Austria

Determining company similarity is a vital task in finance, underpinning risk management, hedging, and portfolio diversification. Practitioners often rely on sector and industry classifications such as SIC and GICS codes to gauge similarity, the former being used by the U.S. Securities and Exchange Commission (SEC), and the latter widely used by the investment community. Since these classifications lack granularity and need regular updating, using clusters of embeddings of company descriptions has been proposed as a potential alternative, but the lack of interpretability in token embeddings poses a significant barrier to adoption in high-stakes contexts. Sparse Autoencoders (SAEs) have shown promise in enhancing the interpretability of Large Language Models (LLMs) by decomposing Large Language Model (LLM) activations into interpretable features. Moreover, SAEs capture an LLM&#39;s internal representation of a company description, as opposed to semantic similarity alone, as is the case with embeddings. We apply SAEs to company descriptions, and obtain meaningful clusters of equities. We benchmark SAE features against SIC-codes, Industry codes, and Embeddings. Our results demonstrate that SAE features surpass sector classifications and embeddings in capturing fundamental company characteristics. This is evidenced by their superior performance in correlating logged monthly returns – a proxy for similarity – and generating higher Sharpe ratios in co-integration trading strategies, which underscores deeper fundamental similarities among companies. Finally, we verify the interpretability of our clusters, and demonstrate that sparse features form simple and interpretable explanations for our clusters.

ACL 2025

Interpretable Company Similarity with Sparse Autoencoders

sparse autoencoders

financial markets

large language models

interpretability

## 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." 

*Message from the General Chair, Dirk Hovy*

EMNLP 2025

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

Determining company similarity is a vital task in finance, underpinning risk management, hedging, and portfolio diversification. Practitioners often rely on sector and industry classifications such as SIC and GICS codes to gauge similarity, the former being used by the U.S. Securities and Exchange Commission (SEC), and the latter widely used by the investment community. Since these classifications lack granularity and need regular updating, using clusters of embeddings of company descriptions has been proposed as a potential alternative, but the lack of interpretability in token embeddings poses a significant barrier to adoption in high-stakes contexts. Sparse Autoencoders (SAEs) have shown promise in enhancing the interpretability of Large Language Models (LLMs) by decomposing Large Language Model (LLM) activations into interpretable features. Moreover, SAEs capture an LLM's internal representation of a company description, as opposed to semantic similarity alone, as is the case with embeddings. We apply SAEs to company descriptions, and obtain meaningful clusters of equities. We benchmark SAE features against SIC-codes, Industry codes, and Embeddings. Our results demonstrate that SAE features surpass sector classifications and embeddings in capturing fundamental company characteristics. This is evidenced by their superior performance in correlating logged monthly returns – a proxy for similarity – and generating higher Sharpe ratios in co-integration trading strategies, which underscores deeper fundamental similarities among companies. Finally, we verify the interpretability of our clusters, and demonstrate that sparse features form simple and interpretable explanations for our clusters.

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)

To access this event page, you need to log in with the **email address you registered with**. Access credentials will be sent to your email from Underline - subject line "Welcome to ACL 2025". Please be sure to check your spam email folder if you do not see an email confirmation right away.

Please log in

To access this event page, you need to log in with the **email address you registered with**. 

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

We present the e-Llama models: 8 billion and 70 billion parameter large language models that are adapted towards the e-commerce domain.
These models are meant as foundation models with deep knowledge about e-commerce, that form a base for instruction- and fine-tuning.
The e-Llama models are obtained by continuously pretraining the Llama 3.1 base models on 1 trillion tokens of domain-specific data.

We discuss our approach and motivate our choice of hyperparameters with a series of ablation studies.
To quantify how well the models have been adapted to the e-commerce domain, we define and implement a set of multilingual, e-commerce specific evaluation tasks.

We show that, when carefully choosing the training setup, the Llama 3.1 models can be adapted towards the new domain without sacrificing significant performance on general domain tasks.
We also explore the possibility of merging the adapted model and the base model for a better control of the performance trade-off between domains.

Domain Adaptation of Foundation LLMs for e-Commerce

Large Language Models (LLMs) are increasingly deployed as computer-use agents, autonomously performing tasks within real desktop or web environments. While this evolution greatly expands practical use cases for humans, it also creates serious security exposures. We present SUDO (Screen-based Universal Detox2tox Offense), a novel attack framework that systematically bypasses refusal-trained safeguards in commercial computer-use agents, such as Claude for Computer Use. The core mechanism, Detox2tox, transforms harmful requests (that agents initially reject) into seemingly benign requests via detoxification, secures detailed instructions from advanced vision language models (VLMs), and then reintroduces malicious content via toxification just before execution. Unlike conventional jailbreaks, SUDO iteratively refines its attacks based on a built-in refusal feedback, making it increasingly effective against robust policy filters. In extensive tests spanning 50 real-world tasks and multiple state-of-the-art VLMs, SUDO achieves a stark attack success rate of 24.41\% (with no refinement), and up to 41.33\% (by its iterative refinement) in Claude for Computer Use. By revealing these vulnerabilities and demonstrating the ease with which they can be exploited in real-world computing environments, this paper highlights an immediate need for robust, context-aware safeguards. 
WARNING: This paper includes harmful or offensive model outputs.

sudo rm -rf agentic_security

Multilingual automatic speech recognition (ASR) in the medical domain serves as a foundational task for various downstream applications such as speech translation, spoken language understanding, and voice-activated assistants. This technology improves patient care by enabling efficient communication across language barriers, alleviating specialized workforce shortages, and facilitating improved diagnosis and treatment, particularly during pandemics. In this work, we introduce MultiMed, the first multilingual medical ASR dataset, along with the first collection of small-to-large end-to-end medical ASR models, spanning five languages: Vietnamese, English, German, French, and Mandarin Chinese. To our best knowledge, MultiMed stands as the world’s largest medical ASR dataset across all major benchmarks: total duration, number of recording conditions, number of accents, and number of speaking roles. Furthermore, we present the first multilinguality study for medical ASR, which includes reproducible empirical baselines, a monolinguality-multilinguality analysis, Attention Encoder Decoder (AED) vs Hybrid comparative study and a linguistic analysis. We present practical ASR end-to-end training schemes optimized for a fixed number of trainable parameters that are common in industry settings. All code, data, and models are available online.

MultiMed: Multilingual Medical Speech Recognition via Attention Encoder Decoder

Attribute value extraction plays a crucial role in enhancing e-commerce search, filtering, and recommendation systems. However, prior visual attribute value extraction methods typically rely on both product images and textual information such as product descriptions and titles. In practice, text can be ambiguous, inaccurate, or unavailable, which can degrade model performance. We propose Mixture of Image Captioning Experts (MICE), a novel augmentation framework for product attribute value extraction. MICE leverages a curated pool of image captioning models to generate accurate captions from product images, resulting in robust attribute extraction solely from an image. Extensive experiments on the public ImplicitAVE dataset and a proprietary women’s tops dataset demonstrate that MICE significantly improves the performance of state-of-the-art large multimodal models (LMMs) in both zero-shot and fine-tuning settings. An ablation study validates the contribution of each component in the framework. MICE’s modular design offers scalability and adaptability, making it well-suited for diverse industrial applications with varying computational and latency requirements.

MICE: Mixture of Image Captioning Experts Augmented e-Commerce Product Attribute Value Extraction

Charts are ubiquitous as they help people understand and reason with data. Recently, various downstream tasks, such as chart question answering, chart2text, and fact-checking, have emerged. Large Vision-Language Models (LVLMs) show promise in tackling these tasks, but their evaluation is costly and time-consuming, limiting real-world deployment. While using LVLMs as judges to assess chart comprehension capabilities of other LVLMs could streamline evaluation processes, challenges like proprietary datasets, restricted access to powerful models, and evaluation costs hinder their adoption in industrial settings. To this end, we present a comprehensive evaluation of 13 open-source LVLMs as judges for diverse chart comprehension and reasoning tasks. We design both pairwise and pointwise evaluation tasks covering criteria like factual correctness, informativeness, and relevancy. Additionally, we analyze LVLM judges based on format adherence, positional consistency, length bias, and instruction-following. We focus on cost-effective LVLMs (<10B parameters) suitable for both research and commercial use, following a standardized evaluation protocol and rubric to measure the LVLM judge accuracy. Experimental results reveal notable variability: while some open LVLM judges achieve GPT-4-level evaluation performance (about 80\% agreement with GPT-4 judgments), others struggle (below ~10\% agreement). Our findings highlight that state-of-the-art open-source LVLMs can serve as cost-effective automatic evaluators for chart-related tasks, though biases such as positional preference and length bias persist.

Judging the Judges: Can Large Vision-Language Models Fairly Evaluate Chart Comprehension and Reasoning?

With the release of R1, a publicly available large reasoning model (LRM), researchers commonly train new LRMs by training language models on R1's long chain-of-thought (CoT) inferences. While prior works show that LRMs' capabilities can be reproduced through direct distillation, the continued reliance on the existing models (e.g., R1) remains a critical limitation in advancing the field.
As a first step toward independent LRM development, this paper explores the possibility of constructing a long CoT dataset with LLMs that are not trained for inference-time scaling.
To this end, we present the Long CoT Collection, a dataset of 100K CoT rationales annotated using existing short CoT LLMs. 
We develop a pipeline that induces o1's novel reasoning strategies into short CoT LLMs, enabling them to think longer and introducing controllability over the thought budget to better manage the overthinking problem.
Our extensive analyses validate that our dataset achieves quality comparable to—or slightly below—R1. 
Furthermore, our experiments demonstrate that training on our dataset not only strengthens general reasoning skills, but also provides a strong foundation for reinforcement learning—models initialized on our data achieve 2-3x larger gains with RLVR. 
We make the codes, datasets, and models publicly available at LINK.

One Missing Piece for Open-Source Reasoning Models: A Dataset to Mitigate Cold-Starting Short CoT LLMs in RL

Query classification, including multiple subtasks such as intent and category prediction, is a vital part of e-commerce applications. E-commerce queries are usually short and lack context, and the information between labels cannot be used, resulting in insufficient prior information for modeling. Most existing industrial query classification methods rely on users' posterior click behavior to construct training samples, resulting in a Matthew vicious cycle. Furthermore, the subtasks of query classification lack a unified framework, leading to low efficiency for algorithm improvement.

In this paper, we propose a novel Semi-supervised Scalable Unified Framework (SSUF), containing multiple enhanced modules to unify the query classification tasks. The knowledge-enhanced module uses world knowledge to enhance query representations and solve the problem of insufficient query information. The label-enhanced module uses label semantics and semi-supervised signals to reduce the dependence on posterior labels. The structure-enhanced module enhances the label representation based on the complex label relations. Each module is highly pluggable, and input features can be added or removed as needed according to each subtask. We conduct extensive offline and online A/B experiments, and the results show that SSUF significantly outperforms the state-of-the-art models.

A Semi-supervised Scalable Unified Framework for E-commerce Query Classification

A comprehensive benchmark is crucial for evaluating automated Business Intelligence (BI) systems and their real-world effectiveness. We propose BI-Bench, a holistic, end-to-end benchmarking framework that assesses BI systems based on the quality, relevance, and depth of insights. It categorizes queries into descriptive, diagnostic, predictive, and prescriptive types, aligning with practical BI needs. Our fully automated approach enables custom benchmark generation tailored to specific datasets. Additionally, we introduce an automated evaluation mechanism within BI-Bench that removes reliance on strict ground truth, ensuring scalable and adaptable assessments. By addressing key limitations, it offers a flexible and robust, user-centered methodology for advancing next-generation BI systems.

BI-Bench : A Comprehensive Benchmark Dataset and Unsupervised Evaluation for BI Systems

Modern digital platforms rely on related search query recommendations to enhance engagement, yet existing methods fail to reconcile click-through rate (CTR) optimization with topic expansion. We propose CMAQ, a Consistent Multi-Objective Aligned Query generation framework that harmonizes these goals through three components: (1) reward modeling to quantify objectives, (2) style alignment for format compliance, and (3) consistency-aware optimization to coordinate joint improvements. CMAQ employs adaptive-beta scaled DPO with geometric mean rewards, balancing CTR and expansion while mitigating objective conflicts. Extensive offline and online evaluations in a large-scale industrial setting demonstrate CMAQ’s superiority, achieving significant CTR gains (+2.3%) and higher human-rated query quality compared to state-of-the-art methods. Our approach enables high-quality query generation while sustaining user engagement and platform ecosystem health.



Consistency-Aware Online Multi-Objective Alignment for Related Search Query Generation

This paper introduces a task aimed at extracting structured tables from text using natural language (NL) instructions. 
We present TableCoder, an approach that leverages the symbolic nature of code to enhance the robustness of table structure construction and content extraction. TableCoder first generates Python classes or SQL statements to explicitly construct table structures, capturing semantic ontology, computational dependencies, numerical properties, and format strings. This approach reliably mitigates issues such as structural errors, erroneous computations, and mismatched value types. Subsequently, TableCoder proposes grounded content extraction, populating table cells sequentially and maintaining the exact order in which they are mentioned in the source text. By simulating a grounded "translation" from text to code, this method reduces the likelihood of omissions and hallucinations.

Experimental results demonstrate that TableCoder significantly improves F1 scores and mitigates hallucination and computational errors, crucial for high-stakes applications like government data analytics and financial compliance reporting. Moreover, the code-generation-based method naturally integrates with standard SQL databases and Python workflows, ensuring seamless deployment in existing enterprise data pipelines.

Downloads

Next from ACL 2025

Domain Adaptation of Foundation LLMs for e-Commerce

Similar lecture

Group-SAE: Efficient Training of Sparse Autoencoders for Large Language Models via Layer Groups

Stay up to date with the latest Underline news!

PRODUCT

COMPANY

RESOURCES