Financial agents must form forecasts and investment judgments from decision-time evidence, with predictions evaluated against subsequent outcomes. Existing benchmarks assess financial knowledge, research workflows, or forecasting, but evaluating the full research process requires a strictly frozen information set and professional evaluation criteria. We introduce Investor's Last Exam (ILE), an equity-research benchmark led by experienced buy-side investors and fund managers. Its three components are a versioned financial database spanning 3.43 million document versions and nine source categories, supplemented by structured market data, with validated timestamps governing retrieval and computation; a task taxonomy organized around professional analyst deliverables; and an expert-led framework linking scoring criteria to sources, calculations, and assumptions through financial dependency graphs. Evaluation spans 86 assignments and jointly assesses research quality, forecast accuracy, and simulated investment performance. GPT-6 Astra and Claude Opus 5.5 lead overall at 68.1 and 66.9 out of 100, yet even Astra scores only 52.5 on Forecast & Model. Our results show that even state-of-the-art models fail to translate overall research capability into predictive performance. ILE shifts the evaluation unit from isolated capabilities to the evidence--assumption--judgment chain, allowing researchers to locate where analytical advantages fail to translate into forecasts and investment judgments, and providing a traceable, diagnostic foundation for training and evaluating financial agents.
On PushT, our fixed action updater (1,505 parameters) solves 8 of 16 scenes reserved from our configuration selection. The comparison planners perform as follows: Selected Adam (7 tasks solved, total planning and encoding time 218.440s), adapted iCEM (2 tasks solved, total planning and encoding time 49.309s), released LePlanner (16 tasks solved, total planning and encoding time 5.652s). The total planning and encoding time for our action updater is 59.079s. Note that our action updater does not satisfy the task-cost criterion we fixed before evaluation. We also conduct another matched experiment where we only replay the first ten commands in each context and then allow the next solve 4, 8 or 12 updates (subsequent solves all get 8 updates). Among all 16 contexts (8 scene clusters), the 3 budgets get 9, 8 and 7 successes, respectively. Interestingly, the extra updates did not rescue any failing task in this experiment. All the changes in success/failure happen in one scene cluster, where we observe that the extra updates decrease the costs of the selected latent world-model trajectories for our updater, while the tasks that used to be successes become failures. The code, weights, evaluators, execution traces and cost accounting accompany the paper.
Jean-Michel Fortin, William Larrivée-Hardy, Gabriel Jeanson, Olivier Gamache, Daniele De Martini, François Pomerleau, Philippe Giguère
Humans navigate their environment based on their vision system, anticipating how the ground will respond before committing to a step. Self-supervised learning could provide legged robots the same ability, but the supervisory signal is typically chosen on intuition, and its effect on what the model learns is rarely examined. We present Terrain-Aware COntact Supervision (TACOS), which proposes a meaningful and consistent footstep instability score, based on the residual of a factor graph in legged state estimation. It projects the continuous score into preceding images to supervise a dense visual predictor. We propose two variants, a hard score that exploits hindsight and a causal soft score available immediately. Both metrics are compared against state-of-the-art alternatives in two independent evaluations that share no data or labels. On 1716 manually annotated contacts, both variants outperform every evaluated alternative at detecting instability and ranking its severity, improving pooled severity ranking by 28 % over the strongest baseline. On three outdoor test runs, our metric also trains the most accurate visual predictor, improving rank correlation by 58 % over the strongest alternative, and by a further 25 % when supplemented with onboard context. In a real-world experiment over a 50 m forest trajectory, the trained predictor handles non-geometric terrain properties such as mud and vegetation, while stepping around geometric obstacles like fallen branches. Code is available for reproducibility at https://github.com/norlab-ulaval/TACOS.
Chengbo Yuan, Zicheng Zhang, Mingjie Zhou, Wendi Chen, Yi Wang, Zhuoyang Liu, Dantong Niu, Shuo Wang 等 17 位作者
Despite the success of vision-based generalist robotic policies, existing tactile-based policies remain tied to fixed embodiments and sensor setups. This is because tactile signals are highly heterogeneous across hardware, making cross-sensor generalization difficult. We present FTP-1,the first generalist foundation tactile policy pretrained to acquire transferable tactile manipulation abilities across diverse sensors and embodiments. FTP-1 supports varied tactile inputs, including image-, array-, and state-based signals, by using heterogeneous encoders to project them into unified morphology-aware latent tokens that are jointly modeled by a shared tactile Transformer expert. Pretrained on around 3,000 hours of tactile manipulation data aggregated from 26 data sources, spanning human and robot demonstrations across 21 sensors, FTP-1 learns tactile skills that transfer beyond the sensors seen during pretraining. Across downstream finetuning experiments spanning 5 hardware configurations, FTP-1 improves contact-rich manipulation on seen sensor setups by +17.2% and, surprisingly, transfers to two previously unseen tactile-sensor setups, achieving a +31% gain in success rate. FTP-1 establishes the first unified foundation baseline for tactile manipulation, providing future tactile policies with a shared model-level starting point. Pretrained models, datasets, training code and more visualization at https://ftp1-policy.github.io.
Sihong Wu, Owen Jiang University of Pennsylvania, University of Pennsylvania, Yilun Zhao Yale University, Tiansheng Hu, Yiling Ma King Abdullah University of Science and Technology, Kaiyan Zhang Yale University, Manasi Patwardhan Tata Consultancy Services Limited, India, Arman Cohan Yale University and Allen Institute for Artificial Intelligence
Peer review is a multi-stage process involving reviews, rebuttals, meta-reviews, final decisions, and subsequent manuscript revisions. Recent advances in large language models (LLMs) have motivated methods that assist or automate different stages of this pipeline. In this survey, we synthesize techniques for (i) peer review generation, including fine-tuning strategies, agent-based systems, RL-based methods, and emerging paradigms to enhance generation; (ii) after-review tasks including rebuttals, meta-review and revision aligned to reviews; and (iii) evaluation methods spanning human-centered, reference-based, LLM-based and aspect-oriented. We catalog datasets, compare modeling choices, and discuss limitations, ethical concerns, and future directions. The survey aims to provide practical guidance for building, evaluating, and integrating LLM systems across the full peer review workflow.
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Proceedings of the 64th Annual Meeting of the Association for Computational Linguistics (Volume 1: Long Papers) · 2026 · 正式发表