Georgia Tech researchers have created a dataset that trains computer models to understand nuances in human speech during financial earnings calls. The dataset provides a new resource to study how public correspondence affects businesses and markets. 

SubjECTive-QA is the first human-curated dataset on question-answer pairs from earnings call transcripts (ECTs). The dataset teaches models to identify subjective features in ECTs, like clarity and cautiousness.   

The dataset lays the foundation for a new approach to identifying disinformation and misinformation caused by nuances in speech. While ECT responses can be technically true, unclear or irrelevant information can misinform stakeholders and affect their decision-making. 

Tests on White House press briefings showed that the dataset applies to other sectors with frequent question-and-answer encounters, notably politics, journalism, and sports. This increases the odds of effectively informing audiences and improving transparency across public spheres.   

The intersecting work between natural language processing and finance earned the paper acceptance to NeurIPS 2024, the 38th Annual Conference on Neural Information Processing Systems. NeurIPS is one of the world’s most prestigious conferences on artificial intelligence (AI) and machine learning (ML) research.

"SubjECTive-QA has the potential to revolutionize nowcasting predictions with enhanced clarity and relevance,” said Agam Shah, the project’s lead researcher. 

“Its nuanced analysis of qualities in executive responses, like optimism and cautiousness, deepens our understanding of economic forecasts and financial transparency."

[MICROSITE: Georgia Tech at NeurIPS 2024]

SubjECTive-QA offers a new means to evaluate financial discourse by characterizing language's subjective and multifaceted nature. This improves on traditional datasets that quantify sentiment or verify claims from financial statements.

The dataset consists of 2,747 Q&A pairs taken from 120 ECTs from companies listed on the New York Stock Exchange from 2007 to 2021. The Georgia Tech researchers annotated each response by hand based on six features for a total of 49,446 annotations.

The group evaluated answers on:

• Relevance: the speaker answered the question with appropriate details.
• Clarity: the speaker was transparent in the answer and the message conveyed.
• Optimism: the speaker answered with a positive outlook regarding future outcomes.
• Specificity: the speaker included sufficient and technical details in their answer.
• Cautiousness: the speaker answered using a conservative, risk-averse approach.
• Assertiveness: the speaker answered with certainty about the company’s events and outcomes.

The Georgia Tech group validated their dataset by training eight computer models to detect and score these six features. Test models comprised of three BERT-based pre-trained language models (PLMs), and five popular large language models (LLMs) including Llama and ChatGPT. 

All eight models scored the highest on the relevance and clarity features. This is attributed to domain-specific pretraining that enables the models to identify pertinent and understandable material.

The PLMs achieved higher scores on the clear, optimistic, specific, and cautious categories. The LLMs scored higher in assertiveness and relevance. 

In another experiment to test transferability, a PLM trained with SubjECTive-QA evaluated 65 Q&A pairs from White House press briefings and gaggles. Scores across all six features indicated models trained on the dataset could succeed in other fields outside of finance. 

"Building on these promising results, the next step for SubjECTive-QA is to enhance customer service technologies, like chatbots,” said Shah, a Ph.D. candidate studying machine learning. 

“We want to make these platforms more responsive and accurate by integrating our analysis techniques from SubjECTive-QA."

SubjECTive-QA culminated from two semesters of work through Georgia Tech’s Vertically Integrated Projects (VIP) Program. The VIP Program is an approach to higher education where undergraduate and graduate students work together on long-term project teams led by faculty. 

Undergraduate students earn academic credit and receive hands-on experience through VIP projects. The extra help advances ongoing research and gives graduate students mentorship experience.

Computer science major Huzaifa Pardawala and mathematics major Siddhant Sukhani co-led the SubjECTive-QA project with Shah. 

Fellow collaborators included Veer Kejriwal, Abhishek Pillai, Rohan Bhasin, Andrew DiBiasio, Tarun Mandapati, and Dhruv Adha. All six researchers are undergraduate students studying computer science. 

Sudheer Chava co-advises Shah and is the faculty lead of SubjECTive-QA. Chava is a professor in the Scheller College of Business and director of the M.S. in Quantitative and Computational Finance (QCF) program.

Chava is also an adjunct faculty member in the College of Computing’s School of Computational Science and Engineering (CSE).

"Leading undergraduate students through the VIP Program taught me the powerful impact of balancing freedom with guidance,” Shah said. 

“Allowing students to take the helm not only fosters their leadership skills but also enhances my own approach to mentoring, thus creating a mutually enriching educational experience.”

Presenting SubjECTive-QA at NeurIPS 2024 exposes the dataset for further use and refinement. NeurIPS is one of three primary international conferences on high-impact research in AI and ML. The conference occurs Dec. 10-15.

The SubjECTive-QA team is among the 162 Georgia Tech researchers presenting over 80 papers at NeurIPS 2024. The Georgia Tech contingent includes 46 faculty members, like Chava. These faculty represent Georgia Tech’s Colleges of Business, Computing, Engineering, and Sciences, underscoring the pertinence of AI research across domains. 

"Presenting SubjECTive-QA at prestigious venues like NeurIPS propels our research into the spotlight, drawing the attention of key players in finance and tech,” Shah said.

“The feedback we receive from this community of experts validates our approach and opens new avenues for future innovation, setting the stage for transformative applications in industry and academia.”