Xue Liu
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.
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.
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.