Breaking the Bank with ChatGPT: Few-Shot Text Classification for Finance

We propose the use of conversational GPT models for easy and quick few-shot text classification in the financial domain using the Banking77 dataset. Our approach involves in-context learning with GPT-3.5 and GPT-4, which minimizes the technical expertise required and eliminates the need for expensive GPU computing while yielding quick and accurate results. Additionally, we fine-tune other pre-trained, masked language models with SetFit, a recent contrastive learning technique, to achieve state-of-the-art results both in full-data and few-shot settings. Our findings show that querying GPT-3.5 and GPT-4 can outperform fine-tuned, non-generative models even with fewer examples. However, subscription fees associated with these solutions may be considered costly for small organizations. Lastly, we find that generative models perform better on the given task when shown representative samples selected by a human expert rather than when shown random ones. We conclude that a) our proposed methods offer a practical solution for few-shot tasks in datasets with limited label availability, and b) our state-of-the-art results can inspire future work in the area.

Legal-Tech Open Diaries: Lesson learned on how to develop and deploy light-weight models in the era of humongous Language Models

In the era of billion-parameter-sized Language Models (LMs), start-ups have to follow trends and adapt their technology accordingly. Nonetheless, there are open challenges since the development and deployment of large models comes with a need for high computational resources and has economical consequences. In this work, we follow the steps of the R&D group of a modern legal-tech start-up and present important insights on model development and deployment. We start from ground zero by pre-training multiple domain-specific multi-lingual LMs which are a better fit to contractual and regulatory text compared to the available alternatives (XLM-R). We present benchmark results of such models in a half-public half-private legal benchmark comprising 5 downstream tasks showing the impact of larger model size. Lastly, we examine the impact of a full-scale pipeline for model compression which includes: a) Parameter Pruning, b) Knowledge Distillation, and c) Quantization: The resulting models are much more efficient without sacrificing performance at large.

An Exploration of Hierarchical Attention Transformers for Efficient Long Document Classification

Non-hierarchical sparse attention Transformer-based models, such as Longformer and Big Bird, are popular approaches to working with long documents. There are clear benefits to these approaches compared to the original Transformer in terms of efficiency, but Hierarchical Attention Transformer (HAT) models are a vastly understudied alternative. We develop and release fully pre-trained HAT models that use segment-wise followed by cross-segment encoders and compare them with Longformer models and partially pre-trained HATs. In several long document downstream classification tasks, our best HAT model outperforms equally-sized Longformer models while using 10-20% less GPU memory and processing documents 40-45% faster. In a series of ablation studies, we find that HATs perform best with cross-segment contextualization throughout the model than alternative configurations that implement either early or late cross-segment contextualization. Our code is on GitHub: https://github.com/coastalcph/hierarchical-transformers.

Data Augmentation for Biomedical Factoid Question Answering

We study the effect of seven data augmentation (da) methods in factoid question answering, focusing on the biomedical domain, where obtaining training instances is particularly difficult. We experiment with data from the BioASQ challenge, which we augment with training instances obtained from an artificial biomedical machine reading comprehension dataset, or via back-translation, information retrieval, word substitution based on word2vec embeddings, or masked language modeling, question generation, or extending the given passage with additional context. We show that da can lead to very significant performance gains, even when using large pre-trained Transformers, contributing to a broader discussion of if/when da benefits large pre-trained models. One of the simplest da methods, word2vec-based word substitution, performed best and is recommended. We release our artificial training instances and code.

FiNER: Financial Numeric Entity Recognition for XBRL Tagging

Publicly traded companies are required to submit periodic reports with eXtensive Business Reporting Language (XBRL) word-level tags. Manually tagging the reports is tedious and costly. We, therefore, introduce XBRL tagging as a new entity extraction task for the financial domain and release FiNER-139, a dataset of 1.1M sentences with gold XBRL tags. Unlike typical entity extraction datasets, FiNER-139 uses a much larger label set of 139 entity types. Most annotated tokens are numeric, with the correct tag per token depending mostly on context, rather than the token itself. We show that subword fragmentation of numeric expressions harms BERT's performance, allowing word-level BILSTMs to perform better. To improve BERT's performance, we propose two simple and effective solutions that replace numeric expressions with pseudo-tokens reflecting original token shapes and numeric magnitudes. We also experiment with FIN-BERT, an existing BERT model for the financial domain, and release our own BERT (SEC-BERT), pre-trained on financial filings, which performs best. Through data and error analysis, we finally identify possible limitations to inspire future work on XBRL tagging.

EDGAR-CORPUS: Billions of Tokens Make The World Go Round

We release EDGAR-CORPUS, a novel corpus comprising annual reports from all the publicly traded companies in the US spanning a period of more than 25 years. To the best of our knowledge, EDGAR-CORPUS is the largest financial NLP corpus available to date. All the reports are downloaded, split into their corresponding items (sections), and provided in a clean, easy-to-use JSON format. We use EDGAR-CORPUS to train and release EDGAR-W2V, which are WORD2VEC embeddings for the financial domain. We employ these embeddings in a battery of financial NLP tasks and showcase their superiority over generic GloVe embeddings and other existing financial word embeddings. We also open-source EDGAR-CRAWLER, a toolkit that facilitates downloading and extracting future annual reports.

Paragraph-level Rationale Extraction through Regularization: A case study on European Court of Human Rights Cases

Interpretability or explainability is an emerging research field in NLP. From a user-centric point of view, the goal is to build models that provide proper justification for their decisions, similar to those of humans, by requiring the models to satisfy additional constraints. To this end, we introduce a new application on legal text where, contrary to mainstream literature targeting word-level rationales, we conceive rationales as selected paragraphs in multi-paragraph structured court cases. We also release a new dataset comprising European Court of Human Rights cases, including annotations for paragraph-level rationales. We use this dataset to study the effect of already proposed rationale constraints, i.e., sparsity, continuity, and comprehensiveness, formulated as regularizers. Our findings indicate that some of these constraints are not beneficial in paragraph-level rationale extraction, while others need re-formulation to better handle the multi-label nature of the task we consider. We also introduce a new constraint, singularity, which further improves the quality of rationales, even compared with noisy rationale supervision. Experimental results indicate that the newly introduced task is very challenging and there is a large scope for further research.

Regulatory Compliance through Doc2Doc Information Retrieval: A case study in EU/UK legislation where text similarity has limitations

Major scandals in corporate history have urged the need for regulatory compliance, where organizations need to ensure that their controls (processes) comply with relevant laws, regulations, and policies. However, keeping track of the constantly changing legislation is difficult, thus organizations are increasingly adopting Regulatory Technology (RegTech) to facilitate the process. To this end, we introduce regulatory information retrieval (REG-IR), an application of document-to-document information retrieval (DOC2DOC IR), where the query is an entire document making the task more challenging than traditional IR where the queries are short. Furthermore, we compile and release two datasets based on the relationships between EU directives and UK legislation. We experiment on these datasets using a typical two-step pipeline approach comprising a pre-fetcher and a neural re-ranker. Experimenting with various pre-fetchers from BM25 to k nearest neighbors over representations from several BERT models, we show that fine-tuning a BERT model on an in-domain classification task produces the best representations for IR. We also show that neural re-rankers under-perform due to contradicting supervision, i.e., similar query-document pairs with opposite labels. Thus, they are biased towards the pre-fetcher's score. Interestingly, applying a date filter further improves the performance, showcasing the importance of the time dimension.

Neural Contract Element Extraction Revisited

We investigate contract element extraction. We show that LSTM-based encoders perform better than dilated CNNs, Transformers, and BERT in this task. We also find that domain-specific WORD2VEC embeddings outperform generic pre-trained GLOVE embeddings. Morpho-syntactic features in the form of POS tag and token shape embeddings, as well as context-aware ELMO embeddings, do not improve performance. Several of these observations contradict choices or findings of previous work on contract element extraction and generic sequence labeling tasks, indicating that contract element extraction requires careful task-specific choices.

Layer-wise Guided Training for BERT: Learning Incrementally Refined Document Representations

Although BERT is widely used by the NLP community, little is known about its inner workings. Several attempts have been made to shed light on certain aspects of BERT, often with contradicting conclusions. A much raised concern focuses on BERT's over-parameterization and under-utilization issues. To this end, we propose o novel approach to fine-tune BERT in a structured manner. Specifically, we focus on Large Scale Multilabel Text Classification (LMTC) where documents are assigned with one or more labels from a large predefined set of hierarchically organized labels. Our approach guides specific BERT layers to predict labels from specific hierarchy levels. Experimenting with two LMTC datasets we show that this structured fine-tuning approach not only yields better classification results but also leads to better parameter utilization.