Beyond Correlation: Refutation-Validated Aspect-Based Sentiment Analysis for Explainable Energy Market Returns

This paper proposes a refutation-validated framework for aspect-based sentiment analysis in financial markets, addressing the limitations of correlational studies that cannot distinguish genuine associations from spurious ones. Using X data for the energy sector, we test whether aspect-level sentiment signals show robust, refutation-validated relationships with equity returns. Our pipeline combines net-ratio scoring with z-normalization, OLS with Newey West HAC errors, and refutation tests including placebo, random common cause, subset stability, and bootstrap. Across six energy tickers, only a few associations survive all checks, while renewables show aspect and horizon specific responses. While not establishing causality, the framework provides statistically robust, directionally interpretable signals, with limited sample size (six stocks, one quarter) constraining generalizability and framing this work as a methodological proof of concept.

IndoBERT-Relevancy: A Context-Conditioned Relevancy Classifier for Indonesian Text

Determining whether a piece of text is relevant to a given topic is a fundamental task in natural language processing, yet it remains largely unexplored for Bahasa Indonesia. Unlike sentiment analysis or named entity recognition, relevancy classification requires the model to reason about the relationship between two inputs simultaneously: a topical context and a candidate text. We introduce IndoBERT-Relevancy, a context-conditioned relevancy classifier built on IndoBERT Large (335M parameters) and trained on a novel dataset of 31,360 labeled pairs spanning 188 topics. Through an iterative, failure-driven data construction process, we demonstrate that no single data source is sufficient for robust relevancy classification, and that targeted synthetic data can effectively address specific model weaknesses. Our final model achieves an F1 score of 0.948 and an accuracy of 96.5%, handling both formal and informal Indonesian text. The model is publicly available at HuggingFace.

NDT: Non-Differential Transformer and Its Application to Sentiment Analysis

From customer feedback to social media, understanding human sentiment in text is central to how machines can interact meaningfully with people. However, despite notable progress, accurately capturing sentiment remains a challenging task, which continues to motivate further research in this area. To this end, we introduce Non-Differential Transformer (NDT). It is inspired by (but in contrast to) the state-of-the-art Differential Transformer (DT) model. While standard Transformers can struggle with irrelevant context, the sota DT model uses attention map subtraction, potentially for noise cancellation. We explore an alternative motivation, hypothesizing that benefits may arise from enabling different attention components to specialize on distinct concepts within the text, similar to multiplexing information channels or mixture models, rather than primarily canceling noise via subtraction. Guided by this concept-multiplexing (ConPlex) view, the specific architecture presented in this paper employs a purely additive strategy. It uses only positive weights, learned during training, to ensure constructive combination of these specialized attention perspectives. This design choice explores positive only integration, though our broader framework also shows promise with less constrained linear combinations involving both positive and negative weights. Our model computes attention via this positively weighted sum of multiple distinct attention maps. This allows the model to constructively integrate diverse signals and potentially capture more complex contextual relationships. Competitive performance is achieved by the proposed model for Sentiment Analysis while tested on multiple datasets. We conclude by presenting our results, challenges and future research agenda in this important area of research.

Approaches to Analysing Historical Newspapers Using LLMs

This study presents a computational analysis of the Slovene historical newspapers \textit{Slovenec} and \textit{Slovenski narod} from the sPeriodika corpus, combining topic modelling, large language model (LLM)-based aspect-level sentiment analysis, entity-graph visualisation, and qualitative discourse analysis to examine how collective identities, political orientations, and national belonging were represented in public discourse at the turn of the twentieth century. Using BERTopic, we identify major thematic patterns and show both shared concerns and clear ideological differences between the two newspapers, reflecting their conservative-Catholic and liberal-progressive orientations. We further evaluate four instruction-following LLMs for targeted sentiment classification in OCR-degraded historical Slovene and select the Slovene-adapted GaMS3-12B-Instruct model as the most suitable for large-scale application, while also documenting important limitations, particularly its stronger performance on neutral sentiment than on positive or negative sentiment. Applied at dataset scale, the model reveals meaningful variation in the portrayal of collective identities, with some groups appearing predominantly in neutral descriptive contexts and others more often in evaluative or conflict-related discourse. We then create NER graphs to explore the relationships between collective identities and places. We apply a mixed methods approach to analyse the named entity graphs, combining quantitative network analysis with critical discourse analysis. The investigation focuses on the emergence and development of intertwined historical political and socionomic identities. Overall, the study demonstrates the value of combining scalable computational methods with critical interpretation to support digital humanities research on noisy historical newspaper data.

Algorithmic Trading Strategy Development and Optimisation

The report presents with the development and optimisation of an enhanced algorithmic trading strategy through the use of historical S&P 500 market data and earnings call sentiment analysis. The proposed strategy integrates various technical indicators such as moving averages, momentum, volatility, and FinBERT-based sentiment analysis to improve overall trades being taken. The results show that the enhanced strategy significantly outperforms the baseline model in terms of total return, Sharpe ratio, and drawdown amongst other factors. The findings helped demonstrate the relevance and effectiveness of combining technical indicators, sentiment analysis, and computational optimisation in algorithmic trading systems.

LLMs for Qualitative Data Analysis Fail on Security-specificComments in Human Experiments

[Background:] Thematic analysis of free-text justifications in human experiments provides significant qualitative insights. Yet, it is costly because reliable annotations require multiple domain experts. Large language models (LLMs) seem ideal candidates to replace human annotators. [Problem:] Coding security-specific aspects (code identifiers mentioned, lines-of-code mentioned, security keywords mentioned) may require deeper contextual understanding than sentiment classification. [Objective:] Explore whether LLMs can act as automated annotators for technical security comments by human subjects. [Method:] We prompt four top-performing LLMs on LiveBench to detect nine security-relevant codes in free-text comments by human subjects analyzing vulnerable code snippets. Outputs are compared to human annotators using Cohen's Kappa (chance-corrected accuracy). We test different prompts mimicking annotation best practices, including emerging codes, detailed codebooks with examples, and conflicting examples. [Negative Results:] We observed marked improvements only when using detailed code descriptions; however, these improvements are not uniform across codes and are insufficient to reliably replace a human annotator. [Limitations:] Additional studies with more LLMs and annotation tasks are needed.

Designing Agentic AI-Based Screening for Portfolio Investment

We introduce a new agentic artificial intelligence (AI) platform for portfolio management. Our architecture consists of three layers. First, two large language model (LLM) agents are assigned specialized tasks: one agent screens for firms with desirable fundamentals, while a sentiment analysis agent screens for firms with desirable news. Second, these agents deliberate to generate and agree upon buy and sell signals from a large portfolio, substantially narrowing the pool of candidate assets. Finally, we apply a high-dimensional precision matrix estimation procedure to determine optimal portfolio weights. A defining theoretical feature of our framework is that the number of assets in the portfolio is itself a random variable, realized through the screening process. We introduce the concept of sensible screening and establish that, under mild screening errors, the squared Sharpe ratio of the screened portfolio consistently estimates its target. Empirically, our method achieves superior Sharpe ratios relative to an unscreened baseline portfolio and to conventional screening approaches, evaluated on S&P 500 data over the period 2020--2024.

AlignMamba-2: Enhancing Multimodal Fusion and Sentiment Analysis with Modality-Aware Mamba

In the era of large-scale pre-trained models, effectively adapting general knowledge to specific affective computing tasks remains a challenge, particularly regarding computational efficiency and multimodal heterogeneity. While Transformer-based methods have excelled at modeling inter-modal dependencies, their quadratic computational complexity limits their use with long-sequence data. Mamba-based models have emerged as a computationally efficient alternative; however, their inherent sequential scanning mechanism struggles to capture the global, non-sequential relationships that are crucial for effective cross-modal alignment. To address these limitations, we propose \textbf{AlignMamba-2}, an effective and efficient framework for multimodal fusion and sentiment analysis. Our approach introduces a dual alignment strategy that regularizes the model using both Optimal Transport distance and Maximum Mean Discrepancy, promoting geometric and statistical consistency between modalities without incurring any inference-time overhead. More importantly, we design a Modality-Aware Mamba layer, which employs a Mixture-of-Experts architecture with modality-specific and modality-shared experts to explicitly handle data heterogeneity during the fusion process. Extensive experiments on four challenging benchmarks, including dynamic time-series (on the CMU-MOSI and CMU-MOSEI datasets) and static image-related tasks (on the NYU-Depth V2 and MVSA-Single datasets), demonstrate that AlignMamba-2 establishes a new state-of-the-art in both effectiveness and efficiency across diverse pattern recognition tasks, ranging from dynamic time-series analysis to static image-text classification.

AffectSpeech: A Large-Scale Emotional Speech Dataset with Fine-Grained Textual Descriptions for Speech Emotion Captioning and Synthesis

Emotion is essential in spoken communication, yet most existing frameworks in speech emotion modeling rely on predefined categories or low-dimensional continuous attributes, which offer limited expressive capacity. Recent advances in speech emotion captioning and synthesis have shown that textual descriptions provide a more flexible and interpretable alternative for representing affective characteristics in speech. However, progress in this direction is hindered by the lack of an emotional speech dataset aligned with reliable and fine-grained natural language annotations. To tackle this, we introduce AffectSpeech, a large-scale corpus of human-recorded speech enriched with structured descriptions for fine-grained emotion analysis and generation. Each utterance is characterized across six complementary dimensions, including sentiment polarity, open-vocabulary emotion captions, intensity level, prosodic attributes, prominent segments, and semantic content, enabling multi-granular modeling of vocal expression. To balance annotation quality and scalability, we adopt a human-LLM collaborative annotation pipeline that integrates algorithmic pre-labeling, multi-LLM description generation, and human-in-the-loop verification. Furthermore, these annotations are reformulated into diverse descriptive styles to enhance linguistic diversity and reduce stylistic bias in downstream modeling. Experimental results on speech emotion captioning and synthesis demonstrate that models trained on AffectSpeech consistently achieve superior performance across multiple evaluation settings.

DanceHA: A Multi-Agent Framework for Document-Level Aspect-Based Sentiment Analysis

Aspect-Based Sentiment Intensity Analysis (ABSIA) has garnered increasing attention, though research largely focuses on domain-specific, sentence-level settings. In contrast, document-level ABSIA--particularly in addressing complex tasks like extracting Aspect-Category-Opinion-Sentiment-Intensity (ACOSI) tuples--remains underexplored. In this work, we introduce DanceHA, a multi-agent framework designed for open-ended, document-level ABSIA with informal writing styles. DanceHA has two main components: Dance, which employs a divide-and-conquer strategy to decompose the long-context ABSIA task into smaller, manageable sub-tasks for collaboration among specialized agents; and HA, Human-AI collaboration for annotation. We release Inf-ABSIA, a multi-domain document-level ABSIA dataset featuring fine-grained and high-accuracy labels from DanceHA. Extensive experiments demonstrate the effectiveness of our agentic framework and show that the multi-agent knowledge in DanceHA can be effectively transferred into student models. Our results highlight the importance of the overlooked informal styles in ABSIA, as they often intensify opinions tied to specific aspects.