Austria

Post-earnings volatility prediction is critical for investors, with previous works often leveraging earnings call transcripts under the assumption that their rich semantics contribute significantly. To further investigate how transcripts impact volatility, we introduce DEC, a dataset featuring accurate volatility calculations enabled by the previously overlooked beforeAfterMarket attribute and dense ticker coverage. Unlike established benchmarks, where each ticker has only around two earnings, DEC provides 20 earnings records per ticker. Using DEC, we reveal that post-earnings volatility undergoes significant shifts, with each ticker displaying a distinct volatility distribution. To leverage historical post-earnings volatility and capture ticker-specific patterns, we propose two training-free baselines: Post-earnings Volatility (PEV) and Same-ticker Post-earnings Volatility (STPEV). These baselines surpass all transcripts-based models on DEC as well as on established benchmarks. Additionally, we demonstrate that current transcript representations predominantly capture ticker identity rather than offering financially meaningful insights specific to each earnings. This is evidenced by two key observations: earnings representations from the same ticker exhibit significantly higher similarity compared to those from different tickers, and predictions from transcript-based models show strong correlations with prior post-earnings volatility.

ACL 2025

Same Company, Same Signal: The Role of Identity in Earnings Call Transcripts

earnings call transcripts

financial nlp

volatility

### Welcome to IJCNLP-AACL 2023!
I am honored and happy to welcome you to IJCNLP-AACL 2023! The conference hosts both the 13th
International Joint Conference on Natural Language Processing (IJCNLP) and the 3rd Conference of
the Asia-Pacific Chapter of the Association for Computational Linguistics (AACL). 
The joint conferences of IJCNLP and AACL have been organized by alternating leadership in the
Asia-Pacific region, in odd years by Asian Federation of Natural Language Processing (AFNLP) and
in even years by AACL. The conference is organized by AFNLP this year. 

Considering the current situation that we are not yet fully over the coronavirus pandemic, the
conference is offered in a hybrid mode, off-line in Nusa Dua, Bali, Indonesia, and on-line with the help
of Underline, during November 1-4, 2023. For those attending off-line, I hope that you will find time to
explore the exciting local area, which remains quite warm and pleasant at this time of the year. For
those attending on-line, I hope that the attendance is not much hampered, sometimes even enhanced
and comfortable, though the on-line arrangements have been made without ample time. 

Message from Jong C. Park, Korea Advanced Institute of Science and Technology (KAIST) 
IJCNLP-AACL 2023 General Chair 
###### [Conference Handbook](https://drive.google.com/file/d/1S2JSXa105xJxIkNBfhYmGH20Om6wARBx/view?usp=sharing)

In order to acces this event page, you need to register [here](http://www.ijcnlp-aacl2023.org/)

IJCNLP-AACL 2023

The 13th International Joint Conference on Natural Language Processing and the 3rd Conference of the Asia-Pacific Chapter of the Association for Computational Linguistics

poster

### Welcome to The 63rd Annual Meeting of the Association for Computational Linguistics (ACL 2025)

Message from the General Chair: 
*It is my great pleasure and honor to welcome you to the 63rd Annual Meeting of the Association for Computational Linguistics (ACL 2025), held in beautiful Vienna, Austria, from July 27 to August 1, 2025. ACL2025continues our field’s tradition of excellence in scholarship, innovation, and inclusivity, and I am deeply grateful to the many volunteers who have worked tirelessly to bring this event to life.* 
[Read more](https://drive.google.com/file/d/1GI_hvOpjswAuYdUTromfeDiPpCcqidwg/view?usp=sharing)

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Welcome to The 63rd Annual Meeting of the Association for Computational Linguistics (ACL 2025)

The NLP research community has made publicly available numerous instruments for measuring representational harms caused by large language model (LLM)-based systems. These have taken the form of datasets, metrics, and other tools designed to measure harms such as stereotyping and demeaning language. In this study we examine the extent to which such instruments meet the needs of practitioners tasked with evaluating LLM-based systems. Via semi-structured interviews with AI practitioners (N=12), we find that practitioners are often unable to use publicly available instruments for measuring representational harms. We identify two types of challenges. In some cases, instruments are not useful because they do not meaningfully measure what practitioners seek to measure or are otherwise misaligned with practitioner needs. In other cases, instruments - even useful instruments - are not used by practitioners due to institutional barriers impeding their uptake. Drawing on measurement theory and pragmatic measurement, we provide recommendations for addressing these challenges to better meet practitioner needs.

Understanding and Meeting Practitioner Needs When Measuring Representational Harms Caused by LLM-Based Systems

The lack of explainability in state-of-the-art Natural Language Understanding (NLU) classification models has increased interest in developing techniques for improving explainable linear feature-based models (e.g., Logistic Regression/SVM). Politeness detection is a task that exemplifies this interest. While those techniques perform well on the task when applied to data from the same domain as the training data, they lack generalizability and thus fall short when applied to data from other domains. This is due to their reliance on discovering domain-specific word-level features. We introduce a method for improving the generalizability of explainable politeness models by relying on speech act patterns instead of words, leveraging speech act labels assigned by the GPT-4 model. This approach goes beyond the mere words and injects intent into politeness classification models, enhancing their generalizability. Results demonstrate that the proposed method achieves state-of-the-art accuracy in the cross-domain setting among explainable methods, while falling short in the in-domain setting. Our findings illustrate that explainable models can benefit from Large Language Models.

Speech Act Patterns for Improving Generalizability of Explainable Politeness Detection Models

Long-form question answering (LFQA) aims to provide thorough and in-depth answers to complex questions, enhancing comprehension. However, such detailed responses are prone to hallucinations and factual inconsistencies, challenging their faithful evaluation. This work introduces HaluQuestQA, the first hallucination dataset with localized error annotations for human-written and model-generated LFQA answers. HaluQuestQA comprises 698 QA pairs with 1.8k span-level error annotations for five different error types by expert annotators, along with preference judgments. Using our collected data, we thoroughly analyze the shortcomings of long-form answers and find that they lack comprehensiveness and provide unhelpful references. We train an automatic feedback model on this dataset that predicts error spans with incomplete information and provides associated explanations. Finally, we propose a prompt-based approach, Error-Informed Refinement, that uses signals from the learned feedback model to refine generated answers, which we show reduces errors and improves the quality of the answers across multiple models. Furthermore, humans find the answers generated by our approach comprehensive and highly prefer them (84%) over the baseline answers.

Localizing and Mitigating Errors in Long-form Question Answering

Prompt optimization aims to search for effective prompts that enhance the performance of large language models (LLMs). Although existing prompt optimization methods have discovered effective prompts, they often differ from sophisticated prompts carefully designed by human experts. Prompt design strategies, representing best practices for improving prompt performance, can be key to improving prompt optimization. Recently, a method termed the Autonomous Prompt Engineering Toolbox (APET) has incorporated various prompt design strategies into the prompt optimization process. In APET, the LLM is needed to implicitly select and apply the appropriate strategies because prompt design strategies can have negative effects. This implicit selection may be suboptimal due to the limited optimization capabilities of LLMs. This paper introduces Optimizing Prompts with sTrategy Selection (OPTS), which implements explicit selection mechanisms for prompt design. We propose three mechanisms, including a Thompson sampling-based approach, and integrate them into EvoPrompt, a well-known prompt optimizer. Experiments optimizing prompts for two LLMs, Llama-3-8B-Instruct and GPT-4o mini, were conducted using BIG-Bench Hard. Our results show that the selection of prompt design strategies improves the performance of EvoPrompt, and the Thompson sampling-based mechanism achieves the best overall results.

Bandit-Based Prompt Design Strategy Selection Improves Prompt Optimizers

Large Language Models (LLMs) have been evaluated using diverse question types, e.g., multiple-choice, true/false, and short/long answers. This study answers an unexplored question about the impact of different question types on LLM accuracy on reasoning tasks. We investigate the performance of five LLMs on three different types of questions using quantitative and deductive reasoning tasks. The performance metrics include accuracy in the reasoning steps and choosing the final answer. Key Findings: (1) Significant differences exist in LLM performance across different question types. (2) Reasoning accuracy does not necessarily correlate with the final selection accuracy. (3) The number of options and the choice of words, influence LLM performance.

Is Large Language Model Performance on Reasoning Tasks Impacted by Different Ways Questions Are Asked?

Recent advances in Large Language Models(LLMs) have led to remarkable achievements across a variety of Natural Language Processing(NLP) tasks, making prompt engineering increasingly central to guiding model outputs. While manual methods (e.g., “chain-of-thought,” “step-by-step” prompts) can be effective, they typically rely on intuition and do not automatically refine prompts over time. In contrast, automatic prompt optimization employing heuristic-based search algorithms can systematically explore and improve prompts with minimal human oversight. This survey proposes a comprehensive taxonomy of these methods, categorizing them by where optimization occurs, what is optimized, what criteria drive the optimization, which operators generate new prompts, and which iterative search algorithms are applied. We further highlight specialized datasets and tools that support and accelerate automated prompt refinement. We conclude by discussing key open challenges, pointing toward future opportunities for more robust and versatile LLM applications.

Heuristic-based Search Algorithm in Automatic Instruction-focused Prompt Optimization: A Survey

Multi-agent large language model (LLM) systems have shown remarkable performance in tasks such as reasoning, planning, and decision-making. However, their applicability is limited by challenges such as high computational costs and robustness issues. In this work, we identify and systematically evaluate a critical yet overlooked challenge: sycophancy, where agents reinforce each other’s responses instead of critically engaging with the debate. This behavior inflates computational costs by requiring additional debate rounds to reach consensus, limiting the efficiency of multi-agent LLM systems. Through experiments on six benchmark reasoning datasets across three models, we analyze the impact of sycophancy and its role in reducing the reliability of multi-agent debate. Motivated by our findings, we propose CONSENSAGENT, a novel framework that dynamically refines prompts based on agent interactions to mitigate sycophancy. CONSENSAGENT reduces the number of debate rounds required for consensus and improves accuracy while maintaining efficiency. It significantly outperforms both single-agent and multi-agent baselines, achieving state-of-the-art results across all benchmark datasets. Our findings highlight the crucial role of structured prompt optimization in multi-agent setups and establish a foundation for more reliable, efficient multi-agent LLM systems in real-world applications.

CONSENSAGENT: Towards Efficient and Effective Consensus in Multi-Agent LLM Interactions Through Sycophancy Mitigation

We present CausalLink, an innovative evaluation framework that interactively assesses the
causal reasoning skill to identify the correct intervention in conversational language models. Each CausalLink test case creates a hypothetical environment in which the language models are instructed to apply interventions to entities whose interactions follow predefined causal relations generated from controllable causal graphs. Our evaluation framework isolates causal capabilities from the confounding effects of world knowledge and semantic cues. We evaluate a series of LLMs in a scenario featuring movements of geometric shapes and discover that models start to exhibit reliable reasoning on two or three variables at the 14-billion-parameter scale. However, the performance of state-of-the-art models such as GPT4o degrades below random chance as the number of variables increases. We identify and analyze several key failure modes.

CausalLink: An Interactive Evaluation Framework for Causal Reasoning

Large vision-language models (VLMs) have demonstrated remarkable abilities in understanding everyday content. However, their performance in the domain of art, particularly culturally rich art forms, remains less explored. As a pearl of human wisdom and creativity, art encapsulates complex cultural narratives and symbolism. In this paper, we offer the Pun Rebus Art Dataset, a multimodal dataset for art understanding deeply rooted in traditional Chinese culture. We focus on three primary tasks: identifying salient visual elements, matching elements with their symbolic meanings, and explanations for the conveyed messages. Our evaluation reveals that state-of-the-art VLMs struggle with these tasks, often providing biased and hallucinated explanations and showing limited improvement through in-context learning. By releasing the Pun Rebus Art Dataset, we aim to facilitate the development of VLMs that can better understand and interpret culturally specific content, promoting greater inclusiveness beyond English-based corpora. The dataset and evaluation code are available at [this link](https://github.com/zhang-tuo-pdf/Pun-Rebus-Art-Benchmark).

Creating a Lens of Chinese Culture: A Multimodal Dataset for Chinese Pun Rebus Art Understanding

Retrieval-Augmented Generation (RAG) enhances Large Language Models (LLMs) by providing external knowledge for accurate and up-to-date responses. However, this reliance on external sources exposes a security risk; attackers can inject poisoned documents into the knowledge base to steer the generation process toward harmful or misleading outputs. In this paper, we propose Gradient-based Masked Token Probability (GMTP), a novel defense method to detect and filter out adversarially crafted documents. Specifically, GMTP identifies high-impact tokens by examining gradients of the retriever’s similarity function. These key tokens are then masked, and their probabilities are checked via a Masked Language Model (MLM). Since injected tokens typically exhibit markedly low masked-token probabilities, this enables GMTP to easily detect malicious documents and achieve high-precision filtering. Experiments demonstrate that GMTP is able to eliminate over 90% of poisoned content while retaining relevant documents, thus maintaining robust retrieval and generation performance across diverse datasets and adversarial settings.

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Understanding and Meeting Practitioner Needs When Measuring Representational Harms Caused by LLM-Based Systems

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