Yankai Chen
Publications
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.
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.
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.
GAM: Hierarchical Graph-based Agentic Memory for LLM Agents
To sustain coherent long-term interactions, Large Language Model (LLM) agents must navigate the tension between acquiring new information and retaining prior knowledge. Current unified stream-based memory systems facilitate context updates but remain vulnerable to interference from transient noise. Conversely, discrete structured memory architectures provide robust knowledge retention but often struggle to adapt to evolving narratives. To address this, we propose GAM, a hierarchical Graph-based Agentic Memory framework that explicitly decouples memory encoding from consolidation to effectively resolve the conflict between rapid context perception and stable knowledge retention. By isolating ongoing dialogue in an event progression graph and integrating it into a topic associative network only upon semantic shifts, our approach minimizes interference while preserving long-term consistency. Additionally, we introduce a graph-guided, multi-factor retrieval strategy to enhance context precision. Experiments on LoCoMo and LongDialQA indicate that our method consistently outperforms state-of-the-art baselines in both reasoning accuracy and efficiency.
CoEvoSkills: Self-Evolving Agent Skills via Co-Evolutionary Verification
Anthropic proposes the concept of skills for LLM agents to tackle multi-step professional tasks that simple tool invocations cannot address. A tool is a single, self-contained function, whereas a skill is a structured bundle of interdependent multi-file artifacts. Currently, skill generation is not only label-intensive due to manual authoring, but also may suffer from human--machine cognitive misalignment, which can lead to degraded agent performance, as evidenced by evaluations on SkillsBench. Therefore, we aim to enable agents to autonomously generate skills. However, existing self-evolving methods designed for tools cannot be directly applied to skills due to their increased complexity. To address these issues, we propose CoEvoSkills, a self-evolving skills framework that enables agents to autonomously construct complex, multi-file skill packages. Specifically, CoEvoSkills couples a Skill Generator that iteratively refines skills with a Surrogate Verifier that co-evolves to provide informative and actionable feedback without access to ground-truth test content. On SkillsBench, CoEvoSkills outperforms five baselines on both Claude Code and Codex, and generalizes strongly to six additional LLMs. The code is publicly available at https://github.com/Zhang-Henry/CoEvoSkills.
Beyond Message Passing: A Semantic View of Agent Communication Protocols
Agent communication protocols are becoming critical infrastructure for large language model (LLM) systems that must use tools, coordinate with other agents, and operate across heterogeneous environments. This work presents a human-inspired perspective on this emerging landscape by organizing agent communication into three layers: communication, syntactic, and semantic. Under this framework, we systematically analyze 18 representative protocols and compare how they support reliable transport, structured interaction, and meaning-level coordination. Our analysis shows a clear imbalance in current protocol design. Most protocols provide increasingly mature support for transport, streaming, schema definition, and lifecycle management, but offer limited protocol-level mechanisms for clarification, context alignment, and verification. As a result, semantic responsibilities are often pushed into prompts, wrappers, or application-specific orchestration logic, creating hidden interoperability and maintenance costs. To make this gap actionable, we further identify major forms of technical debt in today's protocol ecosystem and distill practical guidance for selecting protocols under different deployment settings. We conclude by outlining a research agenda for interoperable, secure, and semantically robust agent ecosystems that move beyond message passing toward shared understanding.
Conv-FinRe: A Conversational and Longitudinal Benchmark for Utility-Grounded Financial Recommendation
Most recommendation benchmarks evaluate how well a model imitates user behavior. In financial advisory, however, observed actions can be noisy or short-sighted under market volatility and may conflict with a user's long-term goals. Treating what users chose as the sole ground truth, therefore, conflates behavioral imitation with decision quality. We introduce Conv-FinRe, a conversational and longitudinal benchmark for stock recommendation that evaluates LLMs beyond behavior matching. Given an onboarding interview, step-wise market context, and advisory dialogues, models must generate rankings over a fixed investment horizon. Crucially, Conv-FinRe provides multi-view references that distinguish descriptive behavior from normative utility grounded in investor-specific risk preferences, enabling diagnosis of whether an LLM follows rational analysis, mimics user noise, or is driven by market momentum. We build the benchmark from real market data and human decision trajectories, instantiate controlled advisory conversations, and evaluate a suite of state-of-the-art LLMs. Results reveal a persistent tension between rational decision quality and behavioral alignment: models that perform well on utility-based ranking often fail to match user choices, whereas behaviorally aligned models can overfit short-term noise. The dataset is publicly released on Hugging Face, and the codebase is available on GitHub.
Pedagogically-Inspired Data Synthesis for Language Model Knowledge Distillation
Knowledge distillation from Large Language Models (LLMs) to smaller models has emerged as a critical technique for deploying efficient AI systems. However, current methods for distillation via synthetic data lack pedagogical awareness, treating knowledge transfer as a one-off data synthesis and training task rather than a systematic learning process. In this paper, we propose a novel pedagogically-inspired framework for LLM knowledge distillation that draws from fundamental educational principles. Our approach introduces a three-stage pipeline -- Knowledge Identifier, Organizer, and Adapter (IOA) -- that systematically identifies knowledge deficiencies in student models, organizes knowledge delivery through progressive curricula, and adapts representations to match the cognitive capacity of student models. We integrate Bloom's Mastery Learning Principles and Vygotsky's Zone of Proximal Development to create a dynamic distillation process where student models approach teacher model's performance on prerequisite knowledge before advancing, and new knowledge is introduced with controlled, gradual difficulty increments. Extensive experiments using LLaMA-3.1/3.2 and Qwen2.5 as student models demonstrate that IOA achieves significant improvements over baseline distillation methods, with student models retaining 94.7% of teacher performance on DollyEval while using less than 1/10th of the parameters. Our framework particularly excels in complex reasoning tasks, showing 19.2% improvement on MATH and 22.3% on HumanEval compared with state-of-the-art baselines.
Rethinking Memory Mechanisms of Foundation Agents in the Second Half: A Survey
The research of artificial intelligence is undergoing a paradigm shift from prioritizing model innovations over benchmark scores towards emphasizing problem definition and rigorous real-world evaluation. As the field enters the "second half," the central challenge becomes real utility in long-horizon, dynamic, and user-dependent environments, where agents face context explosion and must continuously accumulate, manage, and selectively reuse large volumes of information across extended interactions. Memory, with hundreds of papers released this year, therefore emerges as the critical solution to fill the utility gap. In this survey, we provide a unified view of foundation agent memory along three dimensions: memory substrate (internal and external), cognitive mechanism (episodic, semantic, sensory, working, and procedural), and memory subject (agent- and user-centric). We then analyze how memory is instantiated and operated under different agent topologies and highlight learning policies over memory operations. Finally, we review evaluation benchmarks and metrics for assessing memory utility, and outline various open challenges and future directions.