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9 papers in the last four weeks, level with the four weeks before. 0.1% of all new papers.

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Latest papers 239

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Signal or Noise in Multi-Agent LLM-based Stock Recommendations?
Apr 19, 2026George Fatouros, Kostas MetaxasMulti-Agent LLM Systems Multi-Agent Collaboration
Alpha Tensor Technologies
The Virtue of Sparsity in Complexity
Apr 18, 2026Nima Afsharhajari, Jonathan Yu-Meng LiQuantitative Finance Feature Selection
Telfer School of Management University of Ottawa
Learning to Trade Like an Expert: Cognitive Fine-Tuning for Stable Financial Reasoning in Language Models
Apr 18, 2026Yuchen Pan, Soung Chang LiewLLM Evaluation LLM Fine-Tuning
Department of Information Engineering, The Chinese University of Hong Kong
JFinTEB: Japanese Financial Text Embedding Benchmark
Apr 17, 2026Masahiro Suzuki, Hiroki SakajiText Embedding Evaluation Text Embedding Models
Amova Asset Management Co., Ltd. · Tokyo, Japan · Hokkaido University +1
Fact4ac at the Financial Misinformation Detection Challenge Task: Reference-Free Financial Misinformation Detection via Fine-Tuning and Few-Shot Prompting of Large Language Models
Apr 16, 2026Cuong Hoang, Le-Minh NguyenLLM Fine-Tuning Automated Fact-Checking
Japan Advanced Institute of Science and Technology
Improving Machine Learning Performance with Synthetic Augmentation
Apr 16, 2026Mel Sohm, Charles Dezons, Sami Sellami +2Synthetic Data Augmentation Quantitative Finance
University of California, Berkeley
Sustainable Hybrid Document-Routed Retrieval for Financial RAG: Resolving the Robustness-Precision Trade-off
Mar 26, 2026Zhiyuan Cheng, Longying Lai, Yue LiuRetrieval-Augmented Generation Financial QA
School of Engineering, Stanford University, Stanford, CA, USA · bSimon Business School, University of Rochester, Rochester, NY, USA · cAccounting & Information Systems, Rutgers University, Newark, NJ, USA
MemGuard-Alpha: Limits of Membership Inference for Detecting and Filtering Memorization-Contaminated Signals in LLM-Based Financial Forecasting
Mar 26, 2026Anisha Roy, Dip RoyMembership Inference Attacks LLM Auditing
Department of Electronics and Communication Engineering, Jaypee Institute of Information Technology, Noida, India · Department of Computer Science and Engineering, Indian Institute of Technology Patna, India
ASDA: Automated Skill Distillation and Adaptation for Financial Reasoning
Mar 17, 2026Tik Yu Yim, Wenting Tan, Sum Yee Chan +2Domain Adaptation for LLMs Agent Skill Learning
The University of Hong Kong, Hong Kong SAR, China
LingDT-VL-OCR: Structure-Aware Document-Level Parsing with Fine-Grained Visual Reference
Mar 11, 2026Siyi Qian, Xiongfei Bai, Bingtao Fu +4Table Structure Recognition Document Parsing
Ant Group
Risk-Adjusted Harm Scoring for Automated Red Teaming for LLMs in Financial Services
Mar 11, 2026Fabrizio Dimino, Bhaskarjit Sarmah, Stefano PasqualiLanguage Model Safety Evaluation LLM Safety
1Domyn, New York, US · 2Domyn, New York, US · 3Domyn, New York, US
Cross-Sectional Asset Retrieval via Future-Aligned Soft Contrastive Learning
Feb 11, 2026Hyeongmin Lee, Chanyeol Choi, Jihoon Kwon +8Contrastive Learning Information Retrieval
Seoul National University of Science and Technology Seoul, Republic of Korea · LinqAlpha Cambridge, MA, United States · Massachusetts Institute of Technology Cambridge, MA, United States +7
DeXposure-FM: A Time-series, Graph Foundation Model for Credit Exposures and Stability on Decentralized Financial Networks
Feb 3, 2026Aijie Shu, Wenbin Wu, Gbenga Ibikunle +1Financial Services Decentralized Finance
School of Informatics, University of Edinburgh, United Kingdom · Cambridge Centre for Alternative Finance, Judge Business School, University of Cambridge, United Kingdom · Business School, University of Edinburgh, United Kingdom +1
Are Whitepaper Claims Reflected in Market Structure? A Contamination-Aware Pipeline and a Power-Limited Null
Jan 28, 2026Murad FarzullaData Contamination Representation Alignment
Dissensus, London, UK · King’s College London, London, UK
BizFinBench.v2: Towards Reliable LLMs in Finance via Real-User Data and Offline/Online Bilingual Evaluation
Jan 10, 2026Xin Guo, Rongjunchen Zhang, Guilong Lu +4Financial Services Multilingual Language Model Evaluation
HiThink Research · Shanghai University of Finance and Economics
Generative AI for Analysts
Dec 12, 2025Jian Xue, Qian Zhang, Wu ZhuFinancial Services Financial Forecasting
School of Economics and Management, Tsinghua University · School of Management, Xiamen University
TxSum: User-Centered Ethereum Transaction Understanding with Micro-Level Semantic Grounding
Dec 7, 2025Zifan Peng, Jingyi Zheng, Yule Liu +8Financial Services Grounded Text Generation
1Hong Kong University of Science and Technology (Guangzhou) · 3Independent Researcher · University of North Texas +2
NMIXX: Domain-Adapted Neural Embeddings for Cross-Lingual eXploration of Finance
Jul 13, 2025Hanwool Lee, Sara Yu, Yewon Hwang +4Multilingual Language Models Text Embeddings
FinancialNLPLab, MODULABS Shinhan Securities Seoul, Republic of Korea · FinancialNLPLab, MODULABS KT Seoul, Republic of Korea · FinancialNLPLab, MODULABS EMRO Seoul, Republic of Korea +4
No Free Labels: Limitations of LLM-as-a-Judge Without Human Grounding
Mar 7, 2025Michael Krumdick, Charles Lovering, Varshini Reddy +2LLM Evaluation LLM-as-a-Judge
Kensho Technologies · MIT
Classification of Financial Data Using Quantum Support Vector Machine
Dec 14, 2024Seemanta Bhattacharjee, MD. Muhtasim Fuad, A. K. M. Fakhrul HossainQuantitative Finance Hybrid Quantum-Classical ML
Shahjalal University Of Science and Technology, Sylhet-3114, Bangladesh
Large and Deep Factor Models
Jan 20, 2024Bryan Kelly, Boris Kuznetsov, Semyon Malamud +1Quantitative Finance Neural Tangent Kernel
Yale School of Management, AQR Capital Management, and NBER · AQR Capital Management · NBER +5
Machine Learning Classification and Portfolio Construction: Does the Loss Function Matter?
Aug 4, 2021Yang Bai, Kuntara PukthuanthongQuantitative Finance Classification
College of Business and Economics, California State University, Fullerton · Trulaske Sr. College of Business, University of Missouri
Realised Volatility Forecasting: Machine Learning via Financial Word Embedding
Aug 1, 2021Eghbal Rahimikia, Stefan Zohren, Ser-Huang PoonFinancial Forecasting Time Series Forecasting
Alliance Manchester Business School at the University of Manchester · Department of Engineering Science, University of Oxford · Alliance Manchester Business School, University of Manchester
Decomposing Discrimination: Causal Mediation Analysis for AI-Driven Credit Decisions
Date pendingDuraimurugan RajamanickamFinancial Services Causal Effect Estimation
VP, Artificial Intelligence, Hudson Valley Credit Union, Poughkeepsie, NY · PhD Candidate, Causal Machine Learning, University of Arkansas at Little Rock
OpenFinGym: A Verifiable Multi-Task Gym Environment for Evaluating Quant Agents
Date pendingKaicheng Zhang, Wen Ge, Lei Jiang +5Quantitative Finance LLM Agent Evaluation
University of Edinburgh · University College London · Alan Turing Institute +1
Evidence-Unit Fairness and the Limits of Query-Adaptive Sparse-Dense Fusion in Financial Document Retrieval
Date pendingChenyu Wu, You LinHybrid IR Information Retrieval
Duke University Durham, NC, USA · Independent Researcher New York, NY, USA
From Information to Delegation: Mapping Human-AI Financial Decision Making
Date pendingIman Munire Bilal, Yingcan Carol Wang, Ajan Raj +5AI-Assisted Decision Making LLM Decision-Making
Stripe Partners · Stripe Partners, Imperial College
DelistBench: Evaluating Search-Enabled LLMs for Auditable Corporate-Event Database Completion
Date pendingXuan Yao, Shuping Li, Yang Dai +2LLM Auditing IR Evaluation
Asian Institute of Digital Finance, National University of Singapore, Singapore
Your Agent Says Yes: Interpreting Adversarial Market Behavior Beyond Individual Transactions
Date pendingZelin Li, Yiyun Su, Matt White +3LLM Agent Evaluation AI Agent Security
The Ohio State University · Rutgers University · University of California, Berkeley +3

Apr 19, 2026, q-fin.PMJ/K move · Enter open · S save

Signal or Noise in Multi-Agent LLM-based Stock Recommendations?

George Fatouros, Kostas Metaxas

Alpha Tensor Technologies

Multi-Agent LLM Systems Multi-Agent Collaboration Finance Algorithmic Trading

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We present the first portfolio-level validation of MarketSenseAI, a deployed multi-agent LLM equity system. All signals are generated live at each observation date, eliminating look-ahead bias. The system routes four specialist agents (News, Fundamentals, Dynamics, and Macro) through a synthesis agent that issues a monthly equity thesis and recommendation for each stock in its coverage universe, and we ask two questions: do its buy recommendations add value over both passive benchmarks and random selection, and what does the internal agent structure reveal about the source of the edge? On the S&P 500 cohort (19 months) the strong-buy equal-weight portfolio earns +2.18%/month against a passive equal-weight benchmark of +1.15% (approximating RSP), a +25.2% compound excess, and ranks at the 99.7th percentile of 10,000 Monte Carlo portfolios (p=0.003). The S&P 100 cohort (35 months) delivers a +30.5% compound excess over EQWL with consistent direction but formal significance not reached, limited by the small average selection of ~10 stocks per month. Non-negative least-squares projection of thesis embeddings onto agent embeddings reveals an adaptive-integration mechanism. Agent contributions rotate with market regime (Fundamentals leads on S&P 500, Macro on S&P 100, Dynamics acts as an episodic momentum signal) and this agent rotation moves in lockstep with both the sector composition of strong-buy selections and identifiable macro-calendar events, three independent views of the same underlying adaptation. The recommendation's cross-sectional Information Coefficient is statistically significant on S&P 500 (ICIR=+0.489, p=0.024). These results suggest that multi-agent LLM equity systems can identify sources of alpha beyond what classical factor models capture, and that the buy signal functions as an effective universe-filter that can sit upstream of any portfolio-construction process.

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