arXiv subjects

Beidi Luan

Publications and source records attributed to Beidi Luan.

8 recordsLinked to original sources

arXiv2026

RubricAtlas: Mining Type-Level Rubrics from Expert Reports to Evaluate Deep Research Agents

Deep research agents conduct multi-step Web searches and synthesise retrieved information into analytical reports. Evaluating these outputs requires checking which analyses they deliver, beyond the presence of relevant facts. Query-specific binary rubrics make individual requirements explicit, but task-level checklists may leave the overall analytical structure underexamined. We introduce RubricAtlas, which derives type-level analytical requirements from expert reports on different objects within the same research type and organises detailed checks around recurring analytical questions. The requirements give related tasks a shared standard for what to analyse, without prescribing their answers. Our framework links binary checkpoints to report passages and evaluates completeness separately from argument validity. Built from 3,079 Chinese financial research reports, RubricAtlas covers 99 research types. Reference-report selection experiments show that individual reports cover only about half of their type's analytical questions, and that selecting requirements from different reports changes evaluation scores and agent rankings. Across ten agents, two judge pipelines achieve checkpoint agreement of $κ$ = 0.71 and agent-ranking agreement of Kendall $τ$ = 0.87. Controlled deletions reduce scores on the affected analyses, while padding produces no detectable increase. These findings support type-level rubrics for comparing the analytical completeness of Web deep research outputs, with individual decisions traceable to report evidence.

cs.AI↗

arXiv2026

AutoVend: Benchmarking LLM Agents on Long-Horizon Autonomous Vending Operations

Large language model (LLM) agents are extending agent-mediated commerce on the Web from shopping for consumers to operating businesses for sellers. In online-to-offline (O2O) commerce, decisions are issued through Web-based platforms but realized through costly physical execution. Evaluating such agents requires going beyond individual transactions to ask whether decisions made online turn into sustained economic returns. We introduce AutoVend, a benchmark in which one LLM agent manages 20 vending machines across five site types through a Web-based operating interface for 180 simulated days. Its data-grounded simulator combines a shared warehouse, procurement lead times, paid replenishment, inventory expiration, and recurring operating costs. We evaluate five LLM agents against a rule-based inventory-control baseline and diagnose their site coordination, execution, and performance over time. Four of five evaluated LLM agents fall short of this baseline, and returns per dollar of inference cost rank models differently from returns alone. Operational analyses show that gains in individual metrics do not consistently yield stronger economic growth, as inventory and execution costs erode these gains. Trajectory analysis further reveals difficulties in grounding feasible actions, managing inventory commitments, and converting feedback into effective policy revisions.

cs.AI↗

arXiv2026

LiveSearch: Questions as Executable Verifier Code for a Live Benchmark of Professional-Source Financial Search Agents

In finance, the answer that matters is usually the current one: prices, rates, and disclosures hold only as of a given day, so retrieving up-to-date facts is a core capability of a financial agent. Yet most financial benchmarks overlook timeliness. They fix each answer at annotation time, so the gold goes stale as markets move and, once leaked into training data, rewards recall rather than search and analysis. We introduce LiveSearch, a live benchmark that stores each question as executable verifier code: a typed program of calls to a professional financial data service, followed by a declarative extractor. The question is frozen, while its gold answer is determined by executing the program against professional financial data at evaluation time, and a daily job re-executes it with no human or language model in the loop. A memorized answer is thus likely outdated, and a model must reach the current one through tools and analysis. Construction is equally automatic: a language model only verbalizes programs enumerated from real tool responses and never chooses an answer. Under general web search, six contemporary tool-calling models reach 70.9% to 76.7% answer accuracy. Over three consecutive days, 70% of served questions change their gold value, and even under tolerance-aware matching, a literally reused earlier snapshot fails on a majority of questions within a single day. Per-question tracking uncovers dynamic shifts in correctness masked by aggregate accuracy.

cs.AI↗

arXiv2026

From Search to Research: Exploring Search Scaling in Autonomous Quantitative Factor Mining

Inference scaling has been shown to improve large language model (LLM) performance, and this principle naturally extends to autonomous LLM agents through increased search budgets, which we refer to as *search scaling*. Although prior work has characterized the mechanisms, scaling behavior, and performance limits of LLM inference scaling, much less is known about these questions in autonomous research. Therefore, we investigate how search scaling affects research performance and what mechanisms drive these gains using 50 quantitative factor-mining tasks grounded in financial research reports. Each task requires an agent to carry out an end-to-end research loop, from interpreting a hypothesis and implementing it in code to evaluating and iteratively refining the resulting factor. Across nine models, we examine how model capability, search depth, and search organization shape factor quality by tracing performance across varying budgets, transferring intermediate research states between models, and comparing different search strategies. We find that (1) initial performance is more strongly associated with model capability, while deeper search can narrow cross-model gaps; (2) model grafting shows that the early research state materially shapes final performance; and (3) parallel search outperforms sequential search under the same iteration budget, consistent with benefits from broader coverage of the search space. Further trajectory analysis shows that higher-performing models more effectively diagnose failures, revise search directions, and preserve the intended economic hypothesis when selecting candidates. These findings suggest that future progress in autonomous research will require stronger models together with adaptive policies for deploying test-time computation throughout the research process.

cs.AI↗

arXiv2026

One Analyst Is Not Ground Truth: Grading Agent-Built Financial Models Against Observed Professional Practice

Language model agents can now construct complete financial models, but it remains unclear whether they have learned the financial judgment that gives those models meaning. Existing benchmarks often anchor correctness to an expert-authored solution (e.g., numerical targets or detailed rubrics) which introduces a implicit assumption: \emph{one expert solution can serve as ground truth.} This is appropriate when finance provides a unique answer, but not when judgment is required. Evidence from professional practice challenges this assumption: When financial models built by different analysts for the same company are graded against one another, the median score is only 0.33 under standard tolerances, \emph{revealing that single-reference grading confounds professional disagreement with error.} We therefore introduce GAUGE, a benchmark that decomposes financial-model evaluation into deterministic checks, rubric judgments and numerical rules. Built from 1,001 professional valuation spanning 922 companies and all 25 GICS industry groups, GAUGE checks mechanical properties deterministically and evaluates judgment-bearing quantities against ranges in professional practice. We then validate GAUGE as a measurement instrument by testing expertise ordering, held-out professional values, and robustness to LM judgements. Our findings show that current LM agents are far better at constructing financial models than at deriving the company-specific assumptions that drive valuation, a gap that even persists after fine-tuning.

cs.LG↗

arXiv2026

CalibratedRubric: Task-Adaptive Rubric Banks for Open-Ended LLM Evaluation

Reliable evaluation of open-ended LLM outputs requires fine-grained rubrics, yet expert curation is costly and difficult to scale. Existing automated pipelines rely on strict judge unanimity and binary variance filters, which cannot distinguish measurable rubrics from informative ones. We introduce CalibratedRubric, a task-adaptive framework that combines type-specific scoring, Bayesian rubric-measurability filtering, and item response theory (IRT)-based bank assembly. CalibratedRubric estimates each rubric's measurability with a Beta--Bernoulli agreement posterior and uses a submodular information-coverage objective to construct compact rubric banks over the observed capability range. Across financial, healthcare, general, and legal benchmarks, measurability filtering improves human-gold agreement on JudgmentBench from $κ=0.604$ to $0.743$. IRT-based greedy selection improves cross-fitted rank fidelity over random selection across all six evaluated response blocks and requires only 49 rather than 131 rubrics to reach the target correlation on FinResearchBench decision-support tasks. Task-label perturbations further reduce system separation, confirming the practical relevance of task-adaptive scoring. These results support CalibratedRubric as an efficient, uncertainty-aware approach to open-ended LLM evaluation, with calibration gains depending on sufficient judge redundancy.

cs.CL↗

arXiv2026

FinResearchBench II: A Deep Research Benchmark with Consensus-Derived Gold Rubrics for Distinguishing Financial Report Quality

Deep research agents are increasingly used to produce long-form financial reports, yet large-scale evaluation remains bottlenecked by the need for human experts to define and execute high-quality rubrics. We address this problem by proposing a scalable pipeline for generating high-quality rubrics without human experts in the final loop. We build a financial deep research benchmark from 104 real-world user queries and automatically synthesize 14,450 query-specific candidate rubrics from model-generated reports. To justify removing human experts from rubric execution, we compare rubric judgments from three human experts with those from a three-LLM judge panel on a sampled subset, and show that LLM-based evaluation is sufficiently consistent with human evaluation to replace it for large-scale rubric screening, including 98.67\% label-level agreement on jointly unanimous items. We then derive consensus-derived gold rubrics through two filters: a strict consistency filter, which keeps a rubric only if the three LLM judges unanimously agree on every report under the same query, and a distinguishability filter, which keeps a rubric only if it assigns at least one majority-yes and at least one majority-no label across the evaluated systems. This process retains 3,687 consistency-passed rubrics, of which 2,600 remain distinguishable and form the final set of consensus-derived gold rubrics. Using this final rubric set, we obtain clearly differentiated rankings across 10 deep research systems, with item-level pass rates ranging from 58.58\% to 22.23\%. More broadly, because the pipeline removes human-expert execution from rubric generation and evaluation, it is naturally scalable for benchmark evaluation, automatic system comparison, and future studies of evaluation-driven system improvement.

cs.CL↗

arXiv2026

From Knowing to Doing: A Memory-Controlled Benchmark for LLM Trading Agents on Stock Markets

Evaluating whether large language model (LLM) agents can profit in capital markets is increasingly framed as end-to-end trading: place an agent in a historical market, let it trade, and measure portfolio returns. This setup is vulnerable to two evaluation failures. First, long backtests often overlap with the knowledge cutoffs of frontier LLMs, allowing memorized tickers, dates, prices, and market narratives to substitute for investment reasoning. Second, raw returns are a noisy proxy for stock-selection ability, since positive performance may come from market beta, style exposure, or favorable regimes rather than genuine alpha. We introduce KTD-Fin (Knowing-To-Doing Financial Benchmark), an end-to-end stock-market trading benchmark that addresses both issues. KTD-Fin uses a data-side masking protocol to anonymize key identifiers and calendar information consistently across prompts and tools, separating historical market memory from investment decision-making. It also incorporates a Barra-style performance attribution framework that decomposes portfolio returns into market, style, and stock-selection alpha components. Across ten frontier LLM agents evaluated on the Chinese CSI300 over a 2024--2026 window, masking substantially changes agent rationales, pushing them towards anonymized factor-based reasoning. Attribution analysis further shows that LLM agents' cumulative returns under leakage-controlled evaluation are largely explained by passive market and style exposure, with limited evidence of persistent stock-selection alpha. These findings suggest that financial LLM benchmarks should evaluate not only whether an agent makes money, but also whether the source of returns reflects transferable investment skill. We release KTD-Fin as a reproducible template for leakage-controlled and attribution-aware evaluation of LLM trading agents.

cs.AI↗