Accepting the XBRL Challenge with Linked Data for ... · :fact1 7.4B SEC Balance Sheet...

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KIT – University of the State of Baden-Wuerttemberg and

National Research Center of the Helmholtz Association www.kit.edu

Institute of Applied Informatics and Formal Description Methods (AIFB)

Accepting the XBRL Challenge with Linked Data for Financial Data Integration

Benedikt Kämpgen, Tobias Weller, Sean O’Riain, Craig Weber, Andreas Harth

11th ESWC 2014 In-Use

27 May 2014

Institute of Applied Informatics and

Formal Description Methods (AIFB) 2 27 May 2014

Mechanics in Financial Analysis

B. Kämpgen et al., Linked Data for Financial Data Integration

Task: Find value of Assets of a company 三精輸送機

Exa

mple

Cra

ig W

ebe

r

Institute of Applied Informatics and

Formal Description Methods (AIFB) 3 27 May 2014

Mechanics in Financial Analysis

B. Kämpgen et al., Linked Data for Financial Data Integration

Task: Find value of Assets of a company 三精輸送機

Exa

mple

Cra

ig W

ebe

r

Institute of Applied Informatics and

Formal Description Methods (AIFB) 4 27 May 2014

Mechanics in Financial Analysis

B. Kämpgen et al., Linked Data for Financial Data Integration

Extensible Business Reporting Language (XBRL): Describes business reporting

information in an XML format, for exchange, and comparison [XBRL SPEC].

Exa

mple

Cra

ig W

ebe

r

Institute of Applied Informatics and

Formal Description Methods (AIFB) 5 27 May 2014 B. Kämpgen et al., Linked Data for Financial Data Integration

XBRL – Example

Mastercard

11.34B USD

Total Current Assets

Q1 2014

http://www.sec.gov/edgar/

searchedgar/webusers.htm

Institute of Applied Informatics and

Formal Description Methods (AIFB) 6 27 May 2014 B. Kämpgen et al., Linked Data for Financial Data Integration

XBRL – Example

Mastercard

11.34B USD

Total Current Assets

Q1 2014

http://www.sec.gov/edgar/

searchedgar/webusers.htm

Institute of Applied Informatics and

Formal Description Methods (AIFB) 7 27 May 2014

XBRL – Example

Mastercard

11.34B USD

Total Current Assets

Q1 2014

U.S. Securities and

Exchange publishes

balance sheets of

8,000 U.S. companies

B. Kämpgen et al., Linked Data for Financial Data Integration

http://www.sec.gov/edgar/

searchedgar/webusers.htm

Institute of Applied Informatics and

Formal Description Methods (AIFB) 8 27 May 2014

XBRL – Data Model

B. Kämpgen et al., Linked Data for Financial Data Integration

Concept

Simplified structure of XBRL

Institute of Applied Informatics and

Formal Description Methods (AIFB) 9 27 May 2014

Outline

Mechanics in Financial Analysis

XBRL – Challenges to Data Integration

Financial Information Observation System (FIOS)

FIOS in the XBRL Challenge

Benefits of Semantics

FIOS Competitors

B. Kämpgen et al., Linked Data for Financial Data Integration

Institute of Applied Informatics and

Formal Description Methods (AIFB) 10 27 May 2014

XBRL – Challenges to Data Integration

B. Kämpgen et al., Linked Data for Financial Data Integration

?

XBRL ... ...

Analysts

Data Sources

Institute of Applied Informatics and

Formal Description Methods (AIFB) 11 27 May 2014

XBRL – Challenges to Data Integration –

(1)

B. Kämpgen et al., Linked Data for Financial Data Integration

?

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

Problem:

No globally accepted

schema for finance data

Example:

Balance sheets from SEC

Stock Market values from

Yahoo! Finance

Number of employees from

Wikipedia

Institute of Applied Informatics and

Formal Description Methods (AIFB) 12 27 May 2014

XBRL – Challenges to Data Integration –

(2)

B. Kämpgen et al., Linked Data for Financial Data Integration

?

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

Problem:

Different taxonomies per

branch, country, version

No alignment of taxonomies

Example:

Total Assets from

US-GAAP 2009, 2011

Institute of Applied Informatics and

Formal Description Methods (AIFB) 13 27 May 2014

XBRL – Challenges to Data Integration –

(3)

B. Kämpgen et al., Linked Data for Financial Data Integration

?

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

Problem:

Missing unique identifiers

for companies

Example:

Earnings per Share vs.

Price per Share

1141391 / MA / Mastercard

Institute of Applied Informatics and

Formal Description Methods (AIFB) 14 27 May 2014

Outline

Mechanics in Financial Analysis

XBRL – Challenges to Data Integration

Financial Information Observation System (FIOS)

FIOS in the XBRL Challenge

Benefits of Semantics

FIOS Competitors

B. Kämpgen et al., Linked Data for Financial Data Integration

Institute of Applied Informatics and

Formal Description Methods (AIFB) 15 27 May 2014

Financial Information Observation

System (FIOS)

Online Analysis

components

Offline ETL

components

B. Kämpgen et al., Linked Data for Financial Data Integration

?

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

fios – Gaelic „Knowledge“

Institute of Applied Informatics and

Formal Description Methods (AIFB) 16 27 May 2014

FIOS – How to find relevant

information?

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

Yahoo Mastercard (MA)

SEC Mastercard (1193125)

Wikipedia Mastercard

SEC

Edgar

Yahoo!

Finance Wikipedia

SEC Balance Sheet (Q3 2011)

Yahoo Daily Stock Market Table (2010-12-01)

Institute of Applied Informatics and

Formal Description Methods (AIFB) 17 27 May 2014

FIOS – How to find relevant

information?

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

yahoo:ticker/MA#id

edgar:cik/1141391#id

dbpedia:Mastercard

SEC

Edgar

Yahoo!

Finance Wikipedia

edgar:archive/1141391/1193125-11-207804#ds

yahoo:archive/MA/2010-12-01#ds

Institute of Applied Informatics and

Formal Description Methods (AIFB) 18 27 May 2014

FIOS – How to find relevant

information?

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

yahoo:ticker/MA#id

edgar:cik/1141391#id

dbpedia:Mastercard

SEC

Edgar

Yahoo!

Finance Wikipedia

edgar:archive/1141391/1193125-11-207804#ds

yahoo:archive/MA/2010-12-01#ds

Institute of Applied Informatics and

Formal Description Methods (AIFB) 19 27 May 2014

FIOS – How to find relevant

information?

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

yahoo:ticker/MA#id

edgar:cik/1141391#id

dbpedia:Mastercard

SEC

Edgar

Yahoo!

Finance Wikipedia

edgar:archive/1141391/1193125-11-207804#ds

yahoo:archive/MA/2010-12-01#ds

Institute of Applied Informatics and

Formal Description Methods (AIFB) 20 27 May 2014

FIOS – How to describe

finance data?

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Data Sources

XBRL CSV HTML

HTTP GET/Ajax :fact1

7.4B

SEC Balance Sheet

(1193125-11-207804)

qb:dataSet

Analysts

value

Institute of Applied Informatics and

Formal Description Methods (AIFB) 21 27 May 2014

FIOS – How to describe

finance data?

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Data Sources

XBRL CSV HTML

HTTP GET/Ajax :fact1

7.4B

SEC Balance Sheet

(1193125-11-207804)

qb:dataSet

Analysts

issuer

concept

value

Assets

1141391

2012 time

Institute of Applied Informatics and

Formal Description Methods (AIFB) 22 27 May 2014

FIOS – How to describe

finance data?

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Data Sources

XBRL CSV HTML

HTTP GET/Ajax :fact1

7.4B

SEC Balance Sheet

(1193125-11-207804)

qb:dataSet

Analysts

issuer

concept

value

:fact2

500

Yahoo Daily Stock Market

Table (2010-12-01)

qb:dataSet

subject

company

value

Assets

Closing

Price

1141391

MA

2010

2012 time

time

Institute of Applied Informatics and

Formal Description Methods (AIFB) 23 27 May 2014

FIOS – How to describe

finance data?

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Data Sources

XBRL CSV HTML

HTTP GET/Ajax :fact1

7.4B

SEC Balance Sheet

(1193125-11-207804)

qb:dataSet

Analysts

issuer

concept

value

:fact2

500

Yahoo Daily Stock Market

Table (2010-12-01)

qb:dataSet

subject

company

value

Assets

Closing

Price

1141391

MA

2010

2012 time

time

Equivalence

Links

Institute of Applied Informatics and

Formal Description Methods (AIFB) 24 27 May 2014

FIOS – How to consider

equivalence?

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

Triple Store dbpedia:Mastercard

edgar:cik/1141391#id

Institute of Applied Informatics and

Formal Description Methods (AIFB) 25 27 May 2014

FIOS – How to consider

equivalence?

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

Triple Store dbpedia:Mastercard

edgar:cik/1141391#id

fios:Mastercard

• Entity

Consolidation

[Hogan 2011]

• considering

properties

• adding

normalisation

Institute of Applied Informatics and

Formal Description Methods (AIFB) 26 27 May 2014

Financial Information Observation

System (FIOS)

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

Online Analysis

components

Offline ETL

components

Triple Store

Institute of Applied Informatics and

Formal Description Methods (AIFB) 27 27 May 2014

FIOS – How to allow analyses over

finance data in RDF?

Shneiderman‘s

Information Seeking Mantra

Overview first

Zoom and filter

Details on demand

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

Triple Store

Overview Zoom Details

How to make analysts trust the data?

Institute of Applied Informatics and

Formal Description Methods (AIFB) 28 27 May 2014

FIOS – Overview First

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

Triple Store

SPARQL

templates Zoom Details

Total Assets for

MASTERCARD INC

Institute of Applied Informatics and

Formal Description Methods (AIFB) 29 27 May 2014

FIOS – Overview First

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

Triple Store

SPARQL

templates Zoom Details

Total Assets for

MASTERCARD INC

Institute of Applied Informatics and

Formal Description Methods (AIFB) 30 27 May 2014

FIOS – Zoom and Filter

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

Triple Store

SPARQL

templates

OLAP

Interface Details

Institute of Applied Informatics and

Formal Description Methods (AIFB) 31 27 May 2014

FIOS – Zoom and Filter

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

Triple Store

SPARQL

templates

OLAP

Interface Details

Institute of Applied Informatics and

Formal Description Methods (AIFB) 32 27 May 2014

FIOS – Details on demand

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

Triple Store

SPARQL

templates

OLAP

Interface

LD

Browser

Institute of Applied Informatics and

Formal Description Methods (AIFB) 33 27 May 2014

FIOS – Details on demand

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

Triple Store

SPARQL

templates

OLAP

Interface

LD

Browser

Institute of Applied Informatics and

Formal Description Methods (AIFB) 34 27 May 2014

Outline

Mechanics in Financial Analysis

XBRL – Challenges to Data Integration

Financial Information Observation System (FIOS)

FIOS in the XBRL Challenge

Benefits of Semantics

FIOS Competitors

B. Kämpgen et al., Linked Data for Financial Data Integration

Institute of Applied Informatics and

Formal Description Methods (AIFB) 35 27 May 2014

FIOS in the XBRL Challenge – Setup

XBRL Challenge

64 companies (finance, insurance and real estate)

3,781 financial concepts

On average ETL components took 25min

Setup

2673.330 MHz CPU and 1GB memory

B. Kämpgen et al., Linked Data for Financial Data Integration

[FIOS] http://fios.linked-data-cubes.org/FIOS_2_0/Queries/

Institute of Applied Informatics and

Formal Description Methods (AIFB) 36 27 May 2014

FIOS in the XBRL Challenge –

Implementation

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

Edgar Wrapper

Yahoo! Finance Wrap

DBpedia / Freebase

LDSpider

RDF Data Cube

Vocabulary, SKOS...

Open Virtuoso

Mapping tables

(e.g., Ticker-to-CIK)

fios-etl.jar

SPARQL 1.1

Pubby SPARK

Saiku+olap4ld

RSS Feed

with new filings

Triple Store

SPARQL

templates

OLAP

Interface

LD

Browser

Institute of Applied Informatics and

Formal Description Methods (AIFB) 37 27 May 2014

FIOS in the XBRL Challenge –

Implementation

B. Kämpgen et al., Linked Data for Financial Data Integration

SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

[Edgar Wrapper]

[Yahoo! Finance Wrap]

DBpedia / Freebase

LDSpider

RDF Data Cube

Vocabulary, SKOS...

Open Virtuoso

Mapping tables

(e.g., Ticker-to-CIK)

[fios-etl.jar]

SPARQL 1.1

Pubby SPARK

Saiku+olap4ld

RSS Feed

with new filings

Triple Store

SPARQL

templates

OLAP

Interface

LD

Browser

Institute of Applied Informatics and

Formal Description Methods (AIFB) 38 27 May 2014

Outline

Mechanics in Financial Analysis

XBRL – Challenges to Data Integration

Financial Information Observation System (FIOS)

FIOS in the XBRL Challenge

Benefits of Semantics

FIOS Competitors

B. Kämpgen et al., Linked Data for Financial Data Integration

Institute of Applied Informatics and

Formal Description Methods (AIFB) 39 27 May 2014

Benefits of Semantics

B. Kämpgen et al., Linked Data for Financial Data Integration

Task Benefit

1) Identification & Acquisition Modular access mechanisms

2) Modelling & Linking Unified schema, vocabularies (QB/OWL)

3) Preprocessing & Loading Well-defined equivalence semantics

4) Analysis SPARQL 1.1, linking between interfaces

Institute of Applied Informatics and

Formal Description Methods (AIFB) 40 27 May 2014

Benefits of Semantics

B. Kämpgen et al., Linked Data for Financial Data Integration

Task Benefit

1) Identification & Acquisition Modular access mechanisms

2) Modelling & Linking Unified schema, vocabularies (QB/OWL)

3) Preprocessing & Loading Well-defined equivalence semantics

4) Analysis SPARQL 1.1, linking between interfaces

Institute of Applied Informatics and

Formal Description Methods (AIFB) 41 27 May 2014

Benefits of Semantics

B. Kämpgen et al., Linked Data for Financial Data Integration

Task Benefit

1) Identification & Acquisition Modular access mechanisms

2) Modelling & Linking Unified schema, vocabularies (QB/OWL)

3) Preprocessing & Loading Well-defined equivalence semantics

4) Analysis SPARQL 1.1, linking between interfaces

Earnings per Share versus Price per share for MASTERCARD INC

Institute of Applied Informatics and

Formal Description Methods (AIFB) 42 27 May 2014

Benefits of Semantics

B. Kämpgen et al., Linked Data for Financial Data Integration

Task Benefit

1) Identification & Acquisition Modular access mechanisms

2) Modelling & Linking Unified schema, vocabularies (QB/OWL)

3) Preprocessing & Loading Well-defined equivalence semantics

4) Analysis SPARQL 1.1, linking between interfaces

Institute of Applied Informatics and

Formal Description Methods (AIFB) 43 27 May 2014

Benefits of Semantics

Opportunity: Continuously adding new sources

B. Kämpgen et al., Linked Data for Financial Data Integration

Task Benefit

1) Identification & Acquisition Modular access mechanisms

2) Modelling & Linking Unified schema, vocabularies (QB/OWL)

3) Preprocessing & Loading Well-defined equivalence semantics

4) Analysis SPARQL 1.1, linking between interfaces

Challenge Example

Seamless integration of interfaces

and (new) data

Aggregated / densely displayed entities

Increase quality with new data Ticker-CIK mapping evolves over time

Scale with new data Analytical queries over many facts,

Regularly loading of data

Institute of Applied Informatics and

Formal Description Methods (AIFB) 44 27 May 2014

Outline

Mechanics in Financial Analysis

XBRL – Challenges to Data Integration

Financial Information Observation System (FIOS)

FIOS in the XBRL Challenge

Benefits of Semantics

FIOS Competitors

B. Kämpgen et al., Linked Data for Financial Data Integration

Institute of Applied Informatics and

Formal Description Methods (AIFB) 45 27 May 2014

FIOS Competitors

B. Kämpgen et al., Linked Data for Financial Data Integration

Work\Source XBRL Stock

Quotes

Background

Info

Focus

Calcbench /

Sector3

++ - - Robustness, Search,

Update intervals, Excel

integration

BIXL /

Midas

+ - + Semi-structured

sources, multi-linguality

FIOS + + + Integration of structured

data sources

Institute of Applied Informatics and

Formal Description Methods (AIFB) 46 27 May 2014

Conclusions

XBRL promising for Finance and SW people

SW ready to help analysts with mechanics

Opportunity to continuously add data sources

B. Kämpgen et al., Linked Data for Financial Data Integration

Institute of Applied Informatics and

Formal Description Methods (AIFB) 47 27 May 2014

Thanks!

B. Kämpgen et al., Linked Data for Financial Data Integration

Benefit ofSemantics

Modular access mechanisms

Unified schema, vocabularies

Well-defined equivalence semantics

SPARQL 1.1, linking between interfaces SEC

Edgar

Yahoo!

Finance Wikipedia

Analysts

Data Sources

XBRL CSV HTML

HTTP GET/Ajax

Triple Store

SPARQL

templates

OLAP

Interface

LD

Browser

Institute of Applied Informatics and

Formal Description Methods (AIFB) 48 27 May 2014

References

[XBRL SPEC] http://www.xbrl.org/Specification/XBRL-2.1/REC-2003-12-31/XBRL-2. 1-REC-

2003-12-31+corrected-errata-2013-02-20.html

[XBRL example]

http://www.sec.gov/Archives/edgar/data/52827/000119312510238973/0001193125-10-

238973-index.htm

[Hogan 2011] Hogan, A., Harth, A., Umbrich, J., Kinsella, S., Polleres, A., Decker, S.:

Searching and browsing Linked Data with SWSE: The Semantic Web Search Engine.

Web Semantics: Science, Services and Agents on theWorld WideWeb 9, 365–401 (2011)

[KH2013] Kämpgen, B., Harth, A.: No Size Fits All - Running the Star Schema Benchmark

with SPARQL and RDF Aggregate Views. In: ESWC (2013)

[Yahoo! Finance Wrap] http://yahoofinancewrap.appspot.com/

[Edgar Wrapper] http://edgarwrap.ontologycentral.com/

[fios-etl.jar] https://code.google.com/p/fios-etl/

B. Kämpgen et al., Linked Data for Financial Data Integration

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