This paper explores the use of emojis in financial sentiment analysis, focusing on the social media platform StockTwits. Emojis, increasingly prevalent in digital communication, have potential as compact indicators of investor sentiment, which can be critical for predicting market trends. Our study examines whether emojis alone can serve as reliable proxies for financial sentiment and how they compare with traditional text-based analysis. We conduct a series of experiments using logistic regression and transformer models. We further analyze the performance, computational efficiency, and data requirements of emoji-based versus text-based sentiment classification. Using a balanced dataset of about 528,000 emoji-containing StockTwits posts, we find that emoji-only models achieve F1 approximately 0.75, lower than text-emoji combined models, which achieve F1 approximately 0.88, but with far lower computational cost. This is a useful feature in time-sensitive settings such as high-frequency trading. Furthermore, certain emojis and emoji pairs exhibit strong predictive power for market sentiment, demonstrating over 90 percent accuracy in predicting bullish or bearish trends. Finally, our research reveals large statistical differences in emoji usage between financial and general social media contexts, stressing the need for domain-specific sentiment analysis models.
There is a new generation of emoticons, called emojis, that is increasingly being used in mobile communications and social media. In the past two years, over ten billion emojis were used on Twitter. Emojis are Unicode graphic symbols, used as a shorthand to express concepts and ideas. In contrast to the small number of well-known emoticons that carry clear emotional contents, there are hundreds of emojis. But what are their emotional contents? We provide the first emoji sentiment lexicon, called the Emoji Sentiment Ranking, and draw a sentiment map of the 751 most frequently used emojis. The s…
The sentiment of a given emoji is traditionally calculated by averaging the ratings {-1, 0 or +1} given by various users to a given context where the emoji appears. However, using such formula complicates the statistical significance analysis particularly for low sample sizes. Here, we provide sentiment scores using odds and a sentiment mapping to a 4-icon scale. We show how odds ratio statistics leads to simpler sentiment analysis. Finally, we provide a list of sentiment scores with the often-missing exact p-values and CI for the most common emoji.
Institute of Information Engineering, Chinese Academy of Sciences（中国科学院信息工程研究所）；School of Cyber Security, University of Chinese Academy of Sciences（中国科学院大学网络空间安全学院）
With the explosive growth of social media, opinionated postings with emojis have increased explosively. Many emojis are used to express emotions, attitudes, and opinions. Emoji representation learning can be helpful to improve the performance of emoji-related natural language processing tasks, especially in text sentiment analysis. However, most studies have only utilized the fixed descriptions provided by the Unicode Consortium without consideration of actual usage scenarios. As for the sentiment analysis task, many researchers ignore the emotional impact of the interaction between text and e…
College of IST（信息科学与技术学院）；Department Of CSE（计算机科学与工程系）；Pennsylvania State University（宾夕法尼亚州立大学）
We widely use emojis in social networking to heighten, mitigate or negate the sentiment of the text. Emoji suggestions already exist in many cross-platform applications but an emoji is predicted solely based a few prominent words instead of understanding the subject and substance of the text. Through this paper, we showcase the importance of using Twitter features to help the model understand the sentiment involved and hence to predict the most suitable emoji for the text. Hashtags and Application Sources like Android, etc. are two features which we found to be important yet underused in emoji…
Microblogs have become a social platform for people to express their emotions in real-time, and it is a trend to analyze user emotional tendencies from the information on Microblogs. The dynamic features of emojis can affect the sentiment polarity of microblog texts. Since existing models seldom consider the diversity of emoji sentiment polarity,the paper propose a microblog sentiment classification model based on ALBERT-FAET. We obtain text embedding via ALBERT pretraining model and learn the inter-emoji embedding with an attention-based LSTM network. In addition, a fine-grained attention mec…
University of Rochester（罗切斯特大学）；Microsoft Research AI（微软研究院AI）
Sentiment analysis on large-scale social media data is important to bridge the gaps between social media contents and real world activities including political election prediction, individual and public emotional status monitoring and analysis, and so on. Although textual sentiment analysis has been well studied based on platforms such as Twitter and Instagram, analysis of the role of extensive emoji uses in sentiment analysis remains light. In this paper, we propose a novel scheme for Twitter sentiment analysis with extra attention on emojis. We first learn bi-sense emoji embeddings under pos…
Emojis are widely used in online social networks to express emotions, attitudes, and opinions. As emotional-oriented characters, emojis can be modeled as important features of emotions towards the recipient or subject for sentiment analysis. However, existing methods mainly take emojis as heuristic information that fails to resolve the problem of ambiguity noise. Recent researches have utilized emojis as an independent input to classify text sentiment but they ignore the emotional impact of the interaction between text and emojis. It results that the emotional semantics of emojis cannot be ful…
Peking University（北京大学）；University of Michigan（密歇根大学）
Sentiment analysis has various application scenarios in software engineering (SE), such as detecting developers' emotions in commit messages and identifying their opinions on Q&A forums. However, commonly used out-of-the-box sentiment analysis tools cannot obtain reliable results on SE tasks and the misunderstanding of technical jargon is demonstrated to be the main reason. Then, researchers have to utilize labeled SE-related texts to customize sentiment analysis for SE tasks via a variety of algorithms. However, the scarce labeled data can cover only very limited expressions and thus cannot g…
University of Southern California（南加州大学）；Arizona State University（亚利桑那州立大学）
Most social media platforms are largely based on text, and users often write posts to describe where they are, what they are seeing, and how they are feeling. Because written text lacks the emotional cues of spoken and face-to-face dialogue, ambiguities are common in written language. This problem is exacerbated in the short, informal nature of many social media posts. To bypass this issue, a suite of special characters called "emojis," which are small pictograms, are embedded within the text. Many emojis are small depictions of facial expressions designed to help disambiguate the emotional me…
Princeton University（普林斯顿大学）；University College London（伦敦大学学院）
Many current natural language processing applications for social media rely on representation learning and utilize pre-trained word embeddings. There currently exist several publicly-available, pre-trained sets of word embeddings, but they contain few or no emoji representations even as emoji usage in social media has increased. In this paper we release emoji2vec, pre-trained embeddings for all Unicode emoji which are learned from their description in the Unicode emoji standard. The resulting emoji embeddings can be readily used in downstream social natural language processing applications alo…
Fudan University（复旦大学）；IDA Institute Digital Assets, Bucharest University of Economic Studies（布加勒斯特经济研究大学数字资产研究所）；National Yang Ming Chiao Tung University（阳明交通大学）；BRC Blockchain Research Center, Humboldt Universität zu Berlin（柏林洪堡大学区块链研究中心）；Charles University（查理大学）
This paper describes the system submitted to "Sentiment Analysis at SEPLN (TASS)-2019" shared task. The task includes sentiment analysis of Spanish tweets, where the tweets are in different dialects spoken in Spain, Peru, Costa Rica, Uruguay and Mexico. The tweets are short (up to 240 characters) and the language is informal, i.e., it contains misspellings, emojis, onomatopeias etc. Sentiment analysis includes classification of the tweets into 4 classes, viz., Positive, Negative, Neutral and None. For preparing the proposed system, we use Deep Learning networks like LSTMs.
In the absence of nonverbal cues during messaging communication, users express part of their emotions using emojis. Thus, having emojis in the vocabulary of text messaging language models can significantly improve many natural language processing (NLP) applications such as online communication analysis. On the other hand, word embedding models are usually trained on a very large corpus of text such as Wikipedia or Google News datasets that include very few samples with emojis. In this study, we create emojiSpace, which is a combined word-emoji embedding using the word2vec model from the Genism…
Natural language processing (NLP) has been applied to various fields including text classification and sentiment analysis. In the shared task of sentiment analysis of code-mixed tweets, which is a part of the SemEval-2020 competition~\cite{patwa2020sentimix}, we preprocess datasets by replacing emoji and deleting uncommon characters and so on, and then fine-tune the Bidirectional Encoder Representation from Transformers(BERT) to perform the best. After exhausting top3 submissions, Our team MeisterMorxrc achieves an averaged F1 score of 0.730 in this task, and and our codalab username is Meiste…
Sentiment analysis as a sub-field of natural language processing has received increased attention in the past decade enabling organisations to more effectively manage their reputation through online media monitoring. Many drivers impact reputation, however, this thesis focuses only the aspect of financial performance and explores the gap with regards to financial sentiment analysis in a South African context. Results showed that pre-trained sentiment analysers are least effective for this task and that traditional lexicon-based and machine learning approaches are best suited to predict financi…
Hasso Plattner Institute（哈索·普拉特纳研究所）；Rutgers University（罗格斯大学）；University of Potsdam（波茨坦大学）
Emojis have become ubiquitous in digital communication, due to their visual appeal as well as their ability to vividly convey human emotion, among other factors. The growing prominence of emojis in social media and other instant messaging also leads to an increased need for systems and tools to operate on text containing emojis. In this study, we assess this support by considering test sets of tweets with emojis, based on which we perform a series of experiments investigating the ability of prominent NLP and text processing tools to adequately process them. In particular, we consider tokenizat…
Insight Centre for Data Analytics（洞察数据分析中心）；National University of Ireland, Galway（爱尔兰国立大学戈尔韦分校）
We introduce FinLin, a novel corpus containing investor reports, company reports, news articles, and microblogs from StockTwits, targeting multiple entities stemming from the automobile industry and covering a 3-month period. FinLin was annotated with a sentiment score and a relevance score in the range [-1.0, 1.0] and [0.0, 1.0], respectively. The annotations also include the text spans selected for the sentiment, thus, providing additional insight into the annotators' reasoning. Overall, FinLin aims to complement the current knowledge by providing a novel and publicly available financial sen…
Aspect-Level Obfuscated Sentiment in Thai Financial Disclosures and Its Impact on Abnormal Returns
Department of Linguistics, Faculty of Arts, Chulalongkorn University（语言学系，艺术学院，朱拉隆梭大学）；Sasin Graduate Institute of Business Administration, Chulalongkorn University（工商管理研究生院，朱拉隆梭大学）
Increasing attention has been drawn to the sentiment analysis of financial documents. The most popular examples of such documents include analyst reports and economic news, the analysis of which is frequently used to capture the trends in market sentiments. On the other hand, the significance of the role sentiment analysis plays in the financial domain has given rise to the efforts to construct a financial domain-specific sentiment lexicon. Sentiment lexicons lend a hand for solving various text mining tasks, such as unsupervised classification of text data, while alleviating the arduous human…
Sentiment tasks such as hate speech detection and sentiment analysis, especially when performed on languages other than English, are often low-resource. In this study, we exploit the emotional information encoded in emojis to enhance the performance on a variety of sentiment tasks. This is done using a transfer learning approach, where the parameters learned by an emoji-based source task are transferred to a sentiment target task. We analyse the efficacy of the transfer under three conditions, i.e. i) the emoji content and ii) label distribution of the target task as well as iii) the differenc…
This paper discusses the approach taken by the UWaterloo team to arrive at a solution for the Fine-Grained Sentiment Analysis problem posed by Task 5 of SemEval 2017. The paper describes the document vectorization and sentiment score prediction techniques used, as well as the design and implementation decisions taken while building the system for this task. The system uses text vectorization models, such as N-gram, TF-IDF and paragraph embeddings, coupled with regression model variants to predict the sentiment scores. Amongst the methods examined, unigrams and bigrams coupled with simple linea…
FinXABSA: Explainable Finance through Aspect-Based Sentiment Analysis
Asian Institute of Digital Finance（亚洲数字金融学院）；National University of Singapore（新加坡国立大学）；School of Computer Science and Engineering（计算机科学与工程学院）；Nanyang Technological University（南洋理工大学）；Institute of High Performance Computing (IHPC)（高性能计算研究所）；Agency for Science, Technology and Research (A*STAR)（新加坡科技研究局）；College of Design & Engineering（设计与工程学院）
EFSA: Towards Event-Level Financial Sentiment Analysis
Chinese Academy of Sciences (CAS)（中国科学院）；Institute of Computing Technology, CAS（中国科学院计算技术研究所）；University of Chinese Academy of Sciences（中国科学院大学）；Henan Institute of Advanced Technology, Zhengzhou University（郑州大学河南先进技术研究院）；School of IoT Engineering, Jiangsu Vocational College of Information Technology（江苏信息职业技术学院物联网工程学院）；Shenzhen Stock Exchange（深圳证券交易所）
The topic of aspect-based sentiment analysis (ABSA) has been explored for a variety of industries, but it still remains much unexplored in finance. The recent release of data for an open challenge (FiQA) from the companion proceedings of WWW '18 has provided valuable finance-specific annotations. FiQA contains high quality labels, but it still lacks data quantity to apply traditional ABSA deep learning architecture. In this paper, we employ high-level semantic representations and methods of inductive transfer learning for NLP. We experiment with extensions of recently developed domain adaptati…
The explosion in novel NLP word embedding and deep learning techniques has induced significant endeavors into potential applications. One of these directions is in the financial sector. Although there is a lot of work done in state-of-the-art models like GPT and BERT, there are relatively few works on how well these methods perform through fine-tuning after being pre-trained, as well as info on how sensitive their parameters are. We investigate the performance and sensitivity of transferred neural architectures from pre-trained GPT-2 and BERT models. We test the fine-tuning performance based o…
Tennessee State University（田纳西州立大学）；Old Dominion University（欧道明大学）
Processing of raw text is the crucial first step in text classification and sentiment analysis. However, text processing steps are often performed using off-the-shelf routines and pre-built word dictionaries without optimizing for domain, application, and context. This paper investigates the effect of seven text processing scenarios on a particular text domain (Twitter) and application (sentiment classification). Skip gram-based word embeddings are developed to include Twitter colloquial words, emojis, and hashtag keywords that are often removed for being unavailable in conventional literature…
The enormous amount of texts published daily by Internet users has fostered the development of methods to analyze this content in several natural language processing areas, such as sentiment analysis. The main goal of this task is to classify the polarity of a message. Even though many approaches have been proposed for sentiment analysis, some of the most successful ones rely on the availability of large annotated corpus, which is an expensive and time-consuming process. In recent years, distant supervision has been used to obtain larger datasets. So, inspired by these techniques, in this pape…
Newsletters and social networks can reflect the opinion about the market and specific stocks from the perspective of analysts and the general public on products and/or services provided by a company. Therefore, sentiment analysis of these texts can provide useful information to help investors trade in the market. In this paper, a hierarchical stack of Transformers model is proposed to identify the sentiment associated with companies and stocks, by predicting a score (of data type real) in a range between -1 and +1. Specifically, we fine-tuned a RoBERTa model to process headlines and microblogs…
Barcelona Supercomputing Center（巴塞罗那超级计算中心）；LHF Labs（LHF实验室）；Artificial Intelligence Finance Institute（人工智能金融研究所）；NYU Courant（纽约大学库朗数学科学研究所）
We introduce a new language representation model in finance called Financial Embedding Analysis of Sentiment (FinEAS). In financial markets, news and investor sentiment are significant drivers of security prices. Thus, leveraging the capabilities of modern NLP approaches for financial sentiment analysis is a crucial component in identifying patterns and trends that are useful for market participants and regulators. In recent years, methods that use transfer learning from large Transformer-based language models like BERT, have achieved state-of-the-art results in text classification tasks, incl…
University of Rochester（罗切斯特大学）；Institute of Computing Technology, Chinese Academy of Sciences（中国科学院计算技术研究所）
Emojis, as a new way of conveying nonverbal cues, are widely adopted in computer-mediated communications. In this paper, first from a message sender perspective, we focus on people's motives in using four types of emojis -- positive, neutral, negative, and non-facial. We compare the willingness levels of using these emoji types for seven typical intentions that people usually apply nonverbal cues for in communication. The results of extensive statistical hypothesis tests not only report the popularities of the intentions, but also uncover the subtle differences between emoji types in terms of …
Indian Institute of Management Ahmedabad（印度管理学院艾哈迈达巴德分校）
Mining financial text documents and understanding the sentiments of individual investors, institutions and markets is an important and challenging problem in the literature. Current approaches to mine sentiments from financial texts largely rely on domain specific dictionaries. However, dictionary based methods often fail to accurately predict the polarity of financial texts. This paper aims to improve the state-of-the-art and introduces a novel sentiment analysis approach that employs the concept of financial and non-financial performance indicators. It presents an association rule mining bas…
Faculdade de Engenharia da Universidade do Porto（波尔图大学工程学院）；LIACC（人工智能与计算机科学实验室）；INESC-TEC（系统与计算机工程、技术与科学研究所）
This paper presents the approach developed at the Faculty of Engineering of University of Porto, to participate in SemEval 2017, Task 5: Fine-grained Sentiment Analysis on Financial Microblogs and News. The task consisted in predicting a real continuous variable from -1.0 to +1.0 representing the polarity and intensity of sentiment concerning companies/stocks mentioned in short texts. We modeled the task as a regression analysis problem and combined traditional techniques such as pre-processing short texts, bag-of-words representations and lexical-based features with enhanced financial specifi…
Previous research has traditionally analyzed emoji sentiment from the point of view of the reader of the content not the author. Here, we analyze emoji sentiment from the point of view of the author and present a emoji sentiment benchmark that was built from an employee happiness dataset where emoji happen to be annotated with daily happiness of the author of the comment. The data spans over 3 years, and 4k employees of 56 companies based in Barcelona. We compare sentiment of writers to readers. Results indicate that, there is an 82% agreement in how emoji sentiment is perceived by readers and…
The Hong Kong University of Science and Technology（香港科技大学）
It is important for machines to interpret human emotions properly for better human-machine communications, as emotion is an essential part of human-to-human communications. One aspect of emotion is reflected in the language we use. How to represent emotions in texts is a challenge in natural language processing (NLP). Although continuous vector representations like word2vec have become the new norm for NLP problems, their limitations are that they do not take emotions into consideration and can unintentionally contain bias toward certain identities like different genders. This thesis focuses o…
In 2015, the Unicode Consortium introduced five skin tone emoji that can be used in combination with emoji representing human figures and body parts. In this study, use of the skin tone emoji is analyzed geographically in a large sample of data from Twitter. It can be shown that values for the skin tone emoji by country correspond approximately to the skin tone of the resident populations, and that a negative correlation exists between tweet sentiment and darker skin tone at the global level. In an era of large-scale migrations and continued sensitivity to questions of skin color and race, und…
Stock market forecasting is very important in the planning of business activities. Stock price prediction has attracted many researchers in multiple disciplines including computer science, statistics, economics, finance, and operations research. Recent studies have shown that the vast amount of online information in the public domain such as Wikipedia usage pattern, news stories from the mainstream media, and social media discussions can have an observable effect on investors opinions towards financial markets. The reliability of the computational models on stock market prediction is important…
