Yangyang Yu

Jimin Huang, Mengxi Xiao, Dong Li et al.

Financial LLMs hold promise for advancing financial tasks and domain-specific applications. However, they are limited by scarce corpora, weak multimodal capabilities, and narrow evaluations, making them less suited for real-world application. To address this, we introduce \textit{Open-FinLLMs}, the first open-source multimodal financial LLMs designed to handle diverse tasks across text, tabular, time-series, and chart data, excelling in zero-shot, few-shot, and fine-tuning settings. The suite includes FinLLaMA, pre-trained on a comprehensive 52-billion-token corpus; FinLLaMA-Instruct, fine-tuned with 573K financial instructions; and FinLLaVA, enhanced with 1.43M multimodal tuning pairs for strong cross-modal reasoning. We comprehensively evaluate Open-FinLLMs across 14 financial tasks, 30 datasets, and 4 multimodal tasks in zero-shot, few-shot, and supervised fine-tuning settings, introducing two new multimodal evaluation datasets. Our results show that Open-FinLLMs outperforms afvanced financial and general LLMs such as GPT-4, across financial NLP, decision-making, and multi-modal tasks, highlighting their potential to tackle real-world challenges. To foster innovation and collaboration across academia and industry, we release all codes (https://anonymous.4open.science/r/PIXIU2-0D70/B1D7/LICENSE) and models under OSI-approved licenses.

Xianzhong Ding, Yangyang Yu, Changwei Liu et al.

A frontier language model's acknowledged "helpful programming assistant" persona does not survive long agentic-coding sessions in the deployment regime that production products actually run. After hours of tool-using debugging, a model that initially hedges preferences ("I don't have preferences") may begin asserting them ("Python - the feedback loop is instant..."), revealing user-visible drift that deployer evaluations may miss. Existing persona-stability studies focus on short dialogues and report little shift, leaving real-world code-generation regimes - thousands of tool-using turns, compaction, and hours-long sessions - largely uncharacterized. We introduce ContextEcho, a benchmark and reusable harness for measuring persona drift at deployment scale. It combines a 25-probe identity suite, a snapshot-then-probe protocol that forks conversation state without perturbing the main session, complementary judged and judge-free measurement surfaces, and three anonymized Claude Code sessions spanning 3,746-9,716 turns. Across 23 frontier models, ContextEcho shows that persona drift is general across organizations rather than family-specific, that in-session compaction does not reliably reset it, and that a single-shot anchor restores the trained register across measured targets. It also reveals mode-dependent downstream effects: while drift can facilitate tool-using continuation, in tool-free chat it breaks formatting contracts and inflates output length. Overall, ContextEcho provides researchers and deployers an open-source framework to audit whether the persona a model ships with is the persona users encounter at session end, across chat-completions API targets and without retraining.

Yangyang Yu, Haohang Li, Zhi Chen et al.

Recent advancements in Large Language Models (LLMs) have exhibited notable efficacy in question-answering (QA) tasks across diverse domains. Their prowess in integrating extensive web knowledge has fueled interest in developing LLM-based autonomous agents. While LLMs are efficient in decoding human instructions and deriving solutions by holistically processing historical inputs, transitioning to purpose-driven agents requires a supplementary rational architecture to process multi-source information, establish reasoning chains, and prioritize critical tasks. Addressing this, we introduce \textsc{FinMem}, a novel LLM-based agent framework devised for financial decision-making. It encompasses three core modules: Profiling, to customize the agent's characteristics; Memory, with layered message processing, to aid the agent in assimilating hierarchical financial data; and Decision-making, to convert insights gained from memories into investment decisions. Notably, \textsc{FinMem}'s memory module aligns closely with the cognitive structure of human traders, offering robust interpretability and real-time tuning. Its adjustable cognitive span allows for the retention of critical information beyond human perceptual limits, thereby enhancing trading outcomes. This framework enables the agent to self-evolve its professional knowledge, react agilely to new investment cues, and continuously refine trading decisions in the volatile financial environment. We first compare \textsc{FinMem} with various algorithmic agents on a scalable real-world financial dataset, underscoring its leading trading performance in stocks. We then fine-tuned the agent's perceptual span and character setting to achieve a significantly enhanced trading performance. Collectively, \textsc{FinMem} presents a cutting-edge LLM agent framework for automated trading, boosting cumulative investment returns.

Yangyang Yu, Zhiyuan Yao, Haohang Li et al.

Large language models (LLMs) have demonstrated notable potential in conducting complex tasks and are increasingly utilized in various financial applications. However, high-quality sequential financial investment decision-making remains challenging. These tasks require multiple interactions with a volatile environment for every decision, demanding sufficient intelligence to maximize returns and manage risks. Although LLMs have been used to develop agent systems that surpass human teams and yield impressive investment returns, opportunities to enhance multi-sourced information synthesis and optimize decision-making outcomes through timely experience refinement remain unexplored. Here, we introduce the FinCon, an LLM-based multi-agent framework with CONceptual verbal reinforcement tailored for diverse FINancial tasks. Inspired by effective real-world investment firm organizational structures, FinCon utilizes a manager-analyst communication hierarchy. This structure allows for synchronized cross-functional agent collaboration towards unified goals through natural language interactions and equips each agent with greater memory capacity than humans. Additionally, a risk-control component in FinCon enhances decision quality by episodically initiating a self-critiquing mechanism to update systematic investment beliefs. The conceptualized beliefs serve as verbal reinforcement for the future agent's behavior and can be selectively propagated to the appropriate node that requires knowledge updates. This feature significantly improves performance while reducing unnecessary peer-to-peer communication costs. Moreover, FinCon demonstrates strong generalization capabilities in various financial tasks, including single stock trading and portfolio management.

Yangyang Yu, Jordan W. Suchow

High-dimensional deep neural network representations of images and concepts can be aligned to predict human annotations of diverse stimuli. However, such alignment requires the costly collection of behavioral responses, such that, in practice, the deep-feature spaces are only ever sparsely sampled. Here, we propose an active learning approach to adaptively sampling experimental stimuli to efficiently learn a Bayesian matrix factorization model with deep side information. We observe a significant efficiency gain over a passive baseline. Furthermore, with a sequential batched sampling strategy, the algorithm is applicable not only to small datasets collected from traditional laboratory experiments but also to settings where large-scale crowdsourced data collection is needed to accurately align the high-dimensional deep feature representations derived from pre-trained networks.

Qianqian Xie, Weiguang Han, Zhengyu Chen et al.

LLMs have transformed NLP and shown promise in various fields, yet their potential in finance is underexplored due to a lack of comprehensive evaluation benchmarks, the rapid development of LLMs, and the complexity of financial tasks. In this paper, we introduce FinBen, the first extensive open-source evaluation benchmark, including 36 datasets spanning 24 financial tasks, covering seven critical aspects: information extraction (IE), textual analysis, question answering (QA), text generation, risk management, forecasting, and decision-making. FinBen offers several key innovations: a broader range of tasks and datasets, the first evaluation of stock trading, novel agent and Retrieval-Augmented Generation (RAG) evaluation, and three novel open-source evaluation datasets for text summarization, question answering, and stock trading. Our evaluation of 15 representative LLMs, including GPT-4, ChatGPT, and the latest Gemini, reveals several key findings: While LLMs excel in IE and textual analysis, they struggle with advanced reasoning and complex tasks like text generation and forecasting. GPT-4 excels in IE and stock trading, while Gemini is better at text generation and forecasting. Instruction-tuned LLMs improve textual analysis but offer limited benefits for complex tasks such as QA. FinBen has been used to host the first financial LLMs shared task at the FinNLP-AgentScen workshop during IJCAI-2024, attracting 12 teams. Their novel solutions outperformed GPT-4, showcasing FinBen's potential to drive innovation in financial LLMs. All datasets, results, and codes are released for the research community: https://github.com/The-FinAI/PIXIU.

Yupeng Cao, Haohang Li, Weijin Liu et al.

Recent studies demonstrate that tool-calling capability enables large language models (LLMs) to interact with external environments for long-horizon financial tasks. While existing benchmarks have begun evaluating financial tool calling, they focus on limited scenarios and rely on call-level metrics that fail to capture trajectory-level reasoning quality. To address this gap, we introduce FinTrace, a benchmark comprising 800 expert-annotated trajectories spanning 34 real-world financial task categories across multiple difficulty levels. FinTrace employs a rubric-based evaluation protocol with nine metrics organized along four axes -- action correctness, execution efficiency, process quality, and output quality -- enabling fine-grained assessment of LLM tool-calling behavior. Our evaluation of 13 LLMs reveals that while frontier models achieve strong tool selection, all models struggle with information utilization and final answer quality, exposing a critical gap between invoking the right tools and reasoning effectively over their outputs. To move beyond diagnosis, we construct FinTrace-Training, the first trajectory-level preference dataset for financial tool-calling, containing 8,196 curated trajectories with tool-augmented contexts and preference pairs. We fine-tune Qwen-3.5-9B using supervised fine-tuning followed by direct preference optimization (DPO) and show that training on FinTrace-Training consistently improves intermediate reasoning metrics, with DPO more effectively suppressing failure modes. However, end-to-end answer quality remains a bottleneck, indicating that trajectory-level improvements do not yet fully propagate to final output quality.

Haohang Li, Yupeng Cao, Yangyang Yu et al. · utoronto

Recent advancements have underscored the potential of large language model (LLM)-based agents in financial decision-making. Despite this progress, the field currently encounters two main challenges: (1) the lack of a comprehensive LLM agent framework adaptable to a variety of financial tasks, and (2) the absence of standardized benchmarks and consistent datasets for assessing agent performance. To tackle these issues, we introduce \textsc{InvestorBench}, the first benchmark specifically designed for evaluating LLM-based agents in diverse financial decision-making contexts. InvestorBench enhances the versatility of LLM-enabled agents by providing a comprehensive suite of tasks applicable to different financial products, including single equities like stocks, cryptocurrencies and exchange-traded funds (ETFs). Additionally, we assess the reasoning and decision-making capabilities of our agent framework using thirteen different LLMs as backbone models, across various market environments and tasks. Furthermore, we have curated a diverse collection of open-source, multi-modal datasets and developed a comprehensive suite of environments for financial decision-making. This establishes a highly accessible platform for evaluating financial agents' performance across various scenarios.

Sijie Cheng, Kechen Fang, Yangyang Yu et al. · tsinghua

Recent advancements in Multi-modal Large Language Models (MLLMs) have opened new avenues for applications in Embodied AI. Building on previous work, EgoThink, we introduce VidEgoThink, a comprehensive benchmark for evaluating egocentric video understanding capabilities. To bridge the gap between MLLMs and low-level control in Embodied AI, we design four key interrelated tasks: video question-answering, hierarchy planning, visual grounding and reward modeling. To minimize manual annotation costs, we develop an automatic data generation pipeline based on the Ego4D dataset, leveraging the prior knowledge and multimodal capabilities of GPT-4o. Three human annotators then filter the generated data to ensure diversity and quality, resulting in the VidEgoThink benchmark. We conduct extensive experiments with three types of models: API-based MLLMs, open-source image-based MLLMs, and open-source video-based MLLMs. Experimental results indicate that all MLLMs, including GPT-4o, perform poorly across all tasks related to egocentric video understanding. These findings suggest that foundation models still require significant advancements to be effectively applied to first-person scenarios in Embodied AI. In conclusion, VidEgoThink reflects a research trend towards employing MLLMs for egocentric vision, akin to human capabilities, enabling active observation and interaction in the complex real-world environments.

Minxue Tang, Yangyang Yu, Aolin Ding et al.

Recognizing implicit visual and textual patterns is essential in many real-world applications of modern AI. However, tackling long-tail pattern recognition tasks remains challenging for current pre-trained foundation models such as LLMs and VLMs. While finetuning pre-trained models can improve accuracy in recognizing implicit patterns, it is usually infeasible due to a lack of training data and high computational overhead. In this paper, we propose ADAMAB, an efficient embedding calibration framework for few-shot pattern recognition. To maximally reduce the computational costs, ADAMAB trains embedder-agnostic light-weight calibrators on top of fixed embedding models without accessing their parameters. To mitigate the need for large-scale training data, we introduce an adaptive data augmentation strategy based on the Multi-Armed Bandit (MAB) mechanism. With a modified upper confidence bound algorithm, ADAMAB diminishes the gradient shifting and offers theoretically guaranteed convergence in few-shot training. Our multi-modal experiments justify the superior performance of ADAMAB, with up to 40% accuracy improvement when training with less than 5 initial data samples of each class.

Xueqing Peng, Zhuohan Xie, Yupeng Cao et al.

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.

Yupeng Cao, Chengyang He, Yangyang Yu et al.

Assessing the veracity of online content has become increasingly critical. Large language models (LLMs) have recently enabled substantial progress in automated veracity assessment, including automated fact-checking and claim verification systems. Typical veracity assessment pipelines break down complex claims into sub-claims, retrieve external evidence, and then apply LLM reasoning to assess veracity. However, existing methods often treat evidence retrieval as a static, isolated step and do not effectively manage or reuse retrieved evidence across claims. In this work, we propose MERMAID, a memory-enhanced multi-agent veracity assessment framework that tightly couples the retrieval and reasoning processes. MERMAID integrates agent-driven search, structured knowledge representations, and a persistent memory module within a Reason-Action style iterative process, enabling dynamic evidence acquisition and cross-claim evidence reuse. By retaining retrieved evidence in an evidence memory, the framework reduces redundant searches and improves verification efficiency and consistency. We evaluate MERMAID on three fact-checking benchmarks and two claim-verification datasets using multiple LLMs, including GPT, LLaMA, and Qwen families. Experimental results show that MERMAID achieves state-of-the-art performance while improving the search efficiency, demonstrating the effectiveness of synergizing retrieval, reasoning, and memory for reliable veracity assessment.

Shashidhar Reddy Javaji, Yupeng Cao, Haohang Li et al.

Large language models (LLMs) are increasingly being used for complex research tasks such as literature review, idea generation, and scientific paper analysis, yet their ability to truly understand and process the intricate relationships within complex research papers, such as the logical links between claims and supporting evidence remains largely unexplored. In this study, we present CLAIM-BENCH, a comprehensive benchmark for evaluating LLMs' capabilities in scientific claim-evidence extraction and validation, a task that reflects deeper comprehension of scientific argumentation. We systematically compare three approaches which are inspired by divide and conquer approaches, across six diverse LLMs, highlighting model-specific strengths and weaknesses in scientific comprehension. Through evaluation involving over 300 claim-evidence pairs across multiple research domains, we reveal significant limitations in LLMs' ability to process complex scientific content. Our results demonstrate that closed-source models like GPT-4 and Claude consistently outperform open-source counterparts in precision and recall across claim-evidence identification tasks. Furthermore, strategically designed three-pass and one-by-one prompting approaches significantly improve LLMs' abilities to accurately link dispersed evidence with claims, although this comes at increased computational cost. CLAIM-BENCH sets a new standard for evaluating scientific comprehension in LLMs, offering both a diagnostic tool and a path forward for building systems capable of deeper, more reliable reasoning across full-length papers.

Zhiwei Liu, Yangyang Yu, Yupeng Cao et al.

LLM-based financial agents increasingly rely on both numerical market data and textual signals for sequential trading and stock prediction. However, financial misinformation often appears as subtle textual perturbations rather than explicit falsehoods, making it difficult to detect while still capable of significantly altering agent reasoning and decisions. To study this risk, we propose AutoRedTrader, an autonomous red-teaming framework that generates finance-specific misinformation through behavioral bias manipulation, minor textual perturbations, and rewriting strategies, with agent feedback used to strengthen attacks over time. We evaluate AutoRedTrader in a POMDP-based financial agent simulation environment, and further examine a time-series-informed grounding setting for robustness analysis. The framework enables systematic evaluation of how subtle misinformation affects financial agents and whether historical market evidence can stabilize decisions under misleading textual signals. We evaluate the framework on Bitcoin transaction data. The results show that AutoRedTrader achieves the strongest attack performance with 69.00% misinformation exposure rate and 26.67% attack success rate, outperforming general-purpose misinformation and red-teaming baselines. Ablation studies further show that all modules contribute to generating retrievable and decision-effective financial misinformation.

Guojun Xiong, Zhiyang Deng, Keyi Wang et al.

Large language models (LLMs) fine-tuned on multimodal financial data have demonstrated impressive reasoning capabilities in various financial tasks. However, they often struggle with multi-step, goal-oriented scenarios in interactive financial markets, such as trading, where complex agentic approaches are required to improve decision-making. To address this, we propose \textsc{FLAG-Trader}, a unified architecture integrating linguistic processing (via LLMs) with gradient-driven reinforcement learning (RL) policy optimization, in which a partially fine-tuned LLM acts as the policy network, leveraging pre-trained knowledge while adapting to the financial domain through parameter-efficient fine-tuning. Through policy gradient optimization driven by trading rewards, our framework not only enhances LLM performance in trading but also improves results on other financial-domain tasks. We present extensive empirical evidence to validate these enhancements.

Yupeng Cao, Haohang Li, Yangyang Yu et al.

Audio Large Language Models (AudioLLMs) have received widespread attention and have significantly improved performance on audio tasks such as conversation, audio understanding, and automatic speech recognition (ASR). Despite these advancements, there is an absence of a benchmark for assessing AudioLLMs in financial scenarios, where audio data, such as earnings conference calls and CEO speeches, are crucial resources for financial analysis and investment decisions. In this paper, we introduce \textsc{FinAudio}, the first benchmark designed to evaluate the capacity of AudioLLMs in the financial domain. We first define three tasks based on the unique characteristics of the financial domain: 1) ASR for short financial audio, 2) ASR for long financial audio, and 3) summarization of long financial audio. Then, we curate two short and two long audio datasets, respectively, and develop a novel dataset for financial audio summarization, comprising the \textsc{FinAudio} benchmark. Then, we evaluate seven prevalent AudioLLMs on \textsc{FinAudio}. Our evaluation reveals the limitations of existing AudioLLMs in the financial domain and offers insights for improving AudioLLMs. All datasets and codes will be released.

David James Woo, Yangyang Yu, Yilin Huang et al.

Generative Artificial Intelligence (AI) introduces new considerations for English as a foreign language (EFL) writing pedagogy. This study explores how students talk to and through AI by prompt engineering and negotiating authorship, respectively, and whether any patterns in the latter relate to students' writing performance. Using an exploratory mixed methods design, we analyzed screen recordings of 44 Hong Kong secondary students completing a Curricular Writing Task with AI Chatbots. Content analysis identified ten types of prompting strategies students employed, including questions, searches, and detailed instructions. From clustering these strategies, three distinct profiles of human-AI rhetorical load responsibility emerged: AI-dominant (52% of students), Human-dominant (25%) and Collaborative human-AI (14%). A MANOVA analysis indicated no significant multivariate effect of rhetorical load responsibility on three dimensions of students' writing performance: content, language, and organization. Students' prompting strategies and rhetorical load responsibility patterns have implications for their engagement and autonomy in EFL writing pedagogy.

Xueqing Peng, Lingfei Qian, Yan Wang et al.

Real-world financial analysis involves information across multiple languages and modalities, from reports and news to scanned filings and meeting recordings. Yet most existing evaluations of LLMs in finance remain text-only, monolingual, and largely saturated by current models. To bridge these gaps, we present MultiFinBen, the first expert-annotated multilingual (five languages) and multimodal (text, vision, audio) benchmark for evaluating LLMs in realistic financial contexts. MultiFinBen introduces two new task families: multilingual financial reasoning, which tests cross-lingual evidence integration from filings and news, and financial OCR, which extracts structured text from scanned documents containing tables and charts. Rather than aggregating all available datasets, we apply a structured, difficulty-aware selection based on advanced model performance, ensuring balanced challenge and removing redundant tasks. Evaluating 21 leading LLMs shows that even frontier multimodal models like GPT-4o achieve only 46.01% overall, stronger on vision and audio but dropping sharply in multilingual settings. These findings expose persistent limitations in multilingual, multimodal, and expert-level financial reasoning. All datasets, evaluation scripts, and leaderboards are publicly released.

David James Woo, Yangyang Yu, Kai Guo et al.

Text generated by artificial intelligence (AI) chatbots is increasingly used in English as a foreign language (EFL) writing contexts, yet its impact on students' expository writing process and compositions remains understudied. This research examines how EFL secondary students edit AI-generated text. Exploring editing behaviors in their expository writing process and in expository compositions, and their effect on human-rated scores for content, organization, language, and overall quality. Participants were 39 Hong Kong secondary students who wrote an expository composition with AI chatbots in a workshop. A convergent design was employed to analyze their screen recordings and compositions to examine students' editing behaviors and writing qualities. Analytical methods included qualitative coding, descriptive statistics, temporal sequence analysis, human-rated scoring, and multiple linear regression analysis. We analyzed over 260 edits per dataset, and identified two editing patterns: one where students refined introductory units repeatedly before progressing, and another where they quickly shifted to extensive edits in body units (e.g., topic and supporting sentences). MLR analyses revealed that the number of AI-generated words positively predicted all score dimensions, while most editing variables showed minimal impact. These results suggest a disconnect between students' significant editing effort and improved composition quality, indicating AI supports but does not replace writing skills. The findings highlight the importance of genre-specific instruction and process-focused writing before AI integration. Educators should also develop assessments valuing both process and product to encourage critical engagement with AI text.

David James Woo, Yangyang Yu, Kai Guo

Generative Artificial Intelligence is transforming how English as a foreign language students write. Still, little is known about how students manipulate text generated by generative AI during the writing process. This study investigates how EFL secondary school students integrate and modify AI-generated text when completing an expository writing task. The study employed an exploratory mixed-methods design. Screen recordings were collected from 29 Hong Kong secondary school students who attended an AI-assisted writing workshop and recorded their screens while using generative AI to write an article. Content analysis with hierarchical coding and thematic analysis with a multiple case study approach were adopted to analyze the recordings. 15 types of AI-generated text edits across seven categories were identified from the recordings. Notably, AI-initiated edits from iOS and Google Docs emerged as unanticipated sources of AI-generated text. A thematic analysis revealed four patterns of students' editing behaviors based on planning and drafting direction: planning with top-down drafting and revising; top-down drafting and revising without planning; planning with bottom-up drafting and revising; and bottom-up drafting and revising without planning. Network graphs illustrate cases of each pattern, demonstrating that students' interactions with AI-generated text involve more complex cognitive processes than simple text insertion. The findings challenge assumptions about students' passive, simplistic use of generative AI tools and have implications for developing explicit instructional approaches to teaching AI-generated text editing strategies in the AFL writing pedagogy.

Yupeng Cao, Zhi Chen, Prashant Kumar et al.

The integration of Artificial Intelligence (AI) techniques, particularly large language models (LLMs), in finance has garnered increasing academic attention. Despite progress, existing studies predominantly focus on tasks like financial text summarization, question-answering, and stock movement prediction (binary classification), the application of LLMs to financial risk prediction remains underexplored. Addressing this gap, in this paper, we introduce RiskLabs, a novel framework that leverages LLMs to analyze and predict financial risks. RiskLabs uniquely integrates multimodal financial data, including textual and vocal information from Earnings Conference Calls (ECCs), market-related time series data, and contextual news data to improve financial risk prediction. Empirical results demonstrate RiskLabs' effectiveness in forecasting both market volatility and variance. Through comparative experiments, we examine the contributions of different data sources to financial risk assessment and highlight the crucial role of LLMs in this process. We also discuss the challenges associated with using LLMs for financial risk prediction and explore the potential of combining them with multimodal data for this purpose.

Lingfei Qian, Xueqing Peng, Yan Wang et al.

Although Large Language Model (LLM)-based agents are increasingly used in financial trading, it remains unclear whether they can reason and adapt in live markets, as most studies test models instead of agents, cover limited periods and assets, and rely on unverified data. To address these gaps, we introduce Agent Market Arena (AMA), the first lifelong, real-time benchmark for evaluating LLM-based trading agents across multiple markets. AMA integrates verified trading data, expert-checked news, and diverse agent architectures within a unified trading framework, enabling fair and continuous comparison under real conditions. It implements four agents, including InvestorAgent as a single-agent baseline, TradeAgent and HedgeFundAgent with different risk styles, and DeepFundAgent with memory-based reasoning, and evaluates them across GPT-4o, GPT-4.1, Claude-3.5-haiku, Claude-sonnet-4, and Gemini-2.0-flash. Live experiments on both cryptocurrency and stock markets demonstrate that agent frameworks display markedly distinct behavioral patterns, spanning from aggressive risk-taking to conservative decision-making, whereas model backbones contribute less to outcome variation. AMA thus establishes a foundation for rigorous, reproducible, and continuously evolving evaluation of financial reasoning and trading intelligence in LLM-based agents.

David James Woo, Kai Guo, Yangyang Yu

This innovative practice article reports on the piloting of vibe coding (using natural language to create software applications with AI) for English as a Foreign Language (EFL) education. We developed a human-AI meta-languaging framework with three dimensions: talking to AI (prompt engineering), talking through AI (negotiating authorship), and talking about AI (mental models of AI). Using backward design principles, we created a four-hour workshop where two students designed applications addressing authentic EFL writing challenges. We adopted a case study methodology, collecting data from worksheets and video recordings, think-aloud protocols, screen recordings, and AI-generated images. Contrasting cases showed one student successfully vibe coding a functional application cohering to her intended design, while another encountered technical difficulties with major gaps between intended design and actual functionality. Analysis reveals differences in students' prompt engineering approaches, suggesting different AI mental models and tensions in attributing authorship. We argue that AI functions as a beneficial languaging machine, and that differences in how students talk to, through, and about AI explain vibe coding outcome variations. Findings indicate that effective vibe coding instruction requires explicit meta-languaging scaffolding, teaching structured prompt engineering, facilitating critical authorship discussions, and developing vocabulary for articulating AI mental models.

Haohang Li, Yupeng Cao, Yangyang Yu et al.

Despite their remarkable success and deployment across diverse workflows, language models sometimes produce untruthful responses. Our limited understanding of how truthfulness is mechanistically encoded within these models jeopardizes their reliability and safety. In this paper, we propose a method for identifying representations of truthfulness at the neuron level. We show that language models contain truth neurons, which encode truthfulness in a subject-agnostic manner. Experiments conducted across models of varying scales validate the existence of truth neurons, confirming that the encoding of truthfulness at the neuron level is a property shared by many language models. The distribution patterns of truth neurons over layers align with prior findings on the geometry of truthfulness. Selectively suppressing the activations of truth neurons found through the TruthfulQA dataset degrades performance both on TruthfulQA and on other benchmarks, showing that the truthfulness mechanisms are not tied to a specific dataset. Our results offer novel insights into the mechanisms underlying truthfulness in language models and highlight potential directions toward improving their trustworthiness and reliability.