China

One of the most important tasks in quantitative investment research is mining new alphas (effective trading signals or factors). Traditional alpha mining methods, either hand-crafted factor synthesis or algorithmic factor mining (e.g., search with genetic programming), have inherent limitations, especially in implementing the ideas of quant researchers. In this work, we propose a new alpha mining paradigm by introducing human-AI interaction, and a novel prompt engineering algorithmic framework to implement this paradigm by leveraging the power of large language models. Moreover, we develop Alpha-GPT, a new interactive alpha mining system framework that provides a heuristic way to ``understand&#39;&#39; the ideas of quant researchers and outputs creative, insightful, and effective alphas. We demonstrate the effectiveness and advantage of Alpha-GPT via a number of alpha mining experiments. In particular, we evaluated Alpha-GPT&#39;s performance in the \textbf{WorldQuant International Quant Championship}, where it demonstrated results comparable to those of top-performing human participants, ranking among \textbf{top-10} over 41000 teams worldwide. These findings suggest Alpha-GPT&#39;s significant potential in generating highly effective alphas that may surpass human capabilities in quantitative investment strategies.

EMNLP 2025

Alpha-GPT: Human-AI Interactive Alpha Mining for Quantitative Investment

alpha mining

quantitative investment

llm agent

One of the most important tasks in quantitative investment research is mining new alphas (effective trading signals or factors). Traditional alpha mining methods, either hand-crafted factor synthesis or algorithmic factor mining (e.g., search with genetic programming), have inherent limitations, especially in implementing the ideas of quant researchers. In this work, we propose a new alpha mining paradigm by introducing human-AI interaction, and a novel prompt engineering algorithmic framework to implement this paradigm by leveraging the power of large language models. Moreover, we develop Alpha-GPT, a new interactive alpha mining system framework that provides a heuristic way to ``understand'' the ideas of quant researchers and outputs creative, insightful, and effective alphas. We demonstrate the effectiveness and advantage of Alpha-GPT via a number of alpha mining experiments. In particular, we evaluated Alpha-GPT's performance in the \textbf{WorldQuant International Quant Championship}, where it demonstrated results comparable to those of top-performing human participants, ranking among \textbf{top-10} over 41000 teams worldwide. These findings suggest Alpha-GPT's significant potential in generating highly effective alphas that may surpass human capabilities in quantitative investment strategies.

demo

## Welcome!
"I am excited to welcome you to this year’s edition of the Conference on Empirical Methods in Natural Language Processing! Importantly, it marks the 30th edition of EMNLP. With over 8,000 submissions, more than 3,000 accepted papers, and thousands of attendees, we have come a long way from that first
workshop, which had 14 accepted papers. As the field looks ahead, Suzhou is the fitting location for celebrating this milestone: rooted in a long literary tradition, yet modern and forward-looking, and home to a large share of the NLP community."<br>

*Message from the General Chair, Dirk Hovy*

[**Link to Conference Handbook**](https://drive.google.com/file/d/1johU5QqVVYO4RfH7QcIORr7qrVBdzdwC/view?usp=sharing)





<br>

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

Recent development in Retrieval-Augmented Large Language Models (LLMs) have shown great promise in biomedical applications. However, a critical gap persists in reliably evaluating their curation ability—the process by which models select and integrate relevant references while filtering out noise. To address this, we introduce the benchmark for Curation of Retrieval-Augmented LLMs in Biomedicine (CRAB), the first multilingual benchmark tailored for evaluating the biomedical curation of retrieval-augmented LLMs, available in English, French, German and Chinese. By incorporating a novel citation-based evaluation metric, CRAB quantifies the curation performance of retrieval-augmented LLMs in biomedicine. Experimental results reveal significant discrepancies in the curation performance of mainstream LLMs, underscoring the urgent need to improve it in the domain of biomedicine.

CRAB: A Benchmark for Evaluating Curation of Retrieval-Augmented LLMs in Biomedicine

Multimodal Large Language Models (MLLMs) have achieved impressive results on vision-language benchmarks, yet it remains unclear whether these benchmarks assess genuine global reasoning or allow success via localized visual cues. Existing evaluation methods do not explicitly measure this distinction, hindering effective dataset curation and real-world focused model development.


We introduce Region Comprehension Index (RCI), the first model-based score to directly quantify a dataset’s reliance on global versus local visual information. RCI systematically compares reference-model performance on image patches versus full images, revealing if tasks require holistic image understanding or can be solved with partial or localized visual cues.


When applying RCI to 13 widely used multimodal benchmarks, we observed that most of them favor localized reasoning and exhibit significant spatial biases, indicating potential risks in real-world applications. RCI equips researchers \& practitioners with an actionable tool for diagnosing \& mitigating these biases, enabling the construction of datasets and benchmarks to foster the development of robust, enterprise-ready multimodal systems.

RCI: A Score for Evaluating Global and Local Reasoning in Multimodal Benchmarks

Recent generative models such as GPT‑4o have shown strong capabilities in producing high-quality images with accurate text rendering. However, commercial design tasks like advertising banners demand more than visual fidelity—they require structured layouts, precise typography, consistent branding and etc. In this paper, we introduce **MIMO (Mirror In‑the‑Model)**, an agentic refinement framework for automatic ad banner generation. MIMO combines a hierarchical multimodal agent system (MIMO‑Core) with a coordination loop (MIMO‑Loop) that explores multiple stylistic directions and iteratively improves design quality. Requiring only a simple natural language based prompt and logo image as input, MIMO automatically detects and corrects multiple types of errors during generation. Experiments show that MIMO significantly outperforms existing diffusion and LLM-based baselines in real-world banner design scenarios.

Mirror in the Model: Ad Banner Image Generation via Reflective Multi-LLM and Multi-modal Agents

Detecting abnormal events in real-world customer service dialogues is highly challenging due to the complexity of business data and the dynamic nature of customer interactions. 
Moreover, models must demonstrate strong out-of-domain (OOD) generalization to enable rapid adaptation across different business scenarios and maximize commercial value.
In this work, we propose a novel Adaptive Perplexity-Aware Reinforcement Learning (APARL) framework that leverages the advanced reasoning capabilities of large language models for abnormal event detection. 
APARL introduces a dual-loop dynamic curriculum learning architecture, enabling the model to progressively focus on more challenging samples as its proficiency increases. This design effectively addresses performance bottlenecks and significantly enhances OOD transferability.
Extensive evaluations on food delivery dialogue tasks show that our model achieves significantly enhanced adaptability and robustness, attaining the highest F1 score with an average improvement of 17.19\%, and an average improvement of 9.59\% in OOD transfer tests. This method provides a superior solution for industrial deployment of anomaly detection models, contributing to improved operational efficiency and commercial benefits.

A Reasoner for Real-World Event Detection: Scaling Reinforcement Learning via Adaptive Perplexity-Aware Sampling Strategy

Structured outputs are essential for large language models (LLMs) in critical applications like agents and information extraction. Despite their capabilities, LLMs often generate outputs that deviate from predefined schemas, significantly hampering reliable application development. We present SLOT (Structured LLM Output Transformer), a model-agnostic approach that transforms unstructured LLM outputs into precise structured formats. While existing solutions predominantly rely on constrained decoding techniques or are tightly coupled with specific models, SLOT employs a fine-tuned lightweight language model as a post-processing layer, achieving flexibility across various LLMs and schema specifications. We introduce SLOTBench, curated by a data synthesis pipeline alongside a formal evaluation methodology that quantifies both schema accuracy and content fidelity. Our results demonstrate that fine-tuned Mistral-7B model with constrained decoding achieves near-perfect schema accuracy (99.5%) and content similarity (94.0%), outperforming Claude-3.5-Sonnet by substantial margins (+25 and +20 percentage points, respectively). Notably, even compact models like Llama-3.2-1B can match or exceed the structured output capabilities of much larger proprietary models when equipped with SLOT, enabling reliable structured generation in resource-constrained environments. SLOTBench will be released upon legal approval.

SLOT: Structuring the Output of Large Language Models

Large Language Models (LLMs) have demonstrated impressive text generation capabilities, yet their outputs often misalign with human preferences. To address this challenge, Reinforcement Learning from Human Feedback (RLHF) has become an essential component of modern LLM training pipelines. Although Proximal Policy Optimization (PPO) initially emerged as a favored RLHF strategy, its complexity and inefficiency have spurred the investigation of simpler alternatives. This work presents, to the authors' knowledge, the most comprehensive benchmark to date of seventeen state-of-the-art RLHF algorithms. We evaluate these algorithms on two different benchmarks, OpenAI's TL;DR Summarization and Anthropic's Helpfulness / Harmlessness, with two different reward models a Gemma 2B Reward model and a Rules based reward model. We incorporate extensive hyperparameter sweeps for each algorithm. With this expanded analysis, we report consistently top-performing RLHF algorithms: IPO, DPO, Reinforce, GRPO, and Best-of-N, and list the highest performing hyperparameter combinations for each. This work aims to guide practitioners in selecting the most effective RLHF algorithm while promoting a culture of thorough and impartial benchmarking in the field.

RLHF Algorithms Ranked: An Extensive Evaluation Across Diverse Tasks, Rewards, and Hyperparameters

In this paper, we use large language models to generate personalized stories for language learners, using only the vocabulary they know.
The generated texts are specifically written to teach the user new vocabulary by simply reading stories where it appears in context, while at the same time seamlessly reviewing recently learned vocabulary. The generated stories are enjoyable to read and the vocabulary reviewing/learning is optimized by a Spaced Repetition System.
The experiments are conducted in three languages: English, Chinese and Polish, evaluating three story generation methods and three strategies for enforcing lexical constraints. The results show that the generated stories are more grammatical, coherent, and provide better examples of word usage than texts generated by the standard constrained beam search approach.

SRS-Stories: Vocabulary-constrained multilingual story generation for language learning

Given the inherent subjectivity of similarity in text, fully unsupervised text clustering is unlikely to produce groupings that work across a variety of use cases. Traditional techniques to guide clustering rely on costly, time-consuming human feedback and/or pre-existing labels. Leveraging recent advancements in LLMs and decoder-only embedding models, we present techniques to effectively control text embeddings with minimal human input: prefix instructions and LLM preprocessing. We evaluate clustering performance for datasets with multiple independent ground-truth labels, or perspectives, and find that these techniques can be used to improve clustering for one perspective or use case, at the cost of a tradeoff in performance for another use case.

Controllable Clustering with LLM-driven Embeddings

Open-ended survey responses provide valuable insights in marketing research, but low-quality responses not only burden researchers with manual filtering but also risk leading to misleading conclusions, underscoring the need for effective evaluation. Existing automatic evaluation methods target LLM-generated text and inadequately assess human-written responses with their distinct characteristics. We propose a two-stage evaluation framework specifically designed for human survey responses. First, gibberish filtering filters out nonsensical responses, then three dimensions—effort, relevance, and completeness—are evaluated using LLM capabilities, grounded in empirical analysis of real-world survey data. Validation on English and Korean datasets shows that our framework outperforms existing metrics and demonstrates high practical applicability for real-world applications across multilingual setting, showing strong correlations with expert assessment.

Transparent Reference-free Automated Evaluation of Open-Ended User Survey Responses

Real-time identification of out-of-context outputs from large language models (LLMs) is crucial for enterprises to safely adopt retrieval augmented generation (RAG) systems. In this work, we develop lightweight models capable of detecting when LLM-generated text deviates from retrieved source documents semantically. We compare their performance against open-source alternatives on data from credit policy and sustainability reports used in the banking industry. The fine-tuned DeBERTa model stands out for its superior performance, speed, and simplicity, as it requires no additional preprocessing or feature engineering. While recent research often prioritises state-of-the-art accuracy through fine-tuned generative LLMs and complex training pipelines, we demonstrate how detection models are deployed efficiently with high speed and minimal resource usage.

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CRAB: A Benchmark for Evaluating Curation of Retrieval-Augmented LLMs in Biomedicine

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