provide an empirical evaluation with various state-of-the-art models as benchmarks for the RE task and highlight the challenges posed by our dataset. We observed that various state-of-the-art deep learning models struggle with numeric inference, relational and directional ambiguity.

Biomedical Knowledge Graphs (BKGs) integrate diverse datasets to elucidate complex relationships within the biomedical field. Effective link prediction on these graphs can uncover valuable connections, such as potential novel drug-disease relations. We introduce a novel multimodal approach that unifies embeddings from specialized Language Models (LMs) with Graph Contrastive Learning (GCL) to enhance intra-entity relationships while employing a Knowledge Graph Embedding (KGE) model to capture inter-entity relationships for effective link prediction. To address limitations in existing BKGs, we present PrimeKG++, an enriched knowledge graph incorporating multimodal data, including biological sequences and textual descriptions for each entity type. By combining semantic and relational information in a unified representation, our approach demonstrates strong generalizability, enabling accurate link predictions even for unseen nodes. Experimental results on PrimeKG++ and the DrugBank drug-target interaction dataset demonstrate the effectiveness and robustness of our method across diverse biomedical datasets. Our source code, pre-trained models, and data are publicly available at https://github.com/HySonLab/BioMedKG

Financial risk prediction plays a crucial role in the financial sector. Machine learning methods have been widely applied for automatically detecting potential risks and thus saving the cost of labor. However, the development in this field is lagging behind in recent years by the following two facts: 1) the algorithms used are somewhat outdated, especially in the context of the fast advance of generative AI and large language models (LLMs); 2) the lack of a unified and open-sourced financial benchmark has impeded the related research for years. To tackle these issues, we propose FinPT and FinBench: the former is a novel approach for financial risk prediction that conduct Profile Tuning on large pretrained foundation models, and the latter is a set of high-quality datasets on financial risks such as default, fraud, and churn. In FinPT, we fill the financial tabular data into the pre-defined instruction template, obtain natural-language customer profiles by prompting LLMs, and fine-tune large foundation models with the profile text to make predictions. We demonstrate the effectiveness of the proposed FinPT by experimenting with a range of representative strong baselines on FinBench. The analytical studies further deepen the understanding of LLMs for financial risk prediction.

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.

Knowledge graphs have been proven extremely useful in powering diverse applications in semantic search and natural language understanding. In this paper, we present GraphGen4Code, a toolkit to build code knowledge graphs that can similarly power various applications such as program search, code understanding, bug detection, and code automation. GraphGen4Code uses generic techniques to capture code semantics with the key nodes in the graph representing classes, functions, and methods. Edges indicate function usage (e.g., how data flows through function calls, as derived from program analysis of real code), and documentation about functions (e.g., code documentation, usage documentation, or forum discussions such as StackOverflow). Our toolkit uses named graphs in RDF to model graphs per program, or can output graphs as JSON. We show the scalability of the toolkit by applying it to 1.3 million Python files drawn from GitHub, 2,300 Python modules, and 47 million forum posts. This results in an integrated code graph with over 2 billion triples. We make the toolkit to build such graphs as well as the sample extraction of the 2 billion triples graph publicly available to the community for use.

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.

Inductive knowledge graph completion has been considered as the task of predicting missing triplets between new entities that are not observed during training. While most inductive knowledge graph completion methods assume that all entities can be new, they do not allow new relations to appear at inference time. This restriction prohibits the existing methods from appropriately handling real-world knowledge graphs where new entities accompany new relations. In this paper, we propose an INductive knowledge GRAph eMbedding method, InGram, that can generate embeddings of new relations as well as new entities at inference time. Given a knowledge graph, we define a relation graph as a weighted graph consisting of relations and the affinity weights between them. Based on the relation graph and the original knowledge graph, InGram learns how to aggregate neighboring embeddings to generate relation and entity embeddings using an attention mechanism. Experimental results show that InGram outperforms 14 different state-of-the-art methods on varied inductive learning scenarios.

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.

We present CoDEx, a set of knowledge graph completion datasets extracted from Wikidata and Wikipedia that improve upon existing knowledge graph completion benchmarks in scope and level of difficulty. In terms of scope, CoDEx comprises three knowledge graphs varying in size and structure, multilingual descriptions of entities and relations, and tens of thousands of hard negative triples that are plausible but verified to be false. To characterize CoDEx, we contribute thorough empirical analyses and benchmarking experiments. First, we analyze each CoDEx dataset in terms of logical relation patterns. Next, we report baseline link prediction and triple classification results on CoDEx for five extensively tuned embedding models. Finally, we differentiate CoDEx from the popular FB15K-237 knowledge graph completion dataset by showing that CoDEx covers more diverse and interpretable content, and is a more difficult link prediction benchmark. Data, code, and pretrained models are available at https://bit.ly/2EPbrJs.

Since its 2009 genesis block, the Bitcoin network has processed >1.08 billion (B) transactions representing >8.72B BTC, offering rich potential for machine learning (ML); yet, its pseudonymity and obscured flow of funds inherent in its \utxo-based design, have rendered this data largely inaccessible for ML research. Addressing this gap, we present an ML-compatible graph modeling the Bitcoin's economic topology by reconstructing the flow of funds. This temporal, heterogeneous graph encompasses complete transaction history up to block \cutoffHeight, consisting of >2.4B nodes and >39.72B edges. Additionally, we provide custom sampling methods yielding node and edge feature vectors of sampled communities, tools to load and analyze the Bitcoin graph data within specialized graph databases, and ready-to-use database snapshots. This comprehensive dataset and toolkit empower the ML community to tackle Bitcoin's intricate ecosystem at scale, driving progress in applications such as anomaly detection, address classification, market analysis, and large-scale graph ML benchmarking. Dataset and code available at https://github.com/B1AAB/EBA{github.com/b1aab/eba}

The exploitation of syntactic graphs (SyGs) as a word's context has been shown to be beneficial for distributional semantic models (DSMs), both at the level of individual word representations and in deriving phrasal representations via composition. However, notwithstanding the potential performance benefit, the syntactically-aware DSMs proposed to date have huge numbers of parameters (compared to conventional DSMs) and suffer from data sparsity. Furthermore, the encoding of the SyG links (i.e., the syntactic relations) has been largely limited to linear maps. The knowledge graphs' literature, on the other hand, has proposed light-weight models employing different geometric transformations (GTs) to encode edges in a knowledge graph (KG). Our work explores the possibility of adopting this family of models to encode SyGs. Furthermore, we investigate which GT better encodes syntactic relations, so that these representations can be used to enhance phrase-level composition via syntactic contextualisation.

Financial AI holds great promise for transforming modern finance, with the potential to support a wide range of tasks such as market forecasting, portfolio management, quantitative trading, and automated analysis. However, existing platforms remain limited in task coverage, lack robust multimodal data integration, and offer insufficient support for the training and deployment of large language models (LLMs). In response to these limitations, we present FinWorld, an all-in-one open-source platform that provides end-to-end support for the entire financial AI workflow, from data acquisition to experimentation and deployment. FinWorld distinguishes itself through native integration of heterogeneous financial data, unified support for diverse AI paradigms, and advanced agent automation, enabling seamless development and deployment. Leveraging data from 2 representative markets, 4 stock pools, and over 800 million financial data points, we conduct comprehensive experiments on 4 key financial AI tasks. These experiments systematically evaluate deep learning and reinforcement learning algorithms, with particular emphasis on RL-based finetuning for LLMs and LLM Agents. The empirical results demonstrate that FinWorld significantly enhances reproducibility, supports transparent benchmarking, and streamlines deployment, thereby providing a strong foundation for future research and real-world applications. Code is available at Github~https://github.com/DVampire/FinWorld.

We introduce FinanceReasoning, a novel benchmark designed to evaluate the reasoning capabilities of large reasoning models (LRMs) in financial numerical reasoning problems. Compared to existing benchmarks, our work provides three key advancements. (1) Credibility: We update 15.6% of the questions from four public datasets, annotating 908 new questions with detailed Python solutions and rigorously refining evaluation standards. This enables an accurate assessment of the reasoning improvements of LRMs. (2) Comprehensiveness: FinanceReasoning covers 67.8% of financial concepts and formulas, significantly surpassing existing datasets. Additionally, we construct 3,133 Python-formatted functions, which enhances LRMs' financial reasoning capabilities through refined knowledge (e.g., 83.2% rightarrow 91.6% for GPT-4o). (3) Challenge: Models are required to apply multiple financial formulas for precise numerical reasoning on 238 Hard problems. The best-performing model (i.e., OpenAI o1 with PoT) achieves 89.1% accuracy, yet LRMs still face challenges in numerical precision. We demonstrate that combining Reasoner and Programmer models can effectively enhance LRMs' performance (e.g., 83.2% rightarrow 87.8% for DeepSeek-R1). Our work paves the way for future research on evaluating and improving LRMs in domain-specific complex reasoning tasks.

Retrieval from graph data is crucial for augmenting large language models (LLM) with both open-domain knowledge and private enterprise data, and it is also a key component in the recent GraphRAG system (edge et al., 2024). Despite decades of research on knowledge graphs and knowledge base question answering, leading LLM frameworks (e.g. Langchain and LlamaIndex) have only minimal support for retrieval from modern encyclopedic knowledge graphs like Wikidata. In this paper, we analyze the root cause and suggest that modern RDF knowledge graphs (e.g. Wikidata, Freebase) are less efficient for LLMs due to overly large schemas that far exceed the typical LLM context window, use of resource identifiers, overlapping relation types and lack of normalization. As a solution, we propose property graph views on top of the underlying RDF graph that can be efficiently queried by LLMs using Cypher. We instantiated this idea on Wikidata and introduced CypherBench, the first benchmark with 11 large-scale, multi-domain property graphs with 7.8 million entities and over 10,000 questions. To achieve this, we tackled several key challenges, including developing an RDF-to-property graph conversion engine, creating a systematic pipeline for text-to-Cypher task generation, and designing new evaluation metrics.

Financial trading is a crucial component of the markets, informed by a multimodal information landscape encompassing news, prices, and Kline charts, and encompasses diverse tasks such as quantitative trading and high-frequency trading with various assets. While advanced AI techniques like deep learning and reinforcement learning are extensively utilized in finance, their application in financial trading tasks often faces challenges due to inadequate handling of multimodal data and limited generalizability across various tasks. To address these challenges, we present FinAgent, a multimodal foundational agent with tool augmentation for financial trading. FinAgent's market intelligence module processes a diverse range of data-numerical, textual, and visual-to accurately analyze the financial market. Its unique dual-level reflection module not only enables rapid adaptation to market dynamics but also incorporates a diversified memory retrieval system, enhancing the agent's ability to learn from historical data and improve decision-making processes. The agent's emphasis on reasoning for actions fosters trust in its financial decisions. Moreover, FinAgent integrates established trading strategies and expert insights, ensuring that its trading approaches are both data-driven and rooted in sound financial principles. With comprehensive experiments on 6 financial datasets, including stocks and Crypto, FinAgent significantly outperforms 9 state-of-the-art baselines in terms of 6 financial metrics with over 36% average improvement on profit. Specifically, a 92.27% return (a 84.39% relative improvement) is achieved on one dataset. Notably, FinAgent is the first advanced multimodal foundation agent designed for financial trading tasks.