Conversational speech recognition has served as a flagship speech recognition task since the release of the Switchboard corpus in the 1990s. In this paper, we measure the human error rate on the widely used NIST 2000 test set, and find that our latest automated system has reached human parity. The error rate of professional transcribers is 5.9% for the Switchboard portion of the data, in which newly acquainted pairs of people discuss an assigned topic, and 11.3% for the CallHome portion where friends and family members have open-ended conversations. In both cases, our automated system establishes a new state of the art, and edges past the human benchmark, achieving error rates of 5.8% and 11.0%, respectively. The key to our system's performance is the use of various convolutional and LSTM acoustic model architectures, combined with a novel spatial smoothing method and lattice-free MMI acoustic training, multiple recurrent neural network language modeling approaches, and a systematic use of system combination.

We describe the 2017 version of Microsoft's conversational speech recognition system, in which we update our 2016 system with recent developments in neural-network-based acoustic and language modeling to further advance the state of the art on the Switchboard speech recognition task. The system adds a CNN-BLSTM acoustic model to the set of model architectures we combined previously, and includes character-based and dialog session aware LSTM language models in rescoring. For system combination we adopt a twostage approach, whereby subsets of acoustic models are first combined at the senone/frame level, followed by a word-level voting via confusion networks. We also added a confusion network rescoring step after system combination. The resulting system yields a 5.1% word error rate on the 2000 Switchboard evaluation set.

We describe Microsoft's conversational speech recognition system, in which we combine recent developments in neural-network-based acoustic and language modeling to advance the state of the art on the Switchboard recognition task. Inspired by machine learning ensemble techniques, the system uses a range of convolutional and recurrent neural networks. I-vector modeling and lattice-free MMI training provide significant gains for all acoustic model architectures. Language model rescoring with multiple forward and backward running RNNLMs, and word posterior-based system combination provide a 20% boost. The best single system uses a ResNet architecture acoustic model with RNNLM rescoring, and achieves a word error rate of 6.9% on the NIST 2000 Switchboard task. The combined system has an error rate of 6.2%, representing an improvement over previously reported results on this benchmark task.

We present a multiperiod agency model of stock based executive compensation in a speculative stock market, where investors are overconfident and stock prices may deviate from underlying fundamentals and include a speculative option component. This component arises from the option to sell the stock in the future to potentially overoptimistic investors. We show that optimal compensation contracts may emphasize short-term stock performance, at the expense of long run fundamental value, as an incentive to induce managers to pursue actions which increase the speculative component in the stock price. Our model provides a different perspective for the recent corporate crisis than the increasingly popular `rent extraction view' of executive compensation.

This paper describes a system that generates speaker-annotated transcripts of meetings by using a microphone array and a 360-degree camera. The hallmark of the system is its ability to handle overlapped speech, which has been an unsolved problem in realistic settings for over a decade. We show that this problem can be addressed by using a continuous speech separation approach. In addition, we describe an online audio-visual speaker diarization method that leverages face tracking and identification, sound source localization, speaker identification, and, if available, prior speaker information for robustness to various real world challenges. All components are integrated in a meeting transcription framework called SRD, which stands for "separate, recognize, and diarize". Experimental results using recordings of natural meetings involving up to 11 attendees are reported. The continuous speech separation improves a word error rate (WER) by 16.1% compared with a highly tuned beamformer. When a complete list of meeting attendees is available, the discrepancy between WER and speaker-attributed WER is only 1.0%, indicating accurate wordto-speaker association. This increases marginally to 1.6% when 50% of the attendees are unknown to the system.