Yilei Zhao
Publications
AlphaForgeBench: Benchmarking End-to-End Trading Strategy Design with Large Language Models
The rapid advancement of Large Language Models (LLMs) has led to a surge of financial benchmarks, evolving from static knowledge tests to interactive trading simulations. However, current evaluations of real-time trading performance overlook a critical failure mode: severe behavioral instability in sequential decision-making under uncertainty. We empirically show that LLM-based trading agents exhibit extreme run-to-run variance, inconsistent action sequences even under deterministic decoding, and irrational action flipping across adjacent time steps. These issues stem from stateless autoregressive architectures lacking persistent action memory, as well as sensitivity to continuous-to-discrete action mappings in portfolio allocation. As a result, many existing financial trading benchmarks produce unreliable, non-reproducible, and uninformative evaluations. To address these limitations, we propose AlphaForgeBench, a principled framework that reframes LLMs as quantitative researchers rather than execution agents. Instead of emitting trading actions, LLMs generate executable alpha factors and factor-based strategies grounded in financial reasoning. This design decouples reasoning from execution, enabling fully deterministic and reproducible evaluation while aligning with real-world quantitative research workflows. Experiments across multiple state-of-the-art LLMs show that AlphaForgeBench eliminates execution-induced instability and provides a rigorous benchmark for assessing financial reasoning, strategy formulation, and alpha discovery.
EvoCodeBench: A Human-Performance Benchmark for Self-Evolving LLM-Driven Coding Systems
As large language models (LLMs) continue to advance in programming tasks, LLM-driven coding systems have evolved from one-shot code generation into complex systems capable of iterative improvement during inference. However, existing code benchmarks primarily emphasize static correctness and implicitly assume fixed model capability during inference. As a result, they do not capture inference-time self-evolution, such as whether accuracy and efficiency improve as an agent iteratively refines its solutions. They also provide limited accounting of resource costs and rarely calibrate model performance against that of human programmers. Moreover, many benchmarks are dominated by high-resource languages, leaving cross-language robustness and long-tail language stability underexplored. Therefore, we present EvoCodeBench, a benchmark for evaluating self-evolving LLM-driven coding systems across programming languages with direct comparison to human performance. EvoCodeBench tracks performance dynamics, measuring solution correctness alongside efficiency metrics such as solving time, memory consumption, and improvement algorithmic design over repeated problem-solving attempts. To ground evaluation in a human-centered reference frame, we directly compare model performance with that of human programmers on the same tasks, enabling relative performance assessment within the human ability distribution. Furthermore, EvoCodeBench supports multiple programming languages, enabling systematic cross-language and long-tail stability analyses under a unified protocol. Our results demonstrate that self-evolving systems exhibit measurable gains in efficiency over time, and that human-relative and multi-language analyses provide insights unavailable through accuracy alone. EvoCodeBench establishes a foundation for evaluating coding intelligence in evolving LLM-driven systems.
Advancing ESG Intelligence: An Expert-level Agent and Comprehensive Benchmark for Sustainable Finance
Environmental, social, and governance (ESG) criteria are essential for evaluating corporate sustainability and ethical performance. However, professional ESG analysis is hindered by data fragmentation across unstructured sources, and existing large language models (LLMs) often struggle with the complex, multi-step workflows required for rigorous auditing. To address these limitations, we introduce ESGAgent, a hierarchical multi-agent system empowered by a specialized toolset, including retrieval augmentation, web search and domain-specific functions, to generate in-depth ESG analysis. Complementing this agentic system, we present a comprehensive three-level benchmark derived from 310 corporate sustainability reports, designed to evaluate capabilities ranging from atomic common-sense questions to the generation of integrated, in-depth analysis. Empirical evaluations demonstrate that ESGAgent outperforms state-of-the-art closed-source LLMs with an average accuracy of 84.15% on atomic question-answering tasks, and excels in professional report generation by integrating rich charts and verifiable references. These findings confirm the diagnostic value of our benchmark, establishing it as a vital testbed for assessing general and advanced agentic capabilities in high-stakes vertical domains.