Kehan Jiang

Zhaolu Kang, Junhao Gong, Wenqing Hu et al.

Large Language Models (LLMs) have shown strong capabilities across many domains, yet their evaluation in financial quantitative tasks remains fragmented and mostly limited to knowledge-centric question answering. We introduce QuantEval, a benchmark that evaluates LLMs across three essential dimensions of quantitative finance: knowledge-based QA, quantitative mathematical reasoning, and quantitative strategy coding. Unlike prior financial benchmarks, QuantEval integrates a CTA-style backtesting framework that executes model-generated strategies and evaluates them using financial performance metrics, enabling a more realistic assessment of quantitative coding ability. We evaluate some state-of-the-art open-source and proprietary LLMs and observe substantial gaps to human experts, particularly in reasoning and strategy coding. Finally, we conduct large-scale supervised fine-tuning and reinforcement learning experiments on domain-aligned data, demonstrating consistent improvements. We hope QuantEval will facilitate research on LLMs' quantitative finance capabilities and accelerate their practical adoption in real-world trading workflows. We additionally release the full deterministic backtesting configuration (asset universe, cost model, and metric definitions) to ensure strict reproducibility.

Haonan Dong, Kehan Jiang, Haoran Ye et al.

Large Reasoning Models (LRMs) have recently achieved remarkable success in complex reasoning tasks. However, closer scrutiny reveals persistent failure modes compromising performance and cost: I) Intra-step level, marked by calculation or derivation errors; II) Inter-step level, involving oscillation and stagnation; and III) Instance level, causing maladaptive over-thinking. Existing endeavors target isolated levels without unification, while their black-box nature and reliance on RL hinder explainability and controllability. To bridge these gaps, we conduct an in-depth white-box analysis, identifying key neurons (Mixture of Neurons, MoN) and their fluctuation patterns associated with distinct failures. Building upon these insights, we propose NeuReasoner, an explainable, controllable, and unified reasoning framework driven by MoN. Technically, NeuReasoner integrates lightweight MLPs for failure detection with a special token-triggered self-correction mechanism learned via SFT. During inference, special tokens are inserted upon failure detection to actuate controllable remedial behaviors. Extensive evaluations across six benchmarks, six backbone models (8B~70B) against nine competitive baselines, demonstrate that NeuReasoner achieves performance gains of up to 27.0% while reducing token consumption by 19.6% ~ 63.3%.

Yingjie He, Zhaolu Kang, Kehan Jiang et al.

Large language models (LLMs) excel at semantic understanding, yet their ability to reconstruct internal structure from scrambled inputs remains underexplored. Sentence-level restoration is ill-posed for automated evaluation because multiple valid word orders often exist. We introduce OrderProbe, a deterministic benchmark for structural reconstruction using fixed four-character expressions in Chinese, Japanese, and Korean, which have a unique canonical order and thus support exact-match scoring. We further propose a diagnostic framework that evaluates models beyond recovery accuracy, including semantic fidelity, logical validity, consistency, robustness sensitivity, and information density. Experiments on twelve widely used LLMs show that structural reconstruction remains difficult even for frontier systems: zero-shot recovery frequently falls below 35%. We also observe a consistent dissociation between semantic recall and structural planning, suggesting that structural robustness is not an automatic byproduct of semantic competence.