Xueqing Peng
Publications
Seeing Is Not Deciding: Can Multimodal LLMs Act as Effective CEOs?
Large language models are increasingly applied as autonomous decision-making agents. However, in executive business decisions, existing benchmarks are limited to textonly settings. This makes it unclear whether models can perceive visual business evidence and effectively integrate it to improve decision quality. We introduce C-SUITEBENCH, a controlled multimodal benchmark that includes five decision tasks under paired text-only and multimodal conditions across 50 scenarios. We place nine frontier models in the role of a chief executive officer and evaluate their decision-making ability. Multimodal inputs consistently improve evidence-centric reasoning, with the largest and most reliable gains appearing in risk forecasting and board-facing justification. However, we uncover a multimodal integration paradox: adding visual business information degrades constrained resource allocation for all nine models, even as visual grounding itself improves. Ablation experiments reveal that this failure emerges from signal crowding, although each visual channel helps individually, their combination disrupts constraint satisfaction during decoding. These findings demonstrate that visual perception and constrained action are separable bottlenecks in multimodal agents, and that indiscriminate visual augmentation can harm high-stakes decision making, motivating selective grounding strategies for future executive AI systems.
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.
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.
Can LLMs Be CEOs? Benchmarking Strategic Resource Reallocation with Multi-Role Agent Simulation
Evaluating the decision-making capabilities of large language models (LLMs) is a growing research priority, yet existing benchmarks focus on isolated cognitive tasks such as reasoning, knowledge retrieval, and economic rationality in stylized settings. These evaluations overlook the defining challenge of real executive decision-making: integrating conflicting recommendations from specialized stakeholders under information asymmetry, organizational constraints, and temporal dependencies. We introduce \textsc{CEO-Bench}, a multi-agent benchmark that evaluates LLMs on CEO-level strategic resource reallocation -- the process of redirecting capital across business units in a multi-round, constraint-rich organizational environment. In \textsc{CEO-Bench}, LLM agents receive conflicting advice from four role-conditioned C-suite advisors (CFO, CTO, COO, CMO), each with private signals and distinct priorities, and must synthesize these into a concrete allocation plan evaluated along four dimensions: role integration, conditional boldness, history-sensitive judgment, and plan validity. Experiments across five frontier models on 13 scenarios reveal that all models achieve high structural validity but diverge sharply on strategic calibration -- the hardest capability layer. We identify systematic failure modes including single-advisor capture, conservative default under ambiguity, and historical amnesia, and uncover a structural integration-boldness tradeoff: models that engage more deeply with conflicting perspectives tend to produce less decisive action. These findings delineate the current capability boundary of LLMs as organizational decision-makers and inform the design of future AI-assisted executive systems.
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.
Foundation Models to Unlock Real-World Evidence from Nationwide Medical Claims
Evidence derived from large-scale real-world data (RWD) is increasingly informing regulatory evaluation and healthcare decision-making. Administrative claims provide population-scale, longitudinal records of healthcare utilization, expenditure, and detailed coding of diagnoses, procedures, and medications, yet their potential as a substrate for healthcare foundation models remains largely unexplored. Here we present ReClaim, a generative transformer trained from scratch on 43.8 billion medical events from more than 200 million enrollees in the MarketScan claims data spanning 2008-2022. ReClaim models longitudinal trajectories across diagnoses, procedures, medications, and expenditure, and was scaled to 140 million, 700 million, and 1.7 billion parameters. Across over 1,000 disease-onset prediction tasks, ReClaim achieved a mean AUC of 75.6%, substantially outperforming disease-specific LightGBM (66.3%) and the transformer-based Delphi model (69.4%), with the largest gains for rare diseases. These advantages held across retrospective and prospective evaluations and in external validation on two independent datasets. Performance improved monotonically with scale, and post-training added 13.8 percentage points over pre-training alone. Beyond disease prediction, ReClaim captured financial outcomes and improved real-world evidence (RWE) analyses: for healthcare expenditure forecasting it increased explained variance from 0.28 to 0.37 relative to LightGBM, and in a target trial emulation it reduced systematic bias by 72% on average relative to Delphi. Together, these results establish administrative claims as a scalable substrate for healthcare foundation models and show that learned representations generalize across time periods and data sources, supporting disease surveillance, expenditure forecasting, and RWE generation.
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.
FinTrace: Holistic Trajectory-Level Evaluation of LLM Tool Calling for Long-Horizon Financial Tasks
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-3-8B/32B 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.