ShiJianBench: From Dialogue to Decision for Long-Horizon Evaluation of Investment Advisors

Conversational investment advisors influence not only what users know, but also how they make subsequent decisions as market conditions evolve. Existing evaluations primarily assess response quality or observed outcomes, leaving the long-horizon pathway from advisor language to investor behavior difficult to audit. We introduce ShiJianBench, an offline framework for evaluating conversational investment advisors through matched investor trajectories under fixed historical market feedback. At its core is a multi-agent investor simulator with explicit evolving state variables, motive-driven deliberation, long-term memory, and dialogue-grounded updates. The simulator is calibrated against aggregate behavioral patterns from 7,199 real users, and advisor policies are evaluated using separate investor-side, service-side, and content-side metrics under a hard compliance gate. Experiments on Chinese fund-market traces from 2021 to 2026 identify a stable leading group of LLM advisors that combines substantially stronger personalized content with competitive investor-side trajectory outcomes. These results reveal a systematic distinction between producing a high-quality response and delivering an effective long-horizon intervention, motivating trajectory-aware evaluation of conversational advisors.

AdaMTP: An Adaptive Training Paradigm for Multi-Token Prediction

Multi-Token Prediction (MTP) has emerged as an effective paradigm that augments a shared Large Language Model backbone with auxiliary heads, training the model to predict several future tokens in parallel to enrich its supervision signal and accelerate inference. However, existing training frameworks adopt a rigid, fixed-length prediction horizon, disregarding the highly non-uniform information density of natural language and code. Forcing the auxiliary heads to predict across high-entropy semantic boundaries injects noisy, conflicting training signals; because these heads share the backbone's latent representations, the resulting gradients backpropagate and interfere with the model's core capabilities. We propose AdaMTP, an adaptive training paradigm that dynamically aligns the prediction horizon with the intrinsic predictability of the sequence. At its core, an entropy-based segmentation algorithm leverages the base model to detect sudden surges in uncertainty as semantic boundaries, partitioning sequences into variable-length groups. Each token is assigned an adaptive prediction depth, and a dynamically masked MTP objective suppresses the loss for predictions that cross these boundaries, attenuating the noisy gradients that degrade the backbone. Across mathematical reasoning, code generation, and general benchmarks on three backbones (Llama-3.1-8B, Qwen-2.5-7B, Gemma-3-12B), AdaMTP consistently outperforms standard MTP in both task performance and inference speedup.

Overview of FinMMEval 2026 Task 2: Multilingual Financial Short-Answer Question Answering

FinMMEval 2026 Task 2 evaluates short-answer financial question answering over multilingual evidence. Each final-test item pairs an English question with financial statements and news in English, Chinese, Japanese, Spanish, and Greek. Participating systems submit one concise answer per item in JSONL format. The final-test set contains 256 items, split evenly between easy and expert tiers; each tier contains four question templates instantiated over 32 company-report groups. Gold answers were withheld during submission, and systems were ranked by macro-averaged item-level ROUGE-1 F1 against organizer-held reference answers. The final leaderboard includes 12 ranked submissions. The strongest systems are closely clustered, with the top four separated by less than one percentage point in ROUGE-1 F1. The submitted system papers document retrieval-augmented generation, cross-lingual evidence handling, structured prompting, answer compression, and validation strategies.

Overview of FinMMEval 2026 Task 1: Multilingual Financial Multiple-Choice Question Answering

FinMMEval 2026 Task 1 evaluates multilingual financial multiple-choice question answering in English, Chinese, Arabic, and Hindi. The task tests whether systems can select the correct answer to finance questions involving domain terminology, numerical interpretation, and conceptual financial reasoning across languages and scripts. The final-test set contains 800 questions, with 200 questions per language; gold answers were withheld during submission, and each language was ranked independently by accuracy. The final leaderboards contain 13 English, 11 Chinese, 11 Arabic, and 10 Hindi ranked submissions. Top accuracies range from 92.0% in Hindi to 97.5% in English and Arabic, with the same leading teams appearing near the top across all four languages. The documented systems used retrieval augmentation, direct answer-option scoring, language-specific prompting, selective self-consistency, confidence checks, and LLM-based review stages.

Branching Policy Optimization: Sandbox-Native Language Agent Reinforcement Learning

Reinforcement learning has emerged as the dominant paradigm for training large language model (LLM) agents that interact with executable sandboxes. State-of-the-art algorithms such as PPO, RLOO, and GRPO inherit their rollout topology from RLHF: for each prompt, N independent trajectories are sampled from the initial state, and an advantage is computed by subtracting a group baseline. This design ignores a defining property of agent sandboxes. They are deterministic, snapshottable, and resumable from any intermediate state. We argue that this property enables a fundamentally different rollout topology: rather than N independent trees of depth T, one can construct a single tree of N leaves whose siblings share prefixes, and therefore share variance. We instantiate this idea as Branching Policy Optimization (BPO), a sandbox-native RL algorithm that (i) adaptively snapshots the sandbox at high-entropy decision points along a backbone trajectory, (ii) forks K alternative actions per branch point and rolls out each to termination, and (iii) computes per-step advantages from sibling returns rather than from independent prompts. We prove this estimator is unbiased and has strictly lower variance than the trajectory-level baseline, with the reduction equal to the prefix-explained portion of return variance. On WebShop, ALFWorld, and SWE-bench Verified with Qwen2.5-7B and Llama-3.1-8B backbones, BPO improves success by 3.6--6.1 absolute points over GRPO and RLOO at matched compute, halves gradient-norm variance, and matches the best baseline using 38% fewer policy updates.

Discrete Diffusion Models: A Unified Framework from Tokenization to Generation

Discrete denoising diffusion models (DDMs) have recently emerged as a compelling alternative to autoregressive (AR) modeling for discrete data, offering parallel generation and iterative global refinement capabilities. Unlike continuous diffusion, where the state space is fixed, DDMs are fundamentally shaped by how the discrete state space is constructed: the tokenization scheme, the vocabulary topology, and domain-specific structural alphabets. This work introduces a unified conceptual framework that views discrete diffusion models through the construction of the underlying discrete state space. Within this framework, existing formulations, including transition-matrix, masking/absorbing-state, and score/ratio-based approaches, emerge as different instantiations of a common design space. The framework further exposes common design trade-offs across training objectives, inference algorithms, scaling behavior, systems optimization, and evaluation protocols, suggesting several promising directions for future research.

HAS-Bench: Evaluating LLM-Based Human-Agent Systems under Configurable Human Participation

Large language models increasingly operate in settings where humans are active collaborators rather than passive task providers. We introduce HAS-Framework, a graph-based framework that represents humans and LLM-powered agents as first-class participants with explicit roles, permissions, communication paths, and action authority. Building on this framework, HAS-Bench evaluates Human-Agent Systems under configurable human participation across agency levels, interaction channels, and persona policies. The benchmark measures both task outcomes and process-level collaboration behavior, including clarification quality, feedback utilization, control calibration, safety, initiative, and interaction cost. Experiments across six domains show that human participation can substantially improve task completion and failure recovery, but the gains depend on when, how, and by whom human input is exercised.

FinPersona-Bench: A Benchmark for Longitudinal Psychometric Stability of Autonomous Financial Agents

Large Language Models (LLMs) are increasingly deployed as autonomous financial agents initialized with explicit behavioral mandates such as "preserve capital" or "avoid speculative bets" that are meant to govern every decision throughout deployment. In practice, however, as market context accumulates over long horizons, these mandates gradually lose their behavioral influence, a phenomenon we formalize as Mandate Salience Decay (MSD). To measure MSD objectively, we introduce FinPersona-Bench, a simulation benchmark in which a synthetic market decouples observable price from hidden fundamental value, enabling falsifiable evaluation across three failure modes: trading without signal in calm markets, panic-selling during crashes, and ignoring fundamental value during speculative bubbles. Evaluating 18 leading frontier and open-source LLMs, each assigned one of three behavioral profiles ranging from strict capital preservation to aggressive growth, shows that MSD compounds over time and is model-dependent. In crash scenarios, the behavioral gap between static agents and those receiving periodic mandate re-grounding grows 4.4x from the first to the final quarter of the simulation. The effects of mandate re-grounding are not uniformly positive: it consistently helps conservative agents in low-signal markets but actively worsens behavior for aggressive agents in the same setting. These findings suggest that reliable long-horizon deployment requires selective, mandate-aware re-grounding based on agent profile and market regime.

Generative Archetype-Grounded Item Representations for Sequential Recommendation

Sequential recommendation aims to predict users' next interaction with items by analyzing their historical behavior. However, the limited quality of item representations remains a critical bottleneck. While pre-trained large language models (LLMs) can provide rich semantic representations, existing approaches only rely on static encoding of fixed attributes, overlooking the crucial role of target audiences in defining item identity. Moreover, the semantic space struggles to reflect actual user behavior, resulting in a significant gap between semantic representations and behavioral patterns. To address these limitations, we propose GenAIR, a general framework that empowers sequential recommendation with Generative Archetype-grounded Item Representations. Specifically, we first leverage an LLM to analyze item metadata and infer textual description of the Archetype, which represents the conceptual profile of the item's ideal target audience. We then extract the corresponding embeddings in a single forward pass. Further, to ground these generative archetypes in real-world behavior, we introduce a behavioral calibration objective, which explicitly incorporates behavioral signals from actual interactions. This objective adjusts the structure of the embedding space to reflect empirical patterns. GenAIR enables seamless integration with most existing models while maintaining high efficiency. Comprehensive experiments conducted on three real-world datasets demonstrate that GenAIR significantly improves the performance of various sequential recommendation models and consistently outperforms state-of-the-art baseline approaches. Implementation codes are available at https://github.com/AI-Santiago/GenAIR.

Distributionally Robust Set Representation Learning Under Inference-Time Element Corruption

Standard Set Representation Learning methods typically excel on curated data but often overlook the challenge of inference-time element corruption. This refers to scenarios where deployed models encounter element-level degradations, such as outliers or missing components, that may distort set representation and degrade performance. We propose SW-DRSO, a distributionally robust optimization framework tailored for sets. Rather than minimizing loss solely on observed training data, SW-DRSO optimizes a tractable surrogate of the worst-case expected loss over a family of plausible inference-time variations. We introduce a barycentric adversary that approximates the intractable search over corrupted sets by a differentiable training-time optimization over simplex weights. Extensive experiments across four tasks demonstrate that SW-DRSO effectively enhances robustness against corruption while maintaining high overall performance.