Dongyu Yan
Publications
Can Large Language Models Execute Parent Orders?
Parent-order execution is a core problem in algorithmic trading, where the goal is to split a large order into smaller orders while reducing execution costs. Existing approaches either rely on pre-specified market assumptions that may not hold in practice, or require task-specific training that limits adaptability to new settings. To overcome these limitations, we present the first systematic study of large language models (LLMs) for parent-order execution. This extends the use of LLMs in finance from what to trade to how to execute. We propose PACE (Plan-Ahead Controlled Execution), a hierarchical framework that decomposes parent-order execution into long-horizon planning and short-horizon execution, requiring neither explicit market assumptions nor task-specific training. Experiments on Shenzhen Stock Exchange Level-1 data show that PACE outperforms TWAP, Almgren-Chriss, and learning-based baselines, exceeding the strongest baseline by 0.65 bps. Behavioral analysis reveals that LLMs make execution decisions differently from human investors: higher model confidence predicts better performance rather than worse returns, and the model trades earlier rather than procrastinating toward the deadline. These findings suggest that LLMs can complement human traders in execution decisions.
MSVS-VAE: Multi-Scale Anchored VecSet for High-Fidelity 3D Reconstruction
High-fidelity 3D generative modeling increasingly relies on the latent diffusion paradigm, where the reconstruction quality of the underlying 3D VAE becomes a primary bottleneck. Existing approaches largely follow two paradigms: sparse voxel-based representations achieve strong reconstruction quality but incur significant memory and computational overhead, while set-based representations are compact and continuous yet typically lag in fidelity due to latent sparsity and excessive global smoothness. We propose MSVS-VAE, a hierarchical set-based VAE that closes this fidelity gap without sacrificing compactness. Our key idea is to progressively densify anchored VecSet latents via hierarchical point-shuffle upsampling, increasing spatial capacity for fine-grained geometry modeling. To efficiently decode from the densified hierarchy, we replace global cross-attention with AVS-Conv, a geometry-aware local aggregation operator operating within local neighborhoods rather than the exhaustive latent set. We further introduce multi-scale query decoding to fuse coarse-to-fine latent features, where coarse scales provide stable global context, and fine scales refine localized geometry, reducing artifacts from overly local receptive fields. Extensive experiments on Objaverse, ABO, and in-the-wild benchmarks demonstrate that MSVS-VAE consistently outperforms prior set-based and voxel-based VAEs, delivering approximately 10x faster decoding than prior set-based methods and approximately 10x higher compactness than voxel-based baselines.
A Mechanistic View on Video Generation as World Models: State and Dynamics
Large-scale video generation models have demonstrated emergent physical coherence, positioning them as potential world models. However, a gap remains between contemporary "stateless" video architectures and classic state-centric world model theories. This work bridges this gap by proposing a novel taxonomy centered on two pillars: State Construction and Dynamics Modeling. We categorize state construction into implicit paradigms (context management) and explicit paradigms (latent compression), while dynamics modeling is analyzed through knowledge integration and architectural reformulation. Furthermore, we advocate for a transition in evaluation from visual fidelity to functional benchmarks, testing physical persistence and causal reasoning. We conclude by identifying two critical frontiers: enhancing persistence via data-driven memory and compressed fidelity, and advancing causality through latent factor decoupling and reasoning-prior integration. By addressing these challenges, the field can evolve from generating visually plausible videos to building robust, general-purpose world simulators.