Herculean: An Agentic Benchmark for Financial Intelligence

As AI agents improve, the central question is no longer whether they can solve isolated well-defined financial tasks, but whether they can reliably carry out financial professional work. Existing financial benchmarks offer only a partial view of this ability, as they primarily evaluate static competencies such as question answering, retrieval, summarization, and classification. We introduce Herculean, the first skilled benchmark for agentic financial intelligence spanning four representative workflows, including Trading, Hedging, Market Insights, and Auditing. Each workflow is instantiated as a standardized MCP-based skill environment with its own tools, interaction dynamics, constraints, and success criteria, enabling consistent end-to-end assessment of heterogeneous agent systems. Across frontier agents, we find agents perform relatively well on Trading and Market Insights, but struggle substantially on Hedging and Auditing, where long-horizon coordination, state consistency, and structured verification are critical. Overall, our results point to a key gap in current agents in turning financial reasoning into dependable workflow execution in high-stakes financial workflows.

Concordia: Self-Improving Synthetic Tables for Federated LLMs

Federated learning (FL) enables training large language models (LLMs) without sharing raw data, but adapting LLMs under strict data isolation and non-IID client distributions remains challenging in practice. Synthetic data offers a natural privacy-preserving surrogate for local training, yet existing federated pipelines typically treat synthetic generation as static or loosely coupled with downstream optimization, leading to rapidly diminishing utility under heterogeneous clients. We study federated adaptation of LLMs on tabular tasks where raw records and validation data cannot be shared, and local training must rely entirely on synthetic tables. We propose Concordia, a tri-level optimization framework that aligns synthetic data generation with federated validation utility despite these constraints. At the client level, models are adapted via parameter-efficient LoRA training on synthetic tables. Clients additionally learn lightweight utility scorers from private validation feedback to reweight synthetic samples during local training. At the outer level, each client refines its own synthetic table generator using group-relative policy optimization (GRPO), guided by an ensemble of heterogeneous scorers shared across clients, without aggregating generator parameters or exposing validation data. Experiments on privacy-sensitive tabular benchmarks from finance and healthcare demonstrate that Concordia consistently improves federated performance, cross-client stability, and robustness to distribution shift compared to static and decoupled synthetic-data baselines.

Moira: Language-driven Hierarchical Reinforcement Learning for Pair Trading

Many sequential decision-making problems exhibit hierarchical structure, where high-level semantic choices constrain downstream actions and feedback is delayed and ambiguous. Learning in such settings is challenging due to credit assignment: performance degradation may arise from flawed abstractions, suboptimal execution, or their interaction. We study this challenge through pair trading, a domain that naturally combines long-horizon semantic reasoning for asset pair selection with short-horizon execution under partial observability. We formulate pair trading as a hierarchical reinforcement learning problem and propose a language-driven optimization framework in which both high-level and low-level policies are parameterized by large language models (LLMs) and optimized exclusively through prompt updates. Our approach leverages pretrained LLMs as hierarchical policies and uses trajectory- and episode-level textual feedback to adapt abstractions and execution without gradient-based fine-tuning. By explicitly separating abstraction selection from execution, the framework reduces non-stationarity across hierarchical levels and enables targeted adaptation under delayed feedback. Experiments on real-world market data show consistent improvements over traditional and LLM-based baselines, demonstrating the effectiveness of language-driven hierarchical reinforcement learning.

SAHM: A Benchmark for Arabic Financial and Shari'ah-Compliant Reasoning

English financial NLP has progressed rapidly through benchmarks for sentiment, document understanding, and financial question answering, while Arabic financial NLP remains comparatively under-explored despite strong practical demand for trustworthy finance and Islamic-finance assistants. We introduce SAHM, a document-grounded benchmark and instruction-tuning dataset for Arabic financial NLP and Shari'ah-compliant reasoning. SAHM contains 14,380 expert-verified instances spanning seven tasks: AAOIFI standards QA, fatwa-based QA/MCQ, accounting and business exams, financial sentiment analysis, extractive summarization, and event-cause reasoning, curated from authentic regulatory, juristic, and corporate sources. We evaluate 19 strong open and proprietary LLMs using task-specific metrics and rubric-based scoring for open-ended outputs, and find that Arabic fluency does not reliably translate to evidence-grounded financial reasoning: models are substantially stronger on recognition-style tasks than on generation and causal reasoning, with the largest gaps on event-cause reasoning. We release the benchmark, evaluation framework, and an instruction-tuned model to support future research on trustworthy Arabic financial NLP.

HiRAS: A Hierarchical Multi-Agent Framework for Paper-to-Code Generation and Execution

Recent advances in large language models have highlighted their potential to automate computational research, particularly reproducing experimental results. However, existing approaches still use fixed sequential agent pipelines with weak global coordination, which limits their robustness and overall performance. In this work, we propose Hierarchical Research Agent System (HiRAS), a hierarchical multi-agent framework for end-to-end experiment reproduction that employs supervisory manager agents to coordinate specialised agents across fine-grained stages. We also identify limitations in the reference-free evaluation of the Paper2Code benchmark and introduce Paper2Code-Extra (P2C-Ex), a refined protocol that incorporates repository-level information and better aligns with the original reference-based metric. We conduct extensive evaluation, validating the effectiveness and robustness of our proposed methods, and observing improvements, including >10\% relative performance gain beyond the previous state-of-the-art using open-source backbone models and significantly reduced hallucination in evaluation. Our work is available on GitHub: https://github.com/KOU-199024/HiRAS.

SiMing-Bench: Evaluating Procedural Correctness from Continuous Interactions in Clinical Skill Videos

Current video benchmarks for multimodal large language models (MLLMs) focus on event recognition, temporal ordering, and long-context recall, but overlook a harder capability required for expert procedural judgment: tracking how ongoing interactions update the procedural state and thereby determine the correctness of later actions. We introduce SiMing-Bench, the first benchmark for evaluating this capability from full-length clinical skill videos. It targets rubric-grounded process-level judgment of whether interaction-driven state updates preserve procedural correctness across an entire workflow. SiMing-Bench is instantiated with SiMing-Score, a physician-annotated dataset of real clinical skill examination videos spanning cardiopulmonary resuscitation, automated external defibrillator operation, and bag-mask ventilation, each paired with a standardized step-wise rubric and dual-expert labels. Across diverse open- and closed-source MLLMs, we observe consistently weak agreement with physician judgments. Moreover, weak performance on rubric-defined intermediate steps persists even when overall procedure-level correlation appears acceptable, suggesting that coarse global assessment substantially overestimates current models' procedural judgment ability. Additional analyses with binary step judgment and step-aligned clips indicate that the bottleneck is not merely fine-grained scoring or temporal localization, but modeling how continuous interactions update procedural state over time.

Appear2Meaning: A Cross-Cultural Benchmark for Structured Cultural Metadata Inference from Images

Recent advances in vision-language models (VLMs) have improved image captioning for cultural heritage. However, inferring structured cultural metadata (e.g., creator, origin, period) from visual input remains underexplored. We introduce a multi-category, cross-cultural benchmark for this task and evaluate VLMs using an LLM-as-Judge framework that measures semantic alignment with reference annotations. To assess cultural reasoning, we report exact-match, partial-match, and attribute-level accuracy across cultural regions. Results show that models capture fragmented signals and exhibit substantial performance variation across cultures and metadata types, leading to inconsistent and weakly grounded predictions. These findings highlight the limitations of current VLMs in structured cultural metadata inference beyond visual perception.

Can LLM Agents Be CFOs? A Benchmark for Resource Allocation in Dynamic Enterprise Environments

Large language models (LLMs) have enabled agentic systems that can reason, plan, and act across complex tasks, but it remains unclear whether they can allocate resources effectively under uncertainty. Unlike short-horizon reactive decisions, allocation requires committing scarce resources over time while balancing competing objectives and preserving flexibility for future needs. We introduce EnterpriseArena, the first benchmark for evaluating agents on long-horizon enterprise resource allocation. It instantiates CFO-style decision-making in a 132-month enterprise simulator combining firm-level financial data, anonymized business documents, macroeconomic and industry signals, and expert-validated operating rules. The environment is partially observable and reveals the state only through budgeted organizational tools, forcing agents to trade off information acquisition against conserving scarce resources. Experiments on eleven advanced LLMs show that this setting remains highly challenging: only 16% of runs survive the full horizon, and larger models do not reliably outperform smaller ones. These results identify long-horizon resource allocation under uncertainty as a distinct capability gap for current LLM agents.

MemAdapter: Fast Alignment across Agent Memory Paradigms via Generative Subgraph Retrieval

Memory mechanism is a core component of LLM-based agents, enabling reasoning and knowledge discovery over long-horizon contexts. Existing agent memory systems are typically designed within isolated paradigms (e.g., explicit, parametric, or latent memory) with tightly coupled retrieval methods that hinder cross-paradigm generalization and fusion. In this work, we take a first step toward unifying heterogeneous memory paradigms within a single memory system. We propose MemAdapter, a memory retrieval framework that enables fast alignment across agent memory paradigms. MemAdapter adopts a two-stage training strategy: (1) training a generative subgraph retriever from the unified memory space, and (2) adapting the retriever to unseen memory paradigms by training a lightweight alignment module through contrastive learning. This design improves the flexibility for memory retrieval and substantially reduces alignment cost across paradigms. Comprehensive experiments on three public evaluation benchmarks demonstrate that the generative subgraph retriever consistently outperforms five strong agent memory systems across three memory paradigms and agent model scales. Notably, MemAdapter completes cross-paradigm alignment within 13 minutes on a single GPU, achieving superior performance over original memory retrievers with less than 5% of training compute. Furthermore, MemAdapter enables effective zero-shot fusion across memory paradigms, highlighting its potential as a plug-and-play solution for agent memory systems.

Ebisu: Benchmarking Large Language Models in Japanese Finance

Japanese finance combines agglutinative, head-final linguistic structure, mixed writing systems, and high-context communication norms that rely on indirect expression and implicit commitment, posing a substantial challenge for LLMs. We introduce Ebisu, a benchmark for native Japanese financial language understanding, comprising two linguistically and culturally grounded, expert-annotated tasks: JF-ICR, which evaluates implicit commitment and refusal recognition in investor-facing Q&A, and JF-TE, which assesses hierarchical extraction and ranking of nested financial terminology from professional disclosures. We evaluate a diverse set of open-source and proprietary LLMs spanning general-purpose, Japanese-adapted, and financial models. Results show that even state-of-the-art systems struggle on both tasks. While increased model scale yields limited improvements, language- and domain-specific adaptation does not reliably improve performance, leaving substantial gaps unresolved. Ebisu provides a focused benchmark for advancing linguistically and culturally grounded financial NLP. All datasets and evaluation scripts are publicly released.